Placement: First Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 26-32, Public Hearing, Authorizing the First Amendment to a Lease Agreement between the City of Port St. Lucie and PIII Investments, LLC, for a Portion of Real Property Located at 2454 SE Westmoreland Boulevard (The Port District Riverfront Park) for a Riverfront Restaurant.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Strategic Plan Link: The City's Goal to enjoy culture, nature and recreation, as well as diverse economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, Director, Community Redevelopment Agency and Margaret Carland, Senior Deputy City Attorney
2. Parties: City of Port St. Lucie and PIII Investments, LLC
3. Purpose: Execute an amendment to the ground lease agreement in accordance with the negotiated modified terms and conditions between the City of Port St. Lucie and PIII Investments, LLC, for the development, construction and operation of a riverfront food garden in The Port District's riverfront park site.
4. New/Renewal/Modified: Modified
5. Duration: Initial term of thirty (30) years, with four 5-year renewal options.
6. Benefits to Port St. Lucie: The creation of a destination along the North Fork of the St. Lucie River has long been a strategic priority of the City of Port St. Lucie. Through the development and construction of the riverfront park and related park elements, the public will have a unique opportunity to connect with the river. The addition of a riverfront restaurant to the park site will enhance the draw to the site and surrounding amenities including the City's Botanical Gardens, Historical Museum, Pioneer Park Playground, and extensive interconnected trail network.
7. Cost to Port St. Lucie (Annual and Potential): There are no annual cost associated with the lease agreement. A synopsis of the anticipated annual revenue is outlin...
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