Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-R56, 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
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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: The City approved an Impact Fee Mitigation Agreement to attract Costco's distribution depot 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 attraction of Costco's distribution depot will create two hundred sixty-five (265) high wage jobs and secures a $71 million capital investment in new construction, machinery and equipment for a property located at 13077 SW Sansone, Sr. Blvd., Port St. Lucie, FL.
7. Cost to Port St. Lucie (Annual and Potential): The company is entitled to an Impact Fee Waiver up to $927,500 in Port St. Lucie Mobility, Parks, Public Building, and Law Enforcement Impact Fees for the project. The total impact and mobility fees are $301,379.54. 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 Econo...
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