Placement: New Business
Action Requested: Motion / Vote
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City Center Update
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Submitted By: Jennifer Davis, Project Manager, Community Redevelopment Agency
Executive Summary (General Business): After a thorough analysis, the City Manager recommends that the City of Port St. Lucie is the most likely entity to successfully redevelop City Center. Twenty-two (22) of the City Center parcels (hereinafter referred to as "Parcels") have been under the control of a Securities and Exchange Commission (SEC) court appointed Receiver since November 2015.? The Receiver retained the commercial real estate firm of Avison Young to market and sell the Parcels to one buyer.? On two (2) separate occasions since then, the Court approved the Receiver entering into contracts with private developers, each of which failed to move past the due diligence period and close. This was largely due to the financial circumstances associated with the whole of the property.? City staff have negotiated a draft Letter of Intent for the City to purchase the Parcels from the Receiver with the goal of retaining certain parcels for public use. Similar to the approach with Southern Grove, the City would then evaluate the highest and best use of the remaining parcels for marketing and sale to private developers to complete the redevelopment of City Center.
Presentation Information: Russ Blackburn, City Manager, will provide a brief presentation.
Staff Recommendation: Move that the Council authorize the City Manager, in consultation with the City Attorney, to negotiate a purchase and sale agreement with the SEC Receiver for the purchase of twenty-two (22) City Center parcels, pursuant to the terms of the Letter of Intent.
Alternate Recommendations:
1. Move that the Council amend the recommendation and authorize the City Manager, in consultation with the City Attorney, to negotiate a purchase and sale agreement with the SEC Receiver for the purchase of twenty-two (22) City Center parcels fo...
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