Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 25-R18, a Resolution of the City Council of the City of Port St. Lucie Approving an Economic Development Impact Mitigation Agreement for Costco Wholesale Corporation, a Washington-based Corporation, and Authorizing the City Manager or his Designee to Execute an Impact Fee Mitigation Agreement by and Among the City of Port St. Lucie and Costco Wholesale Corporation; Providing for Severability; and Providing an Effective Date.
body
Submitted By: Elijah Wooten, Economic Development Administrator.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Carly Fabien, Deputy City Attorney
2. Parties: City of Port St. Lucie and Costco Wholesale Corporation
3. Purpose: To approve an Impact Fee Mitigation Agreement to attract Costco Wholesale Depot Phase Two to Port St. Lucie
4. New/Renewal/Modified: New agreement
5. Duration: The attached agreement is for a term of ten (10) years after the issuance of a Certificate of Occupancy
6. Benefits to Port St. Lucie: The addition of Costco Wholesale Depot Phase Two will create one hundred fifteen (115) high wage jobs and secures nearly $94 million capital investment in new construction and $19.4 million machinery and equipment
7. Cost to Port St. Lucie (Annual and Potential): The company is entitled to an Impact Fee Waiver up to $402,500 in Port St. Lucie Mobility, Parks, Public Building, and Law Enforcement Impact Fees for the project. The total impact and mobility fees are $513,333. The impact fees will be paid from the Tradition Economic Development Fund and from the sales proceeds from lands owned by the Governmental Finance Corporation.
Presentation Information: Staff will provide a brief five-minute presentation.
Staff Recommendation: Move that the Council approve the Economic Development Impact Fee Mitigation Agreement between the City of Port ...
Click here for full text