Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-R29, Resolution Approving Road Improvement Cost Advancement, Reimbursement and Park Relocation Agreement
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Submitted By: Jesus Merejo, City Manager
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: The City Attorney's Office and Mattamy Palm Beach, LLC's counsel
2. Parties: City of Port St. Lucie ("City") and Mattamy Palm Beach, LLC ("Mattamy")
3. Purpose: This agreement includes the schedule for the advancement of construction of Sundance Vista Blvd. from Discovery Way to Crosstown Parkway, and formalizes the intent to relocate 30 acres of park from the Becker Road location westerly, south of Becker immediately east of Community Blvd.
4. New/Renewal/Modified: New.
5. Duration: The City will be reimbursed, with interest, by Matamy, 5 years after final completion. This agreement stipulates that Sundance Vista, from Crosstown Parkway to Discovery Blvd., is scheduled to be open to the public by December 31, 2027.
6. Benefits to Port St. Lucie: The agreement brings tremendous value to the City, ushering in thoughtfully designed infrastructure that eases traffic congestion while cultivating a vibrant, welcoming park space for residents and visitors alike to enjoy.
7. Cost to Port St. Lucie (Annual and Potential): The City will provide a maximum advance of $20,305,811.00 to Mattamy to be repaid to the City within five years of completion of Sundance Vista Blvd and provision of final construction costs with interest accruing at 3% per annum.
Presentation Information: N/A
Staff Recommendation: Move that the Council approve the Road Improvement Cost Advancement, Reimbursement and Park Relocation Agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Road Improvement Cost Advancement, Reimbursement and Park Relocation Agreement.
2. Move th...
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