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Consider approving a Redevelopment Agreement by and among the City of Lawton, the Lawton Economic Development Authority, the Lawton/Fort Sill Economic Development Corporation, and Fisher59 Properties, LLC, for the development of a distribution center within the Airport Industrial Park.
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INITIATOR: Mayor Stan Booker
STAFF INFORMATION SOURCE: John Ratliff, City Manager; Timothy Wilson, Acting City Attorney
BACKGROUND: The Lawton Fort Sill Economic Development Corporation ("LEDC") and the Lawton Economic Development Authority ("LEDA") are tasked with recruiting and helping to finalize industrial development projects within the City of Lawton. To this end they have been working with Fisher59 Properties, LLC ("Fisher59") on a project to develop a 100,000-sf distribution center on a 15.71-acre parcel within the Airport Industrial Park. The property, along with another 42 acres of undeveloped property within the park is currently owned by the LEDC. This project would retain 60 existing employees and add 30 new employees over a 10-year expansion period, with an average present-day salary of $48,000. The project would entail a $16 million investment by the developers and is located within an increment district that is part of the STEDI Project Plan, that would be activated following approval of the final Redevelopment Agreement. The development will require the extension/relocation of the public water, sewer, and roadway within the Airport Industrial Park, roughly estimated at $1.6 million. In accordance with this agreement, Fisher59 would be responsible for designing and constructing the offsite improvements to City of Lawton Standards. If during the bidding and construction process that cost of the improvements is expected to be more than $1.6 million, the redeveloper would submit an increase in the reimbursement amount for consideration by the City Council, with such consideration being reasonable and made in good faith without delay. F...
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