Placement: New Business
Action Requested: Motion / Vote
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Revised Letter of Intent from Sansone Group for the Development of the Becker / Village Lifestyle Center in Southern Grove.
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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, Director, Community Redevelopment Agency
2. Parties: Port St. Lucie Governmental Finance Corporation ("GFC") and Sansone Group ("Sansone")
3. Purpose: Development of the Becker / Village Lifestyle Center in Southern Grove
4. New/Renewal/Modified: Modified
5. Benefits to Port St. Lucie: The Becker / Village Lifestyle Center in Southern Grove will offer a variety of uses including retail, restaurants, hotels, multi-family / apartments, etc.
6. Cost to Port St. Lucie (Annual and Potential): The GFC will receive revenue / proceeds, as negotiated in the underlying agreement(s).
Presentation Information: Staff will provide the GFC Board with a brief presentation outlining the terms of the revised Letter of Intent ("LOI").
Staff Recommendation: Move that the Board approve the Letter of Intent.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Letter of Intent.
2. Move that the Board provide staff with additional direction.
Background:
Early in 2021, the City completed the Southern Grove Master Plan based on extensive public input. Port St. Lucie is experiencing significant residential growth within the southwest area of Port St. Lucie. Recognizing a need to continue to meet the desire of Port St. Lucie residents for high quality shopping, dining, and entertainment areas, the Southern Grove Master Plan recommended the development of a Lifestyle / Commercial Center at the northeast corner of SW Becker Road and SW Village Parkway.
The GFC sought an experienced developer / development team of v...
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