Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-R01, Authorizing the Acquisition of Real Property from FGC, Inc., Described as Tracts C and F, Bridge Plaza, According to the Plat thereof, as Recorded in Plat Book 24, Pages 23 through 23B, of the Public Records of St. Lucie County, Florida.
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Submitted By: Jennifer Davis, Community Redevelopment Agency Director
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, Community Redevelopment Agency
2. Parties: City of Port St. Lucie (Buyer) and FGC, Inc. (Seller)
3. Purpose: As The Port District Master Plan continues to be implemented and The Port District itself grows in popularity, there has been a greater need for additional parking in closer proximity to the Botanical Gardens, Pioneer Park and The Boardwalk. The parcels being purchased, Tract C and Tract F, are the two parcels adjacent to the City-owned land where the Boardwalk connects upland at Bridge Plaza. Acquisition of the parcels will allow for a formal parking area plan to be developed, as well as a small restroom structure, some furniture, and shade amenities. Acquisition of the parcels also allows for greater visioning on gateway features for The Port District.
4. New/Renewal/Modified: New
5. Duration: Pursuant to the Purchase and Sale Agreement, the Inspection Period is thirty (30) days, with a Closing Date thirty (30) days thereafter, or by March 31, 2026.
6. Benefits to Port St. Lucie: As the Buyer, the City of Port St. Lucie is securing ownership of real property at one of the primary gateways into The Port District. Once improvements are made, this acquisition will provide for additional parking to support patrons of The Port District.
7. Cost to Port St. Lucie (Annual and Potential): The Purchase Price is $300,000.00, which is below the Just / Fair Market Value of $517,900, as established by the St. Lucie County Property Appraiser (Tract C: $345,000; Tract F: $172,900). The property has been on the market for a number of years with a most recent asking price of $975,000 (see sales flyer, attached).
Presentation Information: Staff will provide a brief presentation, if requested.
Staff Recommendation: Move that the Council approve the Resolution authorizing the acquisition.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution authorizing the acquisition.
2. Move that the Council not approve the recommendation.
Background:
In 2017, the City of Port St. Lucie acquired Parcel E of Bridge Plaza by way of donation from FGC, Inc., for the purpose of constructing the Riverwalk Boardwalk Extension Project. Certain conditions were identified related to the FGC’s donation and the City’s acceptance of the donation, specifically related to the City’s ongoing access to Parcel E. In the years following, FGC, Inc., continued to market the adjacent Tracts C and F for the purpose of additional retail development in the area known as Bridge Plaza.
Concurrently, the City was moving forward with the master planning, design and construction of the riverfront park area just to the south of Bridge Plaza, adjacent to the Botanical Gardens. The subsequent implementation of the master plan for this area has proven the need for additional parking options near and / or adjacent to the area known as Pioneer Park and the future River Food Garden. The upland boardwalk connection on Parcel E was completed in September 2020, and additional segments of the boardwalk have been constructed since that time. Additional points of connection, parking and related amenities beyond the adjacent park site will prove beneficial to the park patrons as well as patrons to businesses in The Port District.
The Seller has been actively marketing the property for a number of years with a most recent asking price of $975,000 (see sales flyer, attached). There has been little success for commercial development on these sites due to any proposed development plans being unable to accommodate the necessary parking and / or queueing for the desired business.
A copy of the Purchase and Sale Agreement is attached to this agenda item for the Council’s review and consideration. A brief description of the terms associated with the Purchase and Sale Agreement is as follows:
Purchase and Sale Agreement
Property is being sold "as is". The Agreement also provides for the City, at its option, to perform inspections and due diligence during a thirty (30) day Inspection Period. The Closing would then take place thirty (30) days after the expiration of the Inspection Period. Pursuant to the Purchase and Sale Agreement, at Closing, the City would be responsible for paying:
• Agreed upon Purchase Price of $300,000.00
• Property Taxes and Assessments from October 1, 2025 to Closing
• The cost of any documentary stamps or other transfer tax
• The cost of recording the Deed
• The title search fees and the premium for the insurance of an owner's policy of title insurance to the City
• Closing or escrow fees of the Closing Agent
• Cost associated with the inspection of the property
• Cost of the Title Commitment
• Cost of the Survey
Issues/Analysis: N/A
Financial Information: The Purchase Price is $300,000.00, which is just above the Just / Fair Market Value of $517,900, as established by the St. Lucie County Property Appraiser (Tract C: $345,000; Tract F: $172,900), in addition to the Buyer’s fees as noted above. In addition to the Purchase Price, the City has agreed to pay the Property Taxes from October 1, 2025, through Closing. The 2025 property taxes for both parcels totaled $11,756.69. The Seller will be responsible for payment to the real estate broker associated with this transaction. Once closed, the City will initiate design plans to create parking and landscaping on the site and will need to identify a funding source to construct said improvements.
Special Consideration: Though located in a Community Redevelopment Area, where the focus is typically to promote business (re)development, there has been little success for commercial development on these sites due to any proposed development plans being unable to accommodate the necessary parking and / or queueing for the desired business. The location of these parcels is considered to be at the gateway of The Port District.
Location: The subject parcels are located along the south side of Port St. Lucie Boulevard, just east of the North Fork of the St. Lucie River. They have been marketed as an outparcel to Bridge Plaza and directly connect with the City-owned Tract E, which provides an upland Boardwalk connection.
Attachments:
1. Resolution
2. Exhibit A to Resolution - Purchase and Sale Agreement with Exhibit
3. Bridge Plaza Outparcel Sales Flyer
4. Location Map
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: 25323-07 & 26005-07
Legal Sufficiency Review:
Reviewed by Margaret M. Carland, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.