Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R74, a Resolution of the City of Port St. Lucie, Florida, Authorizing the Mayor, or Her Designee, to Execute and Enter into a Non-Relocation Agreement with the City of Port St. Lucie's Community Redevelopment Agency and Ebenezer Partnership, LLC, for the Continued Team Operations at a Stadium in Port St. Lucie.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, CRA, and Margaret Carland, CAO
2. Parties: City of Port St. Lucie ("City"), Port St. Lucie Community Redevelopment Agency ("Agency"), and Ebenezer Partnership, LLC ("TeamCo")
3. Purpose: The Non-Relocation Agreement ("Agreement") identified obligations of the Parties through the term of the Agreement once a stadium has been constructed and is operational on a portion of land located at Walton & One.
4. New/Renewal/Modified: New
5. Duration: The Agreement will terminate upon the earliest of: (a) the date specified in a written agreement of the City, the CRA and TeamCo, to terminate the Agreement, which agreement is subject to the approval of City Council, (b) the expiration or termination of the Stadium Operating Agreement, (c) the expiration or termination of the Franchise Agreement between TeamCo and the United Soccer League ("USL"), or (d) the Development and Funding Agreement terminates pursuant to its terms prior to the Project Completion Date (as defined in the Development and Funding Agreement) such that the Stadium Operating Agreement also terminates.
6. Benefits to Port St. Lucie: The construction and operation of a stadium at Walton & One will serve as a catalyst for economic development, enhancing overall economic vitality of the region, serve as a venue for a variety of community events, thereby fostering community engage...
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