Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 25-65, Public Hearing, Authorizing the Mayor, or Her Designee, to Execute and Enter into a Development and Funding Agreement with the City of Port St. Lucie’s Community Redevelopment Agency and Ebenezer Stadium Construction, LLC, for the Construction of a Stadium on a Portion of Real Property Located within Walton & One.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, CRA Director, and Margaret Carland, CAO
2. Parties: City of Port St. Lucie (“City”), Port St. Lucie Community Redevelopment Agency (“Agency”), and Ebenezer Stadium Construction, LLC (“Developer”)
3. Purpose: The Development and Funding Agreement (“Agreement”) identifies the obligations of the Parties through the term of the Agreement of a stadium being constructed on a portion of land located at Walton & One.
4. New/Renewal/Modified: New
5. Duration: The term of the Agreement commences on the Effective Date of the Agreement and will expire upon the Agency’s final CRA Annual Payment.
6. Benefits to Port St. Lucie: The construction of a stadium at Walton & One will serve as a catalyst for economic development.
7. Cost to Port St. Lucie (Annual and Potential): There are no City costs associated with the Agreement. The Agency will reimburse the Developer a portion of the stadium and infrastructure costs, which is capped at $27.5M and will be reimbursed out of Agency’s Tax Increment revenue (TIF), not the City’s General Fund.
Presentation Information: Staff will provide a brief presentation
Staff Recommendation: Move that the Council approve the Ordinance, authorizing the Mayor to execute and enter into the Development and Funding Agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Ordinance.
2. Move that the Council provide staff with additional direction.
Background:
Project DuBey was brought to the City of Port St. Lucie from the St. Lucie County Economic Development Council in the Fall of 2023, under FS 288.075. This statute provides for confidentiality when considering certain economic development projects. Since that time, staff has independently met with City Council members to review the project, assembled teams to consider the financial viability of the project, reviewed the necessary infrastructure and capacity for such a project, and evaluated the overall market desire to welcome a project such as this into the newly adopted Walton & One (“W&O”) Master Plan. The W&O Master Plan was completed and adopted in late 2023, just as this project was brought forward, and included several rounds of public engagement and evaluation as to best uses on the eastern side of Port St. Lucie. The overall uses in the W&O Master Plan included residential, retail, office, hotels and entertainment. The W&O Master Plan was incorporated into the Revised Original Community Redevelopment Area Master Plan, as adopted by the Community Redevelopment Agency and Port St. Lucie City Council in August 2025.
Key points associated with the Agreement are identified below but are not considered comprehensive in nature. The full Development and Funding Agreement and all related terms are attached to the agenda item.
• Developer will be responsible for constructing a 6,000-seat multi-use stadium facility on the Stadium Land, with potential for future expansion and to accommodate other field sports at competitive levels, concerts, festivals, and other community events
• Developer shall remit a $500,000 deposit to the City within three (3) days of execution of the Agreement
• Developer shall have a thirty (30) day Inspection Period after execution of the Agreement
• Developer shall have a 365-day Permit Approval Period after the expiration of the Inspection Period, wherein Developer will be responsible for obtaining all permits, licenses and other governmental approvals
• Developer must manage, administer, and implement the design, permitting (including payment of all permitting fees), development, financing, construction and furnishing the project improvements in accordance with the Agreement
• Developer shall retain a nationally recognized sports architecture firm
• Developer shall retain a nationally recognized design build firm experienced in the design and construction of professional sports venues
• Developer shall provide a Performance Bond in the amount of 120% of the total estimated project cost
• Developer must furnish the City monthly status reports related to the stadium and infrastructure improvements
• Developer shall fund the entire cost to construct the stadium and infrastructure improvements up front, including any / all cost overruns
• Developer and sub-consultants must maintain acceptable levels of insurance as identified in the Agreement
• Commencing one (1) year after the Certificate of Occupancy for the stadium has been issued, the Developer shall be eligible to receive reimbursement for up to $25M for stadium improvements and $2.5M infrastructure improvements (not to exceed $27.5M total), in equal payments over a twenty (20) year period, not to exceed $1.375M annually, subject to annual budget appropriations
Issues/Analysis: The Parties must also enter a Stadium Operating Agreement and Non-Relocation Agreement as part of the overall transaction. The project must successfully navigate the development review process, which will further review both Utilities and Public Works infrastructure necessary to complete the project.
Financial Information: As part of the Agreement, the Developer shall fully fund the upfront cost to construct the stadium and infrastructure and shall be responsible for any / all cost overruns. Commencing one (1) year after the issuance of a Certificate of Occupancy for the stadium, the Developer shall be eligible to receive TIF reimbursement in twenty (20) equal payments, not to exceed $27.5M total, subject to annual budget appropriations.
Special Consideration: N/A
Location of Project: Walton & One is located at the southeast corner of US Highway One and Walton Road. The Stadium will be located on approximately 5.92 acres and is located on Lots 33, 34, 35 and 36 therein (“Stadium Land”).
Attachments:
1. Ordinance 25-65
2. Exhibit A to the Ordinance - Development and Funding Agreement and related Exhibits
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: 25125-13
Legal Sufficiency Review:
Reviewed by Margaret M. Carland, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.