Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 21-R144, Authorization to Execute and Enter a Purchase and Sale Agreement Between Michael I. Goldberg, as Court Appointed Receiver of US1 Real Estate Developments, LLC, and the City of Port St. Lucie, to Acquire the City Center Parcels.
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Submitted By: Jennifer Davis, CRA Project Manager
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: City of Port. St. Lucie
2. Parties: City of Port St. Lucie ("City") and Michael I. Goldberg, as court appointed receiver of US1 Real Estate Developments, LLC ("Receiver")
3. Purpose: To facilitate the purchase of twenty-two (22) City Center parcels currently held in receivership.
4. New/Renewal/Modified: New
5. Duration: Sixty (60) day Inspection Period; Closing thirty (30) days after the expiration of the Inspection Period.
6. Benefits to Port St. Lucie: The City's acquisition of the twenty-two (22) City Center parcels will allow for a long-awaited redevelopment opportunity on the eastern side of Port St. Lucie.
7. Cost to Port St. Lucie (Annual and Potential): In addition to the acquisition cost of $400,000, the City will be responsible for satisfying a few small balances with taxing authorities. In addition, the City will incur standard buyer-related costs associated with closing such as surveys, inspections, recording fees, doc stamps, etc. The City will continue to incur costs associated to Special Assessments on the parcels. The City will incur a cost associated with master planning the site, as well as some marketing costs. In addition to the costs associated with the transaction, the City will be entitled to revenue from the Bealls Outlet lease, which will be a month-to-month agreement.
Presentation Information: Russ Blackburn, City Manager, will provide a brief presentation.
Staff Recommendation: Move that the Council approve the Res...
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