Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R77, Authorizing the City Council to Resolve the Irrevocable Letter of Credit 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: Elizabeth Hertz, Senior Deputy City Attorney
2. Parties: City of Port St. Lucie, Seacoast National Bank and River Place on the St. Lucie Community Development District
3. Purpose: To draw down on the Irrevocable Standby Letter of Credit (LOC) 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: Modified
5. Duration: N/A
6. Benefits to Port St. Lucie: This will release funds from the LOC for completion of 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 as a surety for infrastructure associated with the River Place on the St Lucie No. 10 1st Replat. The Developer has failed to complete pavement repair, final pavement and final striping. The developer has indicated that they have no funds available to complete the remaining plat infrastructure; however, has requested for the city to draw down on the Letter of Credit to uti...
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