Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-R27, Approving a Limited Purpose Party Membership Agreement with the Florida Resiliency and Energy District; Authorizing a Commercial-Only Property Assessed Clean Energy ("C-PACE") Program for Real Property Located at 3500 SE Morningside Blvd, Port St. Lucie, Florida; Utilizing Voluntary Non-Ad Valorem Assessments to Finance Qualifying Improvements; and Authorizing the Mayor, or Designee, to Execute said Agreement.
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Submitted By: Jennifer Davis, City Manager's Office.
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, City Manager's Office
2. Parties: City of Port St. Lucie and the Florida Resiliency and Energy District
3. Purpose: Authorize A Commercial-Only Property Assessed Clean Energy (C-PACE) program for real property located at 3500 SE Morningside Blvd, Port St. Lucie, FL 34952 (the "Subject Property")
4. New/Renewal/Modified: New
5. Duration: The Agreement does not include an expiration date but does allow a 90-day notice of termination by either party.
6. Benefits To Port St. Lucie: By authoring the C-PACE program for the real property located at 3500 SE Morningside Blvd, Port St. Lucie, FL 34952, the commercial property is eligible to receive approximately $20 million in capital investment for qualified improvements.
7. Cost To Port St. Lucie (Annual And Potential): There is no cost to the City Of Port St. Lucie. The City Council is only authorizing the commercial-only C-PACE program for the Subject Property.
Presentation Information: Staff will provide a brief presentation, if requested. A representative from the Florida Development Finance Corporation will also be available to answer any questions.
Staff Recommendation: Move that the Council approve the limited purpose party membership agreement between the Florida Resiliency and Energy District an...
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