Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R35, a Resolution of the City Council of the City of Port St. Lucie Approving an Economic Development Impact Fee Mitigation Agreement for Four Port St. Lucie, LLC, a Delaware Limited Liability Company, and Authorizing the City Manager or His Designee to Execute an Impact Fee Mitigation Agreement by and Among the City of Port St. Lucie and Four Port St. Lucie, LLC; Providing for Severability; and Providing an Effective Date.
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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 Four Port St. Lucie, LLC
3. Purpose: The City approved an Impact Fee Mitigation Agreement to attract Four Port St. Lucie, LLC’s advanced manufacturing facility to Port St. Lucie.
4. New/Renewal/Modified: New agreement
5. Duration: The attached agreement is for a term of ten (10) years after the issuance of a Certificate of Occupancy.
6. Benefits to Port St. Lucie: The attraction of Four Port St. Lucie, LLC’s 250,000 square foot advanced manufacturing facility will create two hundred twenty-five (225) new high wage jobs and secures a $46 million capital investment in new construction, machinery and equipment on a 15.83 acre parcel located in the Tradition Center for Commerce.
7. Cost to Port St. Lucie (Annual and Potential): The company is entitled to an Impact Fee Waiver up to $787,500 in Port St. Lucie Mobility, Parks, Public Building, and Law Enforcement Impact Fees for the project. The total impact and mobility fees are $204,360.54. The impact fees will be paid from the Tradition Economic Development Fund and from the sales proceeds from lands owned by the Governmental Finance Corporation.
Presentation Information: Staff will provide a brief five-minute presentation
Staff Recommendation: Move that the Council approve the Economic Development Impact Fee Mitigation Agreement between the City of Port St. Lucie and Four Port St. Lucie, LLC.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Economic Development Impact Fee Mitigation Agreement between the City of Port St. Lucie and Four Port St. Lucie, LLC.
2. Move that the Council not approve the Economic Development Impact Fee Mitigation Agreement and provide staff direction.
Background: In 2024, the City Council approved an Economic Development Incentive Packet to attract the expansion of Four Port St. Lucie, LLC’s advanced manufacturing facility to a 15.83 acre parcel located in the Tradition Center for Commerce. The company will invest $46 million in new construction, machinery and equipment. The company will create 225 new full-time jobs paying an average salary of $51,646 plus benefits per employee.
Issues/Analysis: The company is purchasing a 15.83 acre parcel and constructing a 250,000 square foot advanced manufacturing facility located in the Tradition Center for Commerce.
Financial Information: The company is eligible to receive up to $3,500 per job in mobility and impact fee mitigation based on the creation of two hundred twenty-five new jobs paying an average wage of $51,646 plus benefits. The total amount of mobility and impact fees that will be mitigated is up to $787,500. The total mobility and impact fee for the 250,000 square foot advanced manufacturing facility is $204,360.54. The mobility and impact fees will be paid from the Tradition Economic Development Fund or sales proceeds from lands sold by the Governmental Finance Corporation.
Special Consideration: The executive summary of the direct, indirect and induced economic benefits from Four Port St. Lucie, LLC’s expansion is attached as back-up to the agenda memo.
Location of Project: Tradition Center for Commerce
Attachments:
1. Resolution
2. Impact Fee Mitigation Agreement with Exhibits
3. Executive Summary
4. Mobility and Impact Fee Application
5. Impact Fee Mitigation Agreement Presentation
6. Impact and Mobility Fee Calculation
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: 25042-02
Legal Sufficiency Review:
Reviewed by Carly Fabien, Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.