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Council approves budget cleanup and monthly reimbursements for Fisher 59 redevelopment
Summary
The council approved a FY25 budget amendment to match a previously approved redevelopment agreement and approved a First Amendment that allows monthly reimbursements to the developer once site work is verified, rather than a single end-of-project reimbursement.
The Lawton City Council approved a budget amendment and a companion amendment to a redevelopment agreement for the Fisher 59 Properties LLC project.
The council first approved a resolution amending the FY25 budget to appropriate up to $1.6 million to the general fund to provide development-financing assistance to Fisher 59 Properties LLC; staff described the measure as a "cleanup" so the city's budget matched an agreement the council previously approved. The budget amendment carried 8–0.
Council then approved a First Amendment to the redevelopment agreement among the City of Lawton, the Lawton Economic Development Authority, the Lawton Forts Hill Economic Development Corporation, OK 501(c)(6) organization LEDC, and Fisher 59 Properties LLC. City counsel described the amendment as not changing project size, number of jobs, or other substantive terms. Instead, it changes the reimbursement schedule: rather than paying the developer at the end of the project, the city can reimburse on a monthly basis after staff verifies that work is in the ground and that lien releases and other safeguards are obtained — similar to the approach used on the West Wind project. The amendment is intended to reduce financing costs the city otherwise would incur if it had to borrow to cover the short-term payout.
Council discussion focused on protections: staff and counsel emphasized monthly reimbursements would follow verification steps such as lien releases and staff approvals so that work reimbursed is city-owned or secured. The amendment also includes language to allow the city to finish incomplete work under the developer's contract if a developer stopped work mid-project.
Both actions passed 8–0.
Council action: approved FY25 budget amendment (agenda item 35, up to $1,600,000) and approved the First Amendment to the redevelopment agreement (agenda item 36) to permit monthly reimbursements after verification, 8–0.
