Lawton council approves up to $95 million in revenue bonds to finance parks, sports complex and Discovery Zone

The Lawton City Council on Nov. 11 unanimously approved a resolution authorizing the Lawton Industrial Development Authority to incur indebtedness — by sales tax revenue bonds or other instruments — with an aggregate principal not to exceed $95,000,000 to finance a package of capital projects for the city.

City financial staff said the overall projected cost of the combined projects is about $90.3 million. The resolution lists budget line items including a $40 million sports complex, roughly $24 million for Elmer Thomas Park improvements, $15 million for the Discovery Zone, about $1.8 million for a museum project, $3 million for lots, and other infrastructure and construction loans. "The package also includes funding for the park improvements, the museum, lots, construction loan and the Discovery Zone," a staff presenter said during the council presentation.

Mayor Booker called for and received a motion and second on the resolution. During the presentation, a staff representative said the authority may award the sale of the bonds on a negotiated basis and that the plan contemplates a year-to-year pledge of certain sales tax revenues. The presenter noted existing increment revenues for one TIF district have been insufficient to cover debt service and that the proposed financing would increase flexibility to fund public improvements.

The council voted 7–0 to adopt the resolution. No council member recorded a dissenting vote.

What's next: Staff said the resolution authorizes the proceedings necessary to issue bonds and approve related financing documents. The bonds' issuance will follow required documents and further staff actions; the resolution itself does not commit the city to immediate expenditures beyond authorizing the authority's debt issuance.