Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve the Agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County, Inc. and Authorize the City Manager to Execute and Enter into the Agreement
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Submitted By: Elijah Wooten, Economic Development Administrator.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Carly Fabien, Deputy City Attorney.
2. Parties: City of Port St. Lucie and the Economic Development Council of St. Lucie County.
3. Purpose: The City will continue to provide funding to the Economic Development Council (EDC) of St. Lucie County to facilitate economic development in the City of Port St. Lucie.
4. New/Renewal/Modified: Renewal.
5. Duration: The three-year agreement will commence on October 1, 2024, and terminate on October 1, 2027.
6. Benefits to Port St. Lucie: The attraction and retention of major industry that creates high-wage jobs for our residents. Qualified targeted industries also make significant capital investment in real property and tangible personal property, which generates additional tax revenue for the City.
7. Cost to Port St. Lucie (Annual and Potential): The Economic Development Council of St. Lucie County is requesting a ten (10%) percent increase due to inflation. The annual cost is $165,000 per year.
Presentation Information: Elijah Wooten, Economic Development Administrator and Wes McCurry (EDC Senior Vice President) will address any questions if the consent item is pulled for discussion by the City Council.
Staff Recommendation: Move that the Council approve the agreement between the City of Port St. Lucie and the Economic Development Council of St. Lucie County and authorize the City Manager to execute and enter into the agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the agreement between th...
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