Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-R31, Authorizing the City Manager, or His Designee, to Enter and Execute a True-Up Agreement for Road Impact Fee Credits between the City of Port St. Lucie, Stuart Property Holdings, LTD. and St. Lucie Land, LTD.
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Submitted By: Mary Savage-Dunham, Planning and Zoning.
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Executive Summary (General Business): The City’s Mobility Fee Ordinance agreed to honor existing agreements approved by the City that granted City Road Impact Fee Credits. As part of honoring these existing agreements, the Mobility Fee Ordinance included a requirement for a True-up Agreement. The intent of the True-up Agreement is to clearly identify the Road Impact Fee Credit granted by the City, the source of the credit, how much of the credit has been utilized towards City Road Impact Fee assessments, and what the remaining balance of the credit is as of a defined date.
Presentation Information: Staff will be available to respond to questions.
Staff Recommendation: Move that the Council authorize the City Manager or his designee to enter into and execute a True-Up Agreement for Road Impact Fee Credits between the City of Port St. Lucie, Stuart Property Holdings, LTD., and St. Lucie Land, LTD .
Alternate Recommendations:
1. Move that the Council amend the recommendation and authorize the City Manager or his Designee to enter and execute a True-Up Agreement for Road Impact Fee Credits between the City of Port St. Lucie, Stuart Property Holdings, LTD and St. Lucie Land, LTD.
2. Move that the Council provide direction to staff.
Background: True-Up agreements are not intended to modify or replace any existing agreements. They are required to ensure that moving forward under the Mobility Fee Ordinance all parties agree to the credit granted, amount used to address assessments, and the remaining balance. The remaining balance, as of a defined date, will be used to track the continued use of City Road Impact Fee credits to satisfy assessed City Road Impact Fees. Moving forward, any use of the credit, any adjustments to previously issued permits where credits were used, any reimbursement, or any underpayment will be adjusted based on the remaining balance. It is recognized that during the normal permit review process, sometimes there are adjustments that are required to address modifications to permits, expiration of permits, or utilization of credits or requirement for payment that were made in error. The True-Up Agreement in no way modifies the administration or implementation of Road Impact Fees or Mobility Fees consistent with legal and statutory requirements and general accounting practices.
As of February 15th, 2022, Stuart Property Holdings, LTD and St. Lucie Land, LTD (collectively “Stuart”) have a road impact fee credit balance of $560,476. Moving forward, Stuart will be required to provide periodic updates of subsequent building permits that have utilized the credit balance or any future assignments of credits to development interests to draw down on its remaining credit balance of $560,476.
The remaining road impact fee credit balance of $560,476 is unique with regards to the balance being a pool of funds that are used to satisfy both St. Lucie County’s road impact fee and the City of Port St. Lucie’s road impact fee. Typically, road impact fee credits are assigned to either the County or the City. Any future building permits that are authorized to utilize road impact fee credit or assignments will draw down on Stuart road impact fee credit balance of $560,476.
Issues/Analysis: N/A.
Financial Information: N/A.
Special Consideration: N/A.
Location of Project: N/A.
Attachments: 1. Resolution, 2. NUE Letter, 3. True-up Agreement.
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: 24036-02.
Legal Sufficiency Review:
Reviewed by Elizabeth L. Hertz, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, Interim City Attorney.