Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 22-R133, A Resolution to Approve the Second Amendment to the Impact Fee Mitigation Agreement between City Electric Supply and the City of Port St Lucie.
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Submitted By: Elijah Wooten, Economic Development Administrator, City Manager's Office.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Elijah Wooten, Economic Development Administrator, City Manager's Office.
2. Parties: City of Port St. Lucie and City Electric Supply.
3. Purpose: City Electric Supply requested a second amendment to the reporting of the baseline jobs and new jobs schedule in the Impact Fee Mitigation Agreement, due to workforce reductions and business disruptions caused by COVID-19.
4. New/Renewal/Modified: Modification to the Impact Fee Mitigation Agreement between City Electric Supply and the City of Port St Lucie.
5. Duration: The Impact Fee Mitigation Agreement is for a period of ten years from the date of issuance of the Certificate of Occupancy for City Electric Supply's TAMCO manufacturing facility. The Certificate of Occupancy was issued by the Building Department in December 2019 and the duration of the Impact Fee Mitigation Agreement is from 2019 to 2029.
6. Benefits to Port St. Lucie: The expansion and retention of City Electric Supply, the creation of 50 new jobs and the $38 million capital investment in real property and personal tangible property in the Tradition Center for Commerce located in the City's jobs corridor.
7. Cost to Port St. Lucie (Annual and Potential): The City paid $146,182.44 for City Electric Supply's impact fee mitigation in 2018. Amending the Impact Fee Mitigation Agreement does not include any additional cost to the City.
Presentation Information: Elijah Wooten, Economic Development Administrator, will make a brief 10 minute presentation.
Staff Recommendation: Move that t...
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