ITEM TITLE:
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Considering approving a resolution amending the City of Lawton FY 2023-2024 budget, as amended, by appropriating $388,000.00 to the Hotel/Motel Fund for payments to Lawton Lodging LLC, Lawton Economic Development Authority, and Lawton-Fort Sill City-Wide Juneteenth Inc.
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INITIATOR: Kristin Huntley, Interim Finance Director
STAFF INFORMATION SOURCE: Kristin Huntley, Interim Finance Director
BACKGROUND: The City of Lawton previously pledged payments from the Hotel/Motel Tax Fund to Lawton Lodging LLC (through March 2024) and the Lawton Economic Development Authority (April through June 2024) per the Hotel Occupancy Tax Agreement entered into on September 1, 2012, and Ordinance 12-27; however, these payments were not included in the original FY 2023-2024 budget. A budget amendment is needed to allocate $363,000.00 to the Hotel/Motel Fund for the payments to Lawton Lodging LLC and Lawton Economic Development Authority. Upon approval of an Agreement for Limited Event Support with Lawton-Fort Sill City-Wide Juneteenth Inc., a budget amendment will be needed to allocate $25,000.00 to the Hotel/Motel Fund for this payment.
EXHIBIT: Resolution No. 24-_____
KEY ISSUES: None
FUNDING SOURCE: Hotel/Motel Fund
STAFF RECOMMENDED COUNCIL ACTION: Approve Resolution No. 24-_____ amending the City of Lawton FY 2023-2024 budget, as amended, by appropriating $388,000.00 to the Hotel/Motel Fund for payments to Lawton Lodging LLC, Lawton Economic Development Authority, and Lawton-Fort Sill City-Wide Juneteenth Inc.