LAWTON – The FISTA Development Trust Authority renewed FISTA Director James Taylor’s contract for another year Tuesday.
The authority approved Taylor’s contract for fiscal year 2022-23 under the same terms and conditions as his contract for the current fiscal year, which will end June 30. The agreement runs from July 1 of this year through June 30, 2023.
Taylor’s annual salary is set at $95,000 for FY 2022-23, according to the contract. In addition to his salary, Taylor is eligible for up to $23,700 in monetary incentives based on revenue from new leases by industrial-development contractors who are working on projects within the scope of the FISTA Trust Indenture.
FISTA will make the incentive payments when each new eligible lease is signed, and the amount will be determined by multiplying .04 times the annual gross rental amount of the lease, according to the contract. All incentive payments will depend on whether there is enough money in the authority’s budget and on whether the authority is satisfied with Taylor’s work.
Under the contract, Taylor is entitled to one vacation day per month, five sick days and holiday leave for each federally recognized holiday. Any unused vacation days will carry forward to the next fiscal year, subject to renewal of the contract.
Taylor is entitled to the same benefits, including health insurance, as other authority employees. The authority will cover his expenses for FISTA-related travel and meetings, and he will receive a $60-per-month reimbursement for his cellphone.
In other business, the authority approved a limited-funding and support agreement with the City of Lawton for FY 2022-23.
Under the agreement, the city will supply $4.95 million in funding for FISTA operations in the coming fiscal year. All expenditures will be in accordance with the authority’s budget, which must be approved by Lawton City Council.
The city will also provide other kinds of support, including printing FISTA-related materials at the city’s print shop. However, materials from or for other entities that are helping support FISTA facilities will not be printed at the print shop.
For its part, the authority will run FISTA facilities in a professional manner that encourages economic development and promotes the city’s best interests, according to the agreement. The authority will also submit semi-annual reports to the city council by Jan. 15 and July 15, 2023.
The reports will include information about FISTA’s current and prospective tenants, as well as the authority’s projects and activities during the reporting period. Reports will also cover the authority’s plans for the following six months, as well as any other information requested by the city council.