Governmental Finance Corporation - Regular Meeting

Good afternoon, everyone. Welcome to the city of Port St. Lucie Governmental Finance Corporation meeting this Monday, 03/09/2026 at 12:03PM. Madam clerk, please call the roll.

Miss Morgan? Yes, ma'am. Mister Pickett?

Yes, ma'am.

President Martin? Here, ma'am. Vice President Carraballo? Here, ma'am. Mister Bono?

Yes, ma'am.

Please stand for the pledge.

I 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.

Okay. Additions and deletions to the agenda and approval of the agenda. Is there a motion?

Move approval of the agenda. Second.

I have a motion and a second. All those in favor? Aye. Any opposed? Motion carries. Approval consent agenda. We have the minutes of 09/08/2025.

Motion to approve. Second.

I have a motion and a second. All those in favor? Aye.

Any

opposed? Motion carries. Public to be heard. I have Rabbi Uminar signed up to speak. Rabbi, would you like to come forward to speak?

Right now?

Yes. You're at seven a? No. Okay.

It oh, it's just pub oh, okay. Seven a. Never mind. Thought you were for public to be heard. Would anyone else like to address the Government Finance Corporation at public to be heard? Seeing no one. Enclosed. Public to be heard. And nine of resolution seven a, resolution 26 dash GFC dash zero two.

A resolution of the Port St. Lucie Governmental Finance Corporation authorizing the president or her designee or the CEO or his designee to enter into and execute the purchase and sale agreement between the Poor St. Lucie Governmental Finance Corporation and Tomboni Companies LLC for the purchase of approximately 7.36 acres of land in Southern Grove, providing for conflicts, providing for severability and providing an effective date.

Thank you. Good afternoon, Davis.

Hi. Good afternoon, President Martin and GFC Board, City Manager. Thank you for calling this meeting today to bring forward multiple development opportunities in Southern Grove. Before we get to the agenda items, however, I wanted to take a moment to thank our team who's been working hard to get us here today, including the legal team who spent countless hours on agreements being brought before you this afternoon, planning and zoning, finance, public works, utilities, and of course, our city manager for his support as we are near achieving full implementation of the Southern Grove master plan. As you can see from the very colorful slide for the Southern Grove sales map, after the transactions that are before you this afternoon, there will be a mere 21.23 acres remaining for land development, representing the three tracks near Southwest Village Parkway and Marshall Parkway.

Our agenda item this afternoon for board consideration is a purchase and sale agreement for 7.36 acres of land located at the Northeast corner of future Destination Way and Southwest Village Parkway.

The transaction would be with Tamboni Companies LLC, another one of our great development partners in Southern Grove. Richard Tamboni is here with us today and will also be providing a little additional information on the project along with Phil Schuck with Catalyst Healthcare Real Estate, who will be joining via Zoom. The purchase and sale agreement is for $2,565,000 or $8 per square foot and includes a $25,000 first and $50,000 second deposit. The permitted use will be up to a 52 bed medical post acute medical facility, specifically inpatient rehabilitation hospital, together with up to 40,000 square feet of office or veterinary hospital or clinic uses. We'll have one hundred and twenty day inspection period, a sixty day approval period, with a closing thirty days thereafter.

As with the other transactions within Southern Grove, there will be a covenant to open and operate associated with this PSA. At this time, before we move forward with requesting Board action, I would like to invite Richard Tamboni up to provide a little information on the project and

his thoughts.

Great. Thank you. Good afternoon, Mr. Tamboni.

Good afternoon, everyone. I hope all is well. Before we get going, I just want to on behalf of Laurie, myself and Tamboni Companies, saying it's a real pleasure being here in front of you again today looking at another parcel of land. And I truly want to thank a number of individuals who really helped through the process. What gets lost many times in these projects is what happens behind the scenes. You know, people come up here, they give a presentation, and there's a project, and then it gets developed down the road. But it takes a while prior to that event occurring, which is a tremendous amount of interaction with city officials.

