Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-R91, Relating to Draw Down of Funds for Construction of Incomplete Infrastructure for River Place on the St Lucie No 10 1st Replat.
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Submitted By: Clyde Cuffy, P.E., Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Not Applicable.
2. Parties: City of Port St. Lucie , River Place Builders, LLC and River Place on the St. Lucie Community Development District.
3. Purpose: To draw down on the Irrevocable Standby Letter of Credit to provide funding to construct the remaining infrastructure improvement identified in the River Place on the St. Lucie No. 10 1st Replat.
4. New/Renewal/Modified: Related
5. Duration: N/A
6. Benefits to Port St. Lucie: This will allow River Place Builders, LLC to complete the remaining plat infrastructure in accordance with the approved plans.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the city.
Presentation Information: Staff will be available to answer any questions.
Staff Recommendation: Move that the Council approve the Resolution authorizing the Irrevocable Letter of Credit for River Place on the St Lucie No 10 1st Replat to be resolved.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the letter of credit to be resolved.
2. Move that the Council not approve and provide staff direction.
Background: River Place Builders, LLC (Developer) provided an Irrevocable Letter of Credit ("LOC") as a surety for infrastructure associated with the River Place on the St Lucie No. 10 1st Replat. The requires infrastructure was outlined in an associated Completion Contract and required to be installed within two (2) years of the related plat being recorded. The related plat was recorded on May 16, 2018. The Developer has still not completed several components of the required infrastructur...
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