Placement: First Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 25-48, Public Hearing, Authorizing the Acquisition of 104.91 Acres of Real Property known as Rosser Lakes; Authorizing the Conveyance of a Non-Exclusive, Perpetual Access Easement therein of Approximately 7.41 Acres in Favor of Rosser Lakes; and Authorizing the Conveyance of a Ground Lease within the Access Easement Premises to Rosser Lakes.
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Submitted By: Jesus Merejo, City Manager
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, City Manager's Office
2. Parties: City of Port St. Lucie and Rosser Lakes, LLC.
3. Purpose: The acquisition and management of conservation lands and green spaces has been prioritized in the City Council's Strategic Plan. As such, an opportunity to acquire land that meets such needs has been identified for acquisition.
4. New/Renewal/Modified: New.
5. Duration: The property is being purchased in Fee Simple, and a Ground Lease is being executed at Closing for a portion of the parcel so that the Seller can retain an interest in the existing cell tower. The Ground Lease shall be for an initial term of thirty (30) years, with five (5) consecutive ten (10) year renewal periods. The Ground Lease provides for a corresponding access easement that aligns with the area and terms associated with the Ground Lease.
6. Benefits to Port St. Lucie: The City securing the 104.91-acre Rosser Lakes site increases land to be set aside for conservation that would have otherwise been available for development.
7. Cost to Port St. Lucie (Annual and Potential): Pursuant to Section 4 of the enclosed Purchase and Sale Agreement, the parties agreed on a Purchase Price of $2,500,000. There is no revenue associated with the Ground Lease, other than a one-time (lump sum) payment from Rosser Lakes to the City of $16,000.00, due at Closing.
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