Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
title
Ordinance 25-65, Public Hearing, Authorizing the Mayor, or Her Designee, to Execute and Enter into a Development and Funding Agreement with the City of Port St. Lucie's Community Redevelopment Agency and Ebenezer Stadium Construction, LLC, for the Construction of a Stadium on a Portion of Real Property Located within Walton & One.
body
Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
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, CRA Director, and Margaret Carland, CAO
2. Parties: City of Port St. Lucie ("City"), Port St. Lucie Community Redevelopment Agency ("Agency"), and Ebenezer Stadium Construction, LLC ("Developer")
3. Purpose: The Development and Funding Agreement ("Agreement") identifies the obligations of the Parties through the term of the Agreement of a stadium being constructed on a portion of land located at Walton & One.
4. New/Renewal/Modified: New
5. Duration: The term of the Agreement commences on the Effective Date of the Agreement and will expire upon the Agency's final CRA Annual Payment.
6. Benefits to Port St. Lucie: The construction of a stadium at Walton & One will serve as a catalyst for economic development.
7. Cost to Port St. Lucie (Annual and Potential): There are no City costs associated with the Agreement. The Agency will reimburse the Developer a portion of the stadium and infrastructure costs, which is capped at $27.5M and will be reimbursed out of Agency's Tax Increment revenue (TIF), not the City's General Fund.
Presentation Information: Staff will provide a brief presentation
Staff Recommendation: Move that the Council approve the Ordinance, authorizing the Mayor to execute and enter into the Development and Funding Agreement.
Alternate Recommendations:
1. Move that the Council am...
Click here for full text