Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 22-R132, Authorizing the Mayor or the City Manager to Enter into a Purchase and Sale Agreement with LTC Ranch Joint Venture and LTC Ranch Industrial/Commercial Park Master Property Owner's Association for the City's Purchase of Real Property and Utility Easements for Utility Purposes.
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Submitted By: Kevin R. Matyjaszek, Utility Systems Director
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Utility Systems Department ("USD")
2. Parties: City of Port St. Lucie and LTC Ranch Joint Venture, a Florida general partnership ("Seller") and LTC Ranch Industrial/Commercial Park Master Property Owner's Association ("POA")
3. Purpose: To enter into a purchase and sale agreement with the Seller and POA for the acquisition of real property and utility easements in the Midway Business Park for utility purposes. Once the sale is completed, the City will convey an easement to the POA for on-going maintenance of a monument sign to be constructed on the real property the City is acquiring.
4. New/Renewal/Modified: New.
5. Duration: N/A.
6. Benefits to Port St. Lucie: The USD desires to acquire real property and utility easements in the Midway Business Park for a 30" raw water main and other utility purposes.
7. Cost to Port St. Lucie (Annual and Potential): $283,000 for the acquisition of Parcel 30 and the cost to construct a monument sign at the Midway Business Park, if the City closes by December 31, 2022. If the City closes after December 31, 2022, the City will owe additional money to the Seller at closing.
Presentation Information: N/A.
Staff Recommendation: Move that the Council approve the Resolution authorizing the Mayor or the City Manager to enter into the Purchase and Sale Agreement with LTC Ranch Joint Venture and LTC Ranch Industrial/Commercial Park Master Property Owner's Associatio...
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