City of Port St. Lucie header
File #: 2023-938    Version: 1 Name:
Type: New Business Status: Passed
File created: 10/2/2023 In control: Community Redevelopment Agency
On agenda: 11/27/2023 Final action: 11/27/2023
Title: City Center Master Plan Economic Impact and Disposition Scenarios
Attachments: 1. 1 - PFM - CCMP EIS - TIF - Disposition, 2. 2 - PFM - CCMP EIS - TIF - Disposition *Alternate Scenario*, 3. 3 - Project Memo 3.1 - PSL City Center Master Plan - FINAL, 4. 4 - Project Memo 3.1 - Attachment 1 - Public Workshop #1 - December 2022, 5. 5 - Project Memo 3.1 - Attachment 2 - Public Workshop #2 - June 2023, 6. 6 - Project Memo 3.1 - Attachment 3 - City Council Summer Workshop Presentation, 7. 7 - Project Memo 3.1 - Attachment 4 - PSL City Center Conceptual Design, 8. 8 - Final HVS expansion Market and Feasibility Study. - Dec 2022, 9. 9 - PFM - PSL City Center Master Plan Market Analysis Report - Nov 2022, 10. 10 - HVS Convention Center Hotel Feasibility Study - Port St Lucie, FL - June 2023
Placement: New Business
Action Requested: Discussion
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City Center Master Plan Economic Impact and Disposition Scenarios
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency

Strategic Plan Link: The City's Vision for a diverse local economy and employment options.

Executive Summary (General Business):
In April 2022, the City of Port St. Lucie entered into an interlocal agreement with the Treasure Coast Regional Planning Council (TCRPC) for the development of a City Center Master Plan. A detailed financial analysis was conducted based on programming and design options presented to City Council in August 2023. The financial analysis report shows the economic impacts and tax increment estimates based on a phased buildout, and provides disposition scenarios.

Presentation Information:
City staff will provide an introduction, followed by a presentation by TCRPC and PFM.

Background:
The City of Port St. Lucie acquired twenty-two (22) parcels at City Center in March 2022. In April 2022, the City of Port St. Lucie entered into an interlocal agreement with the Treasure Coast Regional Planning Council for the development of a City Center Master Plan. In addition, the City secured the services of PFM Financial Advisors, LLC, to provide a financial analysis and market study related to City Center, which was complete in November 2022. Concurrently, the MidFlorida Event Center secured the services of HVS (a convention, sports and entertainment consulting group) to conduct a market and needs analysis on the current and future event center operations (completed in December 2022). As a follow up to the November 21, 2022 City Council Meeting, staff engaged HVS on an additional study focused on hotel needs for the site, which was delivered to the City in early June 2023. A conceptual Programming and Design Update was presented to City Council in August 2023. Since inception of the master planning efforts, the City held numerous individual stakeh...

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