Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-GFC-04, a Resolution of the Port St. Lucie Governmental Finance Corporation Authorizing a First Modification to Assignment and Assumption of Development Rights with Traditions Commerce Park, LLC., and the Execution of a Second Modification of Deed Restrictions between the Port St. Lucie Governmental Finance Corporation, PSL MNK, LLC, and Traditions Commerce Park, LLC; Providing for Conflict; Providing for Severability; and Providing an Effective Date.
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Submitted By: Jennifer Davis, Director of Community and Economic Development
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Jennifer Davis, Director of Community and Economic Development, and Elizabeth Hertz, Senior Deputy City Attorney
2. Parties: Port St. Lucie Governmental Finance Corporation, Traditions Commerce Park, LLC, and PSL MNK, LLC.
3. Purpose: Modification of deed restrictions and assignment and assumption of development rights.
4. New/Renewal/Modified: Modified
5. Benefits to Port St. Lucie: Supporting goal of diverse local economy and employment opportunities
6. Cost to Port St. Lucie (Annual and Potential): The assignment and assumption of development rights will shift proportionate share of ongoing assessment obligations to other parties.
Presentation Information: Staff will provide a brief presentation, if requested.
Staff Recommendation: Move that the Board approve the Resolution.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Resolution.
2. Move that the Board provide staff with additional recommendations.
Background: In June 2018, Tradition Land Company, LLC ("TLC") transferred approximately 1,200 acres of property to the Governmental Finance Corporation ("GFC"), now commonly known as Southern Grove. In connection with the conveyance, TLC assigned GFC cer...
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