Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 24-R33, a Resolution of the City Council of the City of Port St. Lucie Approving an Economic Development Impact Fee Mitigation for LactaLogics 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 LactaLogics; Providing for Conflicts; 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, City Attorney's Office.
2. Parties: City of Port St. Lucie and LactaLogics.
3. Purpose: The City approved an impact fee mitigation agreement to attract LactaLogics's manufacturing facility 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 LactaLogics manufacturing facility will create sixty jobs and secures a $58 million capital investment in renovation, machinery and equipment for a property located at 8883 S. U.S. Highway 1, Port St. Lucie, FL.
7. Cost to Port St. Lucie (Annual and Potential): The Company is entitled to an impact fee waiver up to $210,000 in Port St. Lucie Mobility, Parks, Public Building and Law Enforcement, impact fees for the project. The impact fees will be paid from the General Fund.
Presentation Information: Staff will make a brief five-minute presentation.
Staff Recommendation: Move that the Council approve the economic development impact fee mitigation agreement between the City of Port St. Lucie and LactaLogics.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the economic development impact fee mitigation agree...
Click here for full text