Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R78, Authorization to Take Any and all Appropriate Actions to Acquire Real Property Described as Tract F, First Replat of Port St. Lucie Section Forty-Six, as Recorded in Plat Book 25, Pages 32, 32A through 32K, of the Public Records of St. Lucie County, Florida, as Part of the Land Swap Agreement between the Port St. Lucie Governmental Finance Corporation and Saint Matilda, LLC.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Strategic Plan Link: The City's Goal for vibrant neighborhoods.
Executive Summary (General Business): The City is looking to exchange approximately 13.97 acres of GFC land (the “Land) located at the southeast corner of SW Village Parkway and E/W 2 with Saint Matilda LLC, for 28.81 acres of land (the “Exchange Land”) located at the northwest corner of West Blanton Blvd and NW East Torino Parkway.
Presentation Information: Staff will provide a brief presentation, if requested.
Staff Recommendation: Move that the Council approve the Resolution.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution.
2. Move that the Council provide staff with additional direction.
Background: Saint Matilda, LLC, is the owner of a 28.81-acre tract of land (the “Exchange Land”) located at the northwest corner of West Blanton Blvd and NW East Torino Parkway. At the August 2022 City Council Meeting, the City Council discussed their concerns on the impact potential multi-family development (Torino Parc) would have on the Exchange Land and surrounding area. As such, the City Council asked the City Manager to review available City-owned parcels that could potentially be swapped for the Exchange Land, which is contiguous to City-owned park sites currently under master planning for the Torino Regional Park. That being said, staff engaged with representatives of Saint Matilda on available lands owned by the City and / or the Governmental Finance Corporation (“GFC”). A parcel of land approximately 13.97 acres in size (the “Land”) located at the southeast corner of NW Village Parkway and E/W 2 was identified as a viable option. Appraisals were conducted on both parcels and were deemed comparable for the purpose of a land swap. During this time, Saint Matilda continued to seek development approvals on the Exchange Land in the event the Land Swap Agreement did not transpire. However, in the following months, staff from both parties worked diligently in securing an agreement to meet the needs of both parties with respect to timing, development approach, etc. The Land Swap Agreement contemplates the development of no more than 390 multi-family residential units on the Land.
Issues/Analysis: Once executed, the Land Swap Agreement provides the parties with a 120-day Inspection Period, a 90-day Approval Period, and 30 days to Close thereafter.
Financial Information: There is no financial consideration as part of the Land Swap Agreement transaction. However, upon closing, Saint Matilda LLC will assume responsibility of any financial obligations associated with the Land, and the City will assume any financial obligations associated with the Exchange Land.
Special Consideration: It should be noted that, upon closing, Saint Matilda will be conveying property to the City of Port St. Lucie and the GFC will be conveying property to Saint Matilda, LLC. This is a companion item to 2023-632 being presented to GFC.
Location of Project: The Saint Matilda property (the Exchange Land) is located at the northwest corner of West Blanton Blvd and NW East Torino Parkway and the GFC property being conveyed (the Land) is located at the southeast corner of SW Village Parkway and E/W 2.
Attachments:
1. Resolution
2. Exhibit “A” to the Resolution - Land Swap Agreement (and related exhibits)
3. 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: 8888
Legal Sufficiency Review:
Reviewed by Margaret M. Carland, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by James D. Stokes, City Attorney.