Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R23, a Resolution Allowing the Execution of an Interlocal Agreement with River Place on the St. Lucie Community Development District to Provide Funds from the Letter of Credit Draw Down to Complete Infrastructure for River Place on the St. Lucie No. 10 1st Replat.
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Submitted By: Diana Spriggs, P.E., Assistant Director, Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: River Place on the St. Lucie Community Development District
2. Parties: City of Port St. Lucie and River Place on the St. Lucie Community Development District (CDD)
3. Purpose: The City needs to provide funds from the draw down of the Letter of Credit for the CDD to complete the required improvements of the Little Turtle Neighborhood that the developer did not complete.
4. New/Renewal/Modified: New
5. Duration: 120 days to complete improvements with no more than 60 day extension
6. Benefits to Port St. Lucie: Residents of the City will achieve a finished Neighborhood.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the City
Presentation Information: Staff will be available to answer questions upon request.
Staff Recommendation: Move that the Council approve the Resolution authorizing the City to enter into the Interlocal Agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Interlocal Agreement.
2. Move that the Council not approve the Interlocal Agreement and provide direction to staff.
Background: River Place Builders, LLC (Developer) provided an Irrevocable Letter of Credit (“LOC”) as a surety for infrastructure associated with the River Place on the St Lucie No. 10 1st Replat (AKA Little Turtle Neighborhood). The required infrastructure was outlined in an associated Completion Contract and required to be installed within two (2) years of the related plat being recorded. The related plat was recorded on May 16, 2018. The Developer has still not completed several components of the required infrastructure including, pavement repair, final pavement and final striping (“Remaining Improvements”). The Developer indicated that it has no funds available to complete the Remaining Improvements; and requested the City to draw down on the LOC to utilize these funds for the Remaining Improvements. City Council approved Resolution 24-R91 on December 9, 2024, allowing the City to draw down on the LOC. The CDD has requested that the City transfer the LOC funds to it for the CDD to complete the Remaining Improvements.
Issues/Analysis: In order to ensure the CDD utilizes the funds in compliance with the terms of LOC and Completion Contract staff recommends the City enter into the attached Interlocal Agreement.
Financial Information: The City received $89,950.00 from the Surety to complete the Remaining Improvements with the Little Turtle Neighborhood only. Per this Interlocal Agreement, these funds would be provided to the CDD via check.
Special Consideration: N/A
Location of Project: River Place on the St. Lucie, Little Turtle Neighborhood
Attachments:
1. Resolution
2. Interlocal Agreement
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: 24176-11
Legal Sufficiency Review:
Reviewed by Richard Shiller, Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.