Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 21-90, Public Hearing, Authorizing the Conveyance of Twenty-One (21) City-Owned Parcels as a Component of a Settlement Agreement with 5T Wealth Partners and Related to the City Center Project Acquisition, and Authorizing the Vice Mayor, the City Manager, or Their Designee, to Execute the Deed Transferring Said Real Property.
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Submitted By: Jennifer Davis, Project Manager, Community Redevelopment Agency
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): The purpose of this Ordinance is to convey twenty-one (21) City-owned parcels to 5T Wealth Partners as a component of a Settlement Agreement related to the City Center project acquisition. Said parcels are in consideration of 5T Wealth Partners relinquishing their interest in any and all outstanding tax certificates related to City Center. The transaction is part of a multi-agency coordinated and unified approach to satisfying outstanding debt related to City Center prior to acquisition.
Presentation Information: N/A
Staff Recommendation: Move that the Council approve the Ordinance.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Ordinance.
2. Move that the Council not approve the Ordinance and provide staff additional direction.
Background: At the November 9, 2020 meeting, the City Manager was authorized by the City Council to negotiate a Purchase and Sale Agreement to acquire the City Center Parcels from the Securities and Exchange Commission court-appointed Receiver. Upon receiving notice of the City's intent to purchase the Parcels, the St. Lucie County Tax Collector offered to facilitate the negotiations with tax certificate holders. This approach was in lieu of the Tax Collector enforcing Section 196.295(1), Florida Statutes, which requires that the taxpayer (owner ...
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