Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 20-R116, Authorization to enter into and execute an Assignment and Assumption of Development Rights and Reaffirmation of Previous Development Rights and Second Modification of Deed Restrictions.
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Submitted By: Wes McCurry, CRA Director.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Port St. Lucie Governmental Finance Corporation ("GFC")
2. Parties: City of Port St. Lucie Port St. Lucie Governmental Finance Corporation ("GFC") , a Florida not for profit corporation ("GFC"), FLORIDA VISION REALTY TRADITION, LLC, a Florida limited liability company ("Florida Vision"), AMBER HILLS PROPERTIES, LLC, a Florida limited liability company ("Amber Hills"), MATTAMY PALM BEACH, LLC, a Delaware limited liability company ("Mattamy"), and the CITY OF PORT ST. LUCIE, a Florida municipal corporation ("City"), and (collectively, the "Parties")
3. Purpose: Allocation of an additional 52,250 square feet of development rights to third parties.
4. New/Renewal/Modified: New and Modified.
5. Duration: In perpetuity.
6. Benefits to Port St. Lucie: Facilitates development in the Southern Grove jobs corridor.
7. Cost to Port St. Lucie (Annual and Potential): N/A
Presentation Information: Questions will be answered upon request.
Staff Recommendation: Move that the Council approve the Resolution and direct the CEO to execute the Assignment and Assumption of Development Rights and Reaffirmation of Previous Development Rights and Second Modification of Deed Restrictions.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution and direct the CEO to execute the Assignment and Assumption of Development Rights and Reaffirmation of Previous Development Rights and Second Modification of Deed Restrictions.
2. Move that the Council not approve the Resolu...
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