Community Redevelopment Agency - Regular Meeting

Good evening, everyone, and welcome to the community redevelopment agency meeting for the city of Port St. Lucie this Monday, 12/08/2025 at 05:31PM. Madam Clerk, please call the roll. Miss Morgan? Yes, ma'am. Mister Pickett? Yes, ma'am.

Chair Martin?

Yes, ma'am.

Vice chair Caraballo?

Yes,

ma'am. Please let the record reflect that mister Bonnet is not present.

Please stand for the pledge. Pledge allegiance to the flag of The United States Of America and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. We have additions and deletions to the agenda and approval of the agenda. Is there a motion? Motion to approve. Second. We have a motion and a second. Any discussion? All those in favor? Aye. Any opposed? Motion carries. Approval of consent agenda. We have the meeting minutes from 11/04/2025. Is there a motion? Motion to approve. Second. We have a motion and a second. Any discussion? All those in favor?

Aye. Opposed? Motion carries. Public to be heard. Would anyone like to address the Community Redevelopment Agency? Seeing no one, all closed. Public to be heard. Moving on to item seven, resolution 7A, resolution 25 CRA-seven.

A resolution of the City of Port St. Lucie Community Redevelopment Agency amending and supplementing Resolution number CRA-three-four adopted on 02/17/2004, which resolution number CRA three-four authorized, among other things, the issuance from time to time of redevelopment trust fund revenue bonds authorizing the issuance of not to exceed $7,200,000 in aggregate principal amount of a City of Port St. Lucie Community Redevelopment Agency Redevelopment Trust Fund revenue bond Series 2025. The proceeds of which will be used to finance certain capital improvements within the revised original community redevelopment area, accepting the proposal of Seacoast National Bank to purchase such bond to secure a loan to the community redevelopment agency, authorizing a negotiated sale of said bond to Seacoast National Bank, authorizing the execution and delivery of a loan agreement with Seacoast National Bank, delegating certain authority to the chair, the agency's executive director and the city's finance director with respect to the foregoing and the approval of the various terms and details of such bond, authorizing the defeasance of the Community Redevelopment Agency's outstanding redevelopment trust fund revenue I'm sorry, refunding revenue bond Series twenty sixteen authorizing the execution and delivery of an escrow deposit agreement in connection with the defeasance of the Series twenty sixteen bonds and appointing an escrow agent thereto, making certain amendments to resolution number CRA zero three dash zero four and providing an effective date.

Thank you. Good evening, miss Davis. I'd stay seated. Well, the clerk read that in. It was a long title, so apologies on that. Good evening, board and chair. It's hard to see you guys behind all the holiday decorations. Thank you for calling the special meeting tonight regarding CRA 25 I'm sorry. Resolution 25 CRA zero seven. This evening's item is a companion item to ordinance twenty five seventy seven, which will be on the city council meeting this evening for public hearing and second reading.

With me this evening, I have Steven Okier from finance department, and we have Jay Glover from PFM online if there are any questions regarding the information provided. Again, the request this evening is to authorize the issuance of a not to exceed 7,200,000.0 aggregate principal bond in the amount I'm sorry. For the city Port St. Lucie Community Redevelopment Agency Trust Fund. The purpose of the bond will be issued to fund enhancements related to the event center located at Walton And 1, including the front plaza and public spaces, as well as supporting warehouse facilities.

The bond will also be used to fund planning initiatives related to the future expansion of the next year. For clarity, the bond is not related to any stadium improvements at Walden And 1. The bond will be repaid solely through tax increment financing or revenue within the CRA. There is no impact on general tax dollars as the bond does not use or affect property taxes or tax rates of the city of Port St. Lucie.

There is the bond is not backed by taxing power of the city, meaning taxpayers will not be financially responsible. And again, the bond proceeds will not be used for the soccer stadium and is not connected with the stadium. The CRA is now in a position to generate sufficient TIF revenue to support new investments within the revised original CRA plan area. In the past, as mentioned in the resolution title, there was a bond from 2016, which was paying for some improvements on the site. And we're now in the position to reinvest in the acquisition and enhancement of buildings and public spaces that align with that plan.

As an overview, this is an excerpt from the revised original CRA plan. As you can see, the area highlighted in yellow identifies approximately $8,000,000 for property acquisition, renovation or enhancements. The funding from this bond will be used for front public plaza upgrades, event center expansion or renovation, design planning, event center lighting upgrades and warehouse expansion. Again, the amount of the bond is $7,200,000 over a term of five point five years at a fixed rate of 3.99%. The annual payments will be just under $1,600,000 including principal and interest.

And again, the purpose is for the enhancement of public spaces related to the event center. The repayment source is CRA tax increment revenue and not city funds. Staff's recommendation is to support this request and approve the resolution 25 CRA seven. And again, here to answer any questions along with our team.

Thank you so much. Counsel, any questions? No? All right. Thank you. Is there a motion? Motion to approve. We have a motion and a second. Any final discussion? All those in favor? Aye. Any opposed? Motion carries. Thank you. Are there any issues by board members? Seeing none. Okay. We are adjourned.