City of Port St. Lucie - File #: 2022-472

• File #: 2022-472
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 5/20/2022
• In control: City Council
• On agenda: 6/27/2022
• Final action: 6/27/2022
• Title: Ordinance 22-53, Public Hearing, Authorizing the City Manager to Execute and Enter into a Purchase and Sale Agreement with Galleria Farms, LLC, and Authorizing the Conveyance of Real Property Described as Parcel 3, L.T.C. Ranch P.U.D. #1, as Recorded in Plat Book 40, Page 1, of the Public Records of St. Lucie County, Florida, which was Identified and Approved for Surplus on March 22, 2021, to Galleria Farms, LLC.

Date	Ver.	Action By	Action	Result
6/27/2022	2	City Council	Approved	Pass
6/13/2022	1	City Council	Introduced on first reading	Pass

Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 22-53, Public Hearing, Authorizing the City Manager to Execute and Enter into a Purchase and Sale Agreement with Galleria Farms, LLC, and Authorizing the Conveyance of Real Property Described as Parcel 3, L.T.C. Ranch P.U.D. #1, as Recorded in Plat Book 40, Page 1, of the Public Records of St. Lucie County, Florida, which was Identified and Approved for Surplus on March 22, 2021, to Galleria Farms, LLC.
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Submitted By: Elijah Wooten, Economic Development Administrator.

Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.

Summary Brief (Agreements/Contracts only)
1. Prepared by: Margaret Carland, Senior Deputy City Attorney.
2. Parties: City of Port St. Lucie ("City") and Galleria Farms, LLC, a Florida limited liability company ("Buyer").
3. Purpose: Buyer's purchase of approximately 4.65 acres; 8900 Glades Cut Off Road Port St. Lucie, FL; Parcel 3, LTC Ranch PUD 1 (the "Property") (Parcel ID No.: 3301-700-0022-000-2), from the City (the "PSA").
4. New/Renewal/Modified: New.
5. Duration: Ninety days from the effective date or earlier at Buyer's election.
6. Benefits to Port St. Lucie: Upon closing of the PSA, the City of Port St. Lucie will receive $1,162,500. The Buyer is not requesting any incentives, so the City will receive the full economic benefit from the sale.
7. Cost to Port St. Lucie (Annual and Potential): Prorated taxes and assessments at closing; Recording of corrective instruments (if any); 5% commission (2.5% to the "Seller's" agent and 2.5% to the "Buyer's" agent), and closing costs.

Presentation Information: A short presentation may be provided by staff or the Buyer.

Staff Recommendation: Move that the Council authorize the City Manager to execute and enter into the Purchase and Sale Agreement with Galleria Farms, LLC, and authorize the conveyance of the Property to Galleria Farms, LLC.

Al...