Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R77, Authorizing the City Council to Resolve the Irrevocable Letter of Credit for River Place on the St Lucie No. 10 1st Replat.
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Submitted By: Clyde Cuffy, P.E., Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Elizabeth Hertz, Senior Deputy City Attorney
2. Parties: City of Port St. Lucie, Seacoast National Bank and River Place on the St. Lucie Community Development District
3. Purpose: To draw down on the Irrevocable Standby Letter of Credit (LOC) to provide funding to construct the remaining infrastructure improvement identified in the River Place on the St. Lucie No. 10 1st Replat.
4. New/Renewal/Modified: Modified
5. Duration: N/A
6. Benefits to Port St. Lucie: This will release funds from the LOC for completion of the remaining plat infrastructure in accordance with the approved plans.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the city.
Presentation Information: Staff will be available to answer any questions.
Staff Recommendation: Move that the Council approve the Resolution authorizing the Irrevocable Letter of Credit for River Place on the St Lucie No 10 1st Replat to be resolved.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the letter of credit to be resolved.
2. Move that the Council not approve and provide staff direction.
Background: River Place Builders, LLC (Developer) provided an Irrevocable Letter of Credit as a surety for infrastructure associated with the River Place on the St Lucie No. 10 1st Replat. The Developer has failed to complete pavement repair, final pavement and final striping. The developer has indicated that they have no funds available to complete the remaining plat infrastructure; however, has requested for the city to draw down on the Letter of Credit to utilize these funds for the remaining work. On December 9, 2024, City Council approved Resolution 24-R91 to allow the draw down from the LOC to complete the remaining improvements. On April 28, 2025, City Council approved Resolution 25-R23, authorizing the execution of an Interlocal Agreement with the River Place on the St. Lucie Community Development District (CDD) to use the draw down funds to complete the remaining improvements. The remaining improvements have since been completed by a contractor hired by the CDD; however, the final cost exceeded the estimate by $14,145.00. Therefore, a supplemental draw down from the LOC will be required to provide to the CDD.
Issues/Analysis: The City Council will need to authorize the supplemental draw down from the Letter of Credit and provide these funds to the River Place on the St Lucie Community Development District.
Financial Information: There is no cost to the City.
Special Consideration: N/A
Location of Project: River Place on the St. Lucie.
Attachments:
1. Resolution
2. Exhibit A to Resolution - Engineer’s Cost Certification
3. Exhibit B to Resolution - Change Order
4. Irrevocable Letter of Credit #2018-08
5. Contract Construction of Required Improvements
6. 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: 25217-10
Legal Sufficiency Review:
Reviewed by Elizabeth L. Hertz, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.