And

so I truly want to thank Jennifer and Frank, and Frank and the staff, and the legal department. They're incredible, the P and Z facilities, the city manager, because there isn't a project that occurs within the city that doesn't have some things that need to be changed or negotiated prior to the event. And the continuity that's occurred within the city since we've been involved for almost six years now is amazing. And to me, to see what Jennifer mentioned today, that potentially, after two great projects that will be talked about today, the COSCO project and the San Sao mixed use project, only 20 acres of land remaining. And that's exciting.

So we're really proud to be here today. I want to thank you all for all your help and participation over the years. And this is an exciting 7.36 acre parcel of land. We've been fortunate enough that we have another developer by the name of Catalyst Real Estate, and Phil Schuck can speak here in a moment as well and talk about this project. But we believe that medical is really necessary.

With everything that's happened within the city and within tradition, the one element that really hasn't been expanded upon is the medical side. And as we know, with the amount of residential occurring, I'm meeting with the CFO of the Cleveland Clinic after this to talk about what are the necessary needs that they have today at 130. But there isn't a lot of it out there that's being talked about. There's been a lot of retail. There's apartments being proposed by the San Sao companies in mixed use, which is very necessary for what's occurring.

We obviously have a number of single family developments occurring as well. So we're excited to concentrate on the medical side. And so in saying that, Phil, if you're on, if you don't mind talking about this 50,000 square foot project.

Sure. Thank you, Richard. And thank you everybody there. Good afternoon. I'm Phil Schuck, Executive Vice President of Catalyst Healthcare Real Estate. We are a nationwide group that develops healthcare properties and gives better access to care throughout the country. And we have worked with this specific client. I think this is our twentieth project with them, so very familiar with this product type and looking forward to breaking ground and bringing this access to healthcare for an inpatient rehab facility to Port St. Lucie. So again, thank you guys for having me.

So this project will be a 42 bed inpatient rehab facility. It will have expansion capabilities to add another 12 beds to 54 beds total in the future. I think the site plan right now consists of about four acres of the 7.36 acre parcel there. The building will be roughly 55,800 square feet, two story facility. And like I said, does inpatient rehab care for for the residents there.

This is for those who may not know or be familiar with this type of facility, It is a facility that's post acute. So after typically patients after they've received care from a hospital or other acute care facility, they come here as a transition to get them home and get them well. There's intensive physical therapy, speech therapy, occupational therapy that they go through. Usually a minimum of three to four hours per day, five days a week. But does deliver the care in inpatient environment, like I said, to get them out of the hospital and then back into their home.

The average length of stay is usually ten to fourteen days in this facility. So there is a lighter amount of traffic that comes through this property than you'd see in a normal medical facility as most of them are going to be transports and just some visitors and staff parking. It's typically what you'd see in this type of facility. I think that gives a quick summary, but I'm happy to answer any questions or anything we have.

Thank you so much. Really appreciate it. Counsel, do you have any questions?

I do.

Okay.

I just wanted to say, Mr. Camboni, thank you so much for the presentation. It's amazing that we only have 20 acres left after 1,200 acres, which we were told many, many years like it was going take many years, twenty to thirty years before we would see development in less than just a few years. We literally have 20 acres left. So great job to the city manager and the team. And you've been with us from the beginning. Mr. Chamboni, the actual medical facility is fantastic because it's going to pair well with the Cleveland Clinic. And they have an amazing neuroscience advancement that allows you to take care of stroke patients. So I think it's going to pair very well.

The only question I have is, so you said four acres of the 7.36 acres, do you have any plans for the remaining three acres? Or do you know what that may potentially be?

We're gearing up to concentrate on the medicalhospital side. And not do we could do retail and lease it up pretty quickly. We just believe this is a missing link. So we are going to concentrate initially on the medical. We don't have anything definitive at this point. That's why it's always difficult to put in there what we'll be doing because we're not quite sure yet. But that is the concept of what we're attempting to do.

Thank you.

You're welcome.

Any other comments or questions? Thank you so much.

Great. Thank you so much. We appreciate it very much.

More medical is definitely needed, especially in this area. I echo comments of Vice Mayor. I have Mr. Rabbi Umuner is scheduled to speak, has signed up to speak. Come forward, please, sir. Good afternoon.

Good afternoon, mayor, vice mayor, council members. I'm glad to be here today. Thank you. I'm here today because I wanna share with you

Let me just pull up my notes. One second. Sorry. Okay.

