Placement: New Business
Action Requested: Motion / Vote
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Discussion of Governmental Finance Corporation Revenue Distribution
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Submitted By: Jennifer Davis, Director of Community and Economic Development
Executive Summary (General Business): The Port St. Lucie Governmental Finance Corporation (“GFC”) is seeking to refund a portion of the City’s General Fund costs covered during the initial development years of Southern Grove.
Presentation Information: Staff will provide a brief presentation
Staff Recommendation: Move that the Board authorize the transfer of $9,826,497 from the Governmental Finance Corporation to the City of Port St. Lucie for refunding expenses related to the development of Southern Grove.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the transfer of $9,826,497 from the Governmental Finance Corporation to the City of Port St. Lucie for refunding expenses related to the development of Southern Grove.
2. Move that the Board not approve and provide staff with additional direction.
Background: The City of Port St. Lucie (“City”) and the Governmental Finance Corporation (“GFC”) have successfully implemented the Southern Grove Master Plan’s Jobs Corridor. As such, the GFC continues to market and develop the remaining GFC-owned parcels and construct any related infrastructure as identified in the Southern Grove Master Plan. During the initial development of Southern Grove, certain carry costs were covered by the City’s General Fund by way of Interfund Transfers. The GFC is now in a position to refund a portion of the City’s General Fund costs covered during the initial development years, with additional refunding from the GFC to the City anticipated in future years.
Issues/Analysis: N/A
Financial Information: The proposed amount of $9,926,497 represents the refunding of the total amount of Interfund Transfers from the City’s General Fund to the GFC for Fiscal Years 2017-18, 2018-19 and 2019-20. Additional refunding by the GFC to the City will be reviewed in future years.
Special Consideration: The GFC Board will be asked to review additional funding transfer opportunities in the coming fiscal years, once additional land sales have been recognized and additional infrastructure obligations have been met.
Location of Project: Southern Grove is located along the west side of Interstate 95, south of Tradition Parkway, east of Community Blvd, and SW Becker Road.
Attachments: Summary of Revenue and Expenses (FY 2017-18 to current)
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: N/A
Legal Sufficiency Review:
N/A