Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-GFC-13, Authorization to Enter Into and Execute the Third Amendment to a Purchase and Sale Agreement between the Port St. Lucie Governmental Finance Corporation and Four Port St. Lucie, LLC.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Executive Summary (General Business): In November 2023, the Governmental Finance Corporation ("GFC") entered into a Purchase and Sale Agreement ("PSA") with Four Port St. Lucie, LLC, for a project known as Project Bears. The PSA is for the purchase 30+/- acres of land in the Southern Grove Jobs Corridor for the purpose of developing up to 500,000 square feet of industrial and office uses. Since the execution of the PSA, additional business terms have been negotiated related to the PSA, of which are reflected in the Third Amendment to the Purchase and Sale Agreement.
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 Third Amendment to the Purchase and Sale Agreement.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Resolution and authorize the execution of the Third Amendment to the Purchase and Sale Agreement.
2. Move that the Board not approve the Resolution and provide staff with additional direction.
Background:
Working through a broker, an initial Letter of Intent ("LOI") was submitted under the project name "Project Bears" on August 25, 2022. In November 2023, a Purchase and Sale Agreement was authorized by the GFC Board and subsequently entered into on Project Bears.
Project Bears is a multi-generation family-owned business and a leader in the manufacturing and distribution industry, providing a wide range of small- and large-scale products internationally.
Project Bears initial 250,000 square foot facility will be a state-of-the-art...
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