ITEM TITLE:
Consider approving an Agreement between the Lawton Economic Development Corporation and the City of Lawton to fund activities designed to encourage, promote and foster economic/industrial development in the City of Lawton, and authorize the Mayor and City Clerk to execute the Agreement.
INITIATOR: Michael Cleghorn - City Manager
STAFF INFORMATION SOURCE: Michael Cleghorn - City Manager
BACKGROUND: The Lawton Economic Development Corporation (LEDC) seeks to obtain funding from the Hotel/Motel Tax and the 2019 CIP that would enable them to continue their efforts to encourage, promote and foster economic/industrial development in the City of Lawton. In recent years, the LEDC has greatly expanded their efforts to bring new industry to the City of Lawton. For the 2022-2023 fiscal year, the funds requested by the LEDC under this Agreement include a total amount of $775,300.00, to be comprised of $313,000.00 from proceeds of the Hotel/Motel tax collections and $462,300.00 from the 2019 Sales Tax Initiative (see attached budget). The agreement includes the specific performance measures and goals to be achieved by LEDC during FY-2022-2023. Receipt of the funds shall be subject to the City’s collection of sufficient Hotel/Motel tax revenue and sufficient Capital Improvements sales tax revenue to cover the budgeted obligations during the 2022-2023 fiscal year. Budgeted funds not expended by the LEDC during FY-2022-2023 would remain with the City and no long obligated toward this agreement.
EXHIBITS: FY-2022-2023 Agreement with Attachments A & B [Performance Measures & Budget]
KEY ISSUES: N/A
FUNDING SOURCE: Hotel/Motel Tax and 2019 CIP
STAFF RECOMMENDED COUNCIL ACTION: Approve an Agreement between the Lawton Economic Development Corporation and the City of Lawton to fund activities designed to encourage, promote and foster economic/industrial development in the City of Lawton, and authorize the Mayor and City Clerk to execute the Agreement.