Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R23, a Resolution Allowing the Execution of an Interlocal Agreement with River Place on the St. Lucie Community Development District to Provide Funds from the Letter of Credit Draw Down to Complete Infrastructure for River Place on the St. Lucie No. 10 1st Replat.
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Submitted By: Diana Spriggs, P.E., Assistant Director, Public Works
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: River Place on the St. Lucie Community Development District
2. Parties: City of Port St. Lucie and River Place on the St. Lucie Community Development District (CDD)
3. Purpose: The City needs to provide funds from the draw down of the Letter of Credit for the CDD to complete the required improvements of the Little Turtle Neighborhood that the developer did not complete.
4. New/Renewal/Modified: New
5. Duration: 120 days to complete improvements with no more than 60 day extension
6. Benefits to Port St. Lucie: Residents of the City will achieve a finished Neighborhood.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the City
Presentation Information: Staff will be available to answer questions upon request.
Staff Recommendation: Move that the Council approve the Resolution authorizing the City to enter into the Interlocal Agreement.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Interlocal Agreement.
2. Move that the Council not approve the Interlocal Agreement and provide direction to staff.
Background: River Place Builders, LLC (Developer) provided an Irrevocable Letter of Credit ("LOC") as a surety for infrastructure associated with the River Place on the St Lucie No. 10 1st Replat (AKA Little Turtle Neighborhood). The required infrastructure was outlined in an associated Completion Contract and required to be installed within two (...
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