Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R35, a Resolution of the City Council of the City of Port St. Lucie Approving an Economic Development Impact Fee Mitigation Agreement for Four Port St. Lucie, LLC, a Delaware Limited Liability Company, and Authorizing the City Manager or His Designee to Execute an Impact Fee Mitigation Agreement by and Among the City of Port St. Lucie and Four Port St. Lucie, LLC; Providing for Severability; and Providing an Effective Date.
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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 Four Port St. Lucie, LLC
3. Purpose: The City approved an Impact Fee Mitigation Agreement to attract Four Port St. Lucie, LLC's advanced manufacturing facility to Port St. Lucie.
4. New/Renewal/Modified: New agreement
5. Duration: The attached agreement is for a term of ten (10) years after the issuance of a Certificate of Occupancy.
6. Benefits to Port St. Lucie: The attraction of Four Port St. Lucie, LLC's 250,000 square foot advanced manufacturing facility will create two hundred twenty-five (225) new high wage jobs and secures a $46 million capital investment in new construction, machinery and equipment on a 15.83 acre parcel located in the Tradition Center for Commerce.
7. Cost to Port St. Lucie (Annual and Potential): The company is entitled to an Impact Fee Waiver up to $787,500 in Port St. Lucie Mobility, Parks, Public Building, and Law Enforcement Impact Fees for the project. The total impact and mobility fees are $204,360.54. The impact fees will be paid from the Tradition Economic Development Fund and from the sales proceeds from lands owned by the Governmental Finance Corporation.
Presentation Information: Staff will provide a brief five-minute presentatio...
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