Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R54, Amending and Restating an Interlocal Agreement among the Port St. Lucie Community Redevelopment Agency, the City of Port St. Lucie, and the Southern Grove Community Development District No. 1
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Summary Brief (Agreements/Contracts only)
1. Prepared by: City of Port St. Lucie/City of Port St. Lucie Community Redevelopment Agency and Southern Grove Community Development District No. 1
2. Parties: City of Port St. Lucie Community Redevelopment Agency ("Agency"), City of Port St. Lucie ("City"), Southern Grove Community Development District No. 1 ("District")
3. Purpose: The purpose of this amended agreement is for the termination date to align with the sunset of the Southern Grove CRA, unless otherwise earlier extended or terminated. In addition, modifications were made related to how rebate funds are processed. Additional minor changes were also made to the agreement.
4. New/Renewal/Modified: Modified
5. Duration: September 30, 2042, unless otherwise extended or terminated
6. Benefits to Port St. Lucie: The City will retain (tax) increment revenue and distribute rebate payments to qualified parcels in lieu of transmitting funds to the District to distribute.
7. Cost to Port St. Lucie (Annual and Potential): No additional costs are associated with amended agreement.
Presentation Information: Staff will provide a brief presentation, if requested
Staff Recommendation: Move that the Council approve Resolution 23-R54.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve Resolution 23-R54.
2. Move that the Council provide staff with additional direction.
Background: In January 2001, the City Council of the City of Port St. Lucie ("City Council'') determined that one or more blighted areas existed within the City and that the rehabilitation, conservation, or redevelopm...
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