Stored Procedure - Reseed Identity
If you are completely deleting all the values from the lookup table, have you considered just truncating them?  That would save on TLOG activity and automatically reseed the values.
You can't substitute parameters like that in queries, at least not for object names.  You would need to do this dynamically.  
Please see an example for you below.  I beefed up the sanity check for you for edge cases you may not have considered... hopefully the below is clear.

CREATE PROCEDURE DBA.ReseedIdentity
(
    @TableName SYSNAME
    , @IdentityColumn SYSNAME
)
AS 
BEGIN

/** Sanity Checking **/
IF @TableName IS NULL OR @IdentityColumn IS NULL
BEGIN
    ;THROW 50000, 'Must specify table name and Identity column name.', 1;
END

IF OBJECT_ID(@TableName) IS NULL
BEGIN
    ;THROW 50000, 'Tablename does not exist.', 1;
END

IF NOT EXISTS (SELECT TOP (1) 1 FROM sys.columns AS C WHERE C.name = @IdentityColumn AND C.object_id = OBJECT_ID(@TableName))
BEGIN
    ;THROW 50000, 'Identity column is not found on specified table.', 1;
END

/** Reset Identity
    Assumes Identity column is an INT
    **/
DECLARE @SQLCommand NVARCHAR(4000)

SET @SQLCommand = N'
    DECLARE @MaxID INT;
    SET @MaxID = COALESCE((SELECT MAX(' + QUOTENAME(@IdentityColumn) + ') FROM ' + QUOTENAME(@TableName) + '), 1);

    DBCC CHECKIDENT(' + QUOTENAME(@TableName, '''') + ', RESEED, @MaxID);
    ';

EXEC sp_executesql @SQLCommand;

END