Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R20, a Limited Purpose Party Membership Agreement with the Florida Resiliency and Energy District; Authorizing a Commercial-Only Property Assessed Clean Energy ("C-PACE") Program for Real Property Located at 8833 U.S. Highway 1, Port St. Lucie, Florida; Utilizing Voluntary Non-Ad Valorem Assessments to Finance Qualifying Improvements; and Authorizing the Mayor, or Designee, to Execute Said Agreement.
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Submitted By: Elijah Wooten, Economic Development Administrator, City Manager's Office.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Florida Resiliency and Energy District.
2. Parties: City of Port St. Lucie and the Florida Resiliency and Energy District.
3. Purpose: Authorize a Commercial-only Property Assessed Clean Energy (C-PACE) Program to real property located at 8883 US Highway 1, Port St. Lucie, FL 34952 (the "Subject Property").
4. New/Renewal/Modified: New.
5. Duration: The Agreement does not include an expiration date but does allow a 90-day notice of termination by either party.
6. Benefits to Port St. Lucie: By authoring the C-PACE program for the real property located at 8883 US Highway 1, Port St. Lucie, FL 34952, the commercial property is eligible to receive $30 million in capital investment for qualified improvements.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the City of Port St. Lucie. The City Council is only authorizing the commercial-only C-PACE program for the subject property.
Presentation Information: A brief staff presentation and a representative from the Florida Resiliency and Energy District will be available to answer the City Council's questions.
Staff Recommendation: Move that the Council approve the limited purpose party membership agreement between the Florida Resiliency and Energy District and City of Port St. ...
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