Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-GFC-04, a Resolution of the Port St. Lucie Governmental Finance Corporation Authorizing a First Modification to Assignment and Assumption of Development Rights with Traditions Commerce Park, LLC., and the Execution of a Second Modification of Deed Restrictions between the Port St. Lucie Governmental Finance Corporation, PSL MNK, LLC, and Traditions Commerce Park, LLC; Providing for Conflict; Providing for Severability; and Providing an Effective Date.
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Submitted By: Jennifer Davis, Director of Community and Economic Development
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, Director of Community and Economic Development, and Elizabeth Hertz, Senior Deputy City Attorney
2. Parties: Port St. Lucie Governmental Finance Corporation, Traditions Commerce Park, LLC, and PSL MNK, LLC.
3. Purpose: Modification of deed restrictions and assignment and assumption of development rights.
4. New/Renewal/Modified: Modified
5. Benefits to Port St. Lucie: Supporting goal of diverse local economy and employment opportunities
6. Cost to Port St. Lucie (Annual and Potential): The assignment and assumption of development rights will shift proportionate share of ongoing assessment obligations to other parties.
Presentation Information: Staff will provide a brief presentation, if requested.
Staff Recommendation: Move that the Board approve the Resolution.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Resolution.
2. Move that the Board provide staff with additional recommendations.
Background: In June 2018, Tradition Land Company, LLC (“TLC”) transferred approximately 1,200 acres of property to the Governmental Finance Corporation (“GFC”), now commonly known as Southern Grove. In connection with the conveyance, TLC assigned GFC certain development rights with respect to the property, and GFC agreed to assume those rights. In March 2022, the GFC conveyed a portion of the property to Traditions Commerce Park, LLC, (“TCP”), with certain deed restrictions that were subsequently modified by way of a First Modification of Deed Restrictions. Concurrent with this conveyance, GFC conveyed a portion of the development rights associated with the TLC Property to TCP through an Assignment and Assumption of Development Rights. The TCP and GFC have agreed that the Assignment and Assumption of Development Rights shall be amended as set forth in the First Modification to the Assignment and Assumption of Development Rights. The TCP, GFC and PSL MNK, LLC, have also agreed that the Deed Covenants shall be amended.
Issues/Analysis: N/A
Financial Information: As with all transactions in Southern Grove, the purchaser / owner assumes the assigned development rights related to each parcel.
Special Consideration: N/A
Location of Project: Traditions Commerce Park is located in the Southern Grove Jobs Corridor, more specifically west of I-95, south of SW Trade Center Drive, east of SW Tom Mackie Blvd, and north of the future Destination Way.
Attachments:
1. Resolution
2. Exhibit A to Resolution - First Modification to Assignment and Assumption of Development Rights
3. Exhibit B to Resolution - Second Modification of Deed Restrictions
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: 26112-02
Legal Sufficiency Review:
Reviewed by Elizabeth L. Hertz, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.