Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-GFC-03, Authorization to Enter into and Execute the Second Amendment to the Land Swap Agreement between the Port St. Lucie Governmental Finance Corporation and Saint Matilda, LLC.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Strategic Plan Link: The City's Goal for vibrant neighborhoods.
Executive Summary (General Business): The Port St. Lucie Governmental Finance Corporation ("GFC") entered into a Land Swap Agreement ("LSA") to exchange approximately 13.97 acres of land (the "Land") located at the southeast corner of SW Village Parkway and E/W 2 Roadway (Destination Way) with Saint Matilda, LLC, for 28.81 acres of land (the "Exchange Land") located at the northwest corner of West Blanton Blvd and NW East Torino Parkway. In July 2024, the GFC authorized the execution of the First Amendment to the LSA, noting modifications to the business terms associated with the LSA. Since the execution of the First Amendment to the LSA, additional business terms and have been negotiated as it relates to an extension of the Closing Date and associated deposits being made to escrow by Saint Matilda, of which are reflected in the Second Amendment to the LSA.
Presentation Information: Staff will provide a brief presentation, if requested.
Staff Recommendation: Move that the Board approve the Resolution and authorize the execution of the Second Amendment to the Land Swap Agreement.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Resolution and authorize the execution of the Second Amendment to the Land Swap Agreement.
2. Move that the Board provide staff with additional direction.
Background:
Saint Matilda is the owner of the Exchange Land located at the northwest corner of West Blanton Blvd and NW East Torino Parkway. At the August 2022 City Council Meeting, the City Council discussed their concerns on the potential impa...
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