Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-CRA-05, Authorizing the President, or Her Designee, to Execute and Enter into a Stadium Operating Agreement with the City of Port St. Lucie and Ebenezer Stadium Operations, LLC, for the Operation of a Stadium on a Portion of Real Property Located within Walton & One.
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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, CRA Director, and Margaret Carland, CAO
2. Parties: City of Port St. Lucie ("City"), Port St. Lucie Community Redevelopment Agency ("Agency"), and Ebenezer Stadium Operations, LLC ("Operator")
3. Purpose: The Stadium Operating Agreement ("Agreement") identifies the obligations of the Parties through the term of the Agreement once a stadium has been constructed on a portion of land located at Walton & One.
4. New/Renewal/Modified: New
5. Duration: 50-year initial term, with 25-year renewal term option
6. Benefits to Port St. Lucie: The operation of a stadium at Walton & One will serve as a catalyst for economic development, enhancing overall economic vitality of the region, serve as a venue for a variety of community events, thereby fostering community engagement and providing residents with access to diverse forms of entertainment and cultural enrichment.
7. Cost to Port St. Lucie (Annual and Potential): There are no Agency costs associated with this Agreement unless the Agency utilizes "City Event" days, as provided for therein. As such, the Agency would be responsible for costs associated with holding an event, just as they would at any other venue.
Presentation Information: Staff will provide a brief presentation.
Staff Recommendation: Move that the Board approve the Resolution authorizing the President to execute and enter into the Stadium Operating Agreement.
Alternate R...
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