Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve the Agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County, Inc. and Authorize the City Manager to Execute and Enter into the Agreement
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Submitted By: Elijah Wooten, Economic Development Administrator.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Carly Fabien, Deputy City Attorney.
2. Parties: City of Port St. Lucie and the Economic Development Council of St. Lucie County.
3. Purpose: The City will continue to provide funding to the Economic Development Council (EDC) of St. Lucie County to facilitate economic development in the City of Port St. Lucie.
4. New/Renewal/Modified: Renewal.
5. Duration: The three-year agreement will commence on October 1, 2024, and terminate on October 1, 2027.
6. Benefits to Port St. Lucie: The attraction and retention of major industry that creates high-wage jobs for our residents. Qualified targeted industries also make significant capital investment in real property and tangible personal property, which generates additional tax revenue for the City.
7. Cost to Port St. Lucie (Annual and Potential): The Economic Development Council of St. Lucie County is requesting a ten (10%) percent increase due to inflation. The annual cost is $165,000 per year.
Presentation Information: Elijah Wooten, Economic Development Administrator and Wes McCurry (EDC Senior Vice President) will address any questions if the consent item is pulled for discussion by the City Council.
Staff Recommendation: Move that the Council approve the agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County and authorize the City Manager to execute and enter into the agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County and authorize the City Manager to execute and enter into the agreement.
2. Move that the Council not approve the agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County and provide staff direction.
Background: In 2021, the City approved a three-year agreement with the Economic Development Council of St. Lucie County to provide funding towards the EDC’s costs in its efforts to facilitate economic development in the City of Port St. Lucie. The three-year agreement commenced on October 1, 2021 and terminates on October 1, 2024. The renewal of the three-year agreement will commence on October 1, 2024 and terminate on October 1, 2027.
Issues/Analysis: The partnership with the Economic Development Council of St. Lucie County accelerated the recruitment and retention of major employers in the City’s jobs corridor. A copy of the mid-year and annual report lists the major employers that have expanded and relocated to the City of Port St. Lucie.
Financial Information: The Economic Development Council of St. Lucie County is requesting a ten (10%) percent increase in funding due to inflation. The annual amount will increase from $150,000 to $165,000.
Special Consideration: The current agreement terminates October 1, 2024. The renewal agreement will commence October 1, 2024, and terminate October 1, 2027.
Location of Project: Economic Development Council of St. Lucie County 1790 SW Gatlin Blvd, Suite 202 Port St. Lucie, FL 34953.
Attachments:
1. Agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County
2. Mid-year report - Economic Development Council of St. Lucie County
3. Final Project Update 2023
4. Original Agreement Dated 2021
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: 24254-01.
Legal Sufficiency Review:
Reviewed by Carly Fabien, Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.