Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 20-51, Public Hearing, An Ordinance Approving the Release of the Reverter Clause and Waiving Compliance with the Post-Closing Employment and Development Covenants Applicable to White Aluminum Fabrication.
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Submitted By: Elijah Wooten, Business Navigator
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): On August 24, 2020, the City Council directed the City Manager and City Attorney to prepare an ordinance to release the reverter clause and compliance with the post-closing employment and development covenants applicable to White Aluminum Fabrication, conditioned on the sale of the 6.10-acre parcel to Total Truck Parts.
Presentation Information: A brief presentation by Elijah Wooten, Business Navigator
Staff Recommendation: Move that the Council approve the ordinance to release the reverter clause and post-closing employment and development covenants applicable to White Aluminum Fabrication, conditioned on the sale of the 6.10-acre parcel to Total Truck Parts.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the ordinance to release the reverter clause and post-closing employment and development covenants applicable White Aluminum Fabrication, conditioned on the sale of the 6.10-acre parcel to Total Truck Parts.
2. Move that the Council not approve the ordinance to release the reverter clause and post-closing employment and development covenants applicable to White Aluminum Fabrication and provide staff direction.
Background: In 2008, the City of Port St Lucie deeded Parcel 2 within LTC Ranch Industrial Park to White Aluminum Fabrication pursuant to a Purchase and Sale Agreement. The Agreement contained employment and development post-closing covenants. If the company did not construct improvements within twenty-four months ...
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