As I said, my name is Rabbi Shlomo Omanur. I'm director of the Chabad Jewish Community Center of the Martin And Lucy Counties. And it's about three years we've been in touch with the city looking for a parcel of land of about two acres in order to build a Jewish community center, a place of worship for our growing Jewish community. It would also hold a summer camp, preschool, kosher kind kitchen and cafe, an event space educational program for the community. For about a year, we had ongoing discussions with the CRA about getting these two acres.

Finally, after a year when I called back to see what's up with it, I was told we decided we're not splitting this property and we're selling it as a whole. So I said, oh, no one told me. So I'll make an offer on the whole. So I said, oh, well you better make it quick. We already have two offers on it. So I made an offer on the property and it's actually this property that we're talking about, 7.3 acres. I was then called by the city, and the city really likes what we have to offer and they feel it's needed for the community, but they decided they're gonna sell it to the developer because he's gonna build the road. But they spoke to the developer and he agreed to give us two acres of this land for for the for the for the Jewish community center. I said, that's great. Can we arrange a meeting to work out the terms?

And he said, well, not really. You have to talk to him himself. He said, well, I got the property. Maybe I'll sell it to you, but I'm not ready to commit to it. I'm not ready to give you the terms. That will be fair pricing, closer to what the city is selling it for, plus development and and cost. And that's what happened with this. Further going on, I've been in touch with the city further and then we looked at a 10.7 acres that's around and said, we get two acres of this or any other two acres or we're gonna buy these acres? I was told, don't make an offer on these two acres. Not yet.

Don't make an offer on this. I then also contacted the vice mayor who spoke to the city manager and he said, well, we think really we should find two acres for you. But we don't think necessarily that it should be the 10 acre, but we should find two acres we have maybe next at a park. The city has acres. Again, I spoke to CRA and they said, well, those two acres, yeah, it might be a good idea but we don't know yet on the planning where we're holding on it and nothing has happened since then.

In the meantime, yesterday someone told me, do you know that they opened up to take offers on the 10.7 acres that you wanted to they told you not to do. No one, of course, told me that. So I'm here today to put on the record that it's over three years that we are looking for a piece of property to build a Jewish community center for the growing community that's here and growing community that wants to move here and looking to have that and needs this basically. And my question to the council, I'm sure some of you don't even know about this, that we were looking for this property, was never brought to your attention, is does the council value places of worship and people's need for for faith and for community centers that hails the Jewish community? Because of course, I'm very happy about all the sale that's happening.

It's great. I'm great that Costco is coming in and all all the retail and medical is coming in. But of all the acres that you have that you can't find two acres to put away that we would buy for for the community Jewish center. My question is, do you value communities of faith? And if so, how are you gonna show it besides by words, but by actual action to come up with two acres that we can buy?

Thank you very much. Ms. Davis, would you like to address?

Regarding available property? Yes. So specific to the 10 acre site, we were not putting that out for any offers until the roadwork was complete, which is the North South connection on Tom Mackey. We've received a ton of interest on that site from a variety of uses. So at the point where we will notify and actually broadcast it for offers, Rabbi Umuner will be notified as well. We just haven't done that yet. So I don't know where he heard that statement, but we haven't moved forward with any offers on that site.

Okay. Me, but it's online. It says that you're accepting offers on it.

Okay, thank you, sir.

Okay, please

don't speak out from the audience. Thank you, Rabbi. I appreciate you coming up and speaking. Vice Mayor, did you have something you I want to

met with the Rabbi a little bit ago. I did meet with the city manager as well. And I don't know what the conversation is until he just told us how it went. But yes, I mean, think we value all members of our community, including our members of faith. And if we have land available or we we need to be able to evaluate that along with everyone else that's also applying in a fair manner.

I think to just to really bring the conversation around is the notification piece. I continue to want to like make sure that our application process are accessible for the general public, not just for our expert developers or expert contractors and consumers, because not everyone's a developer that might be interested in a parcel. And so as the 10 acres does come up, I would like to make sure that the rabbi is aware, but then we look at that from a holistic standpoint as well of making sure that whatever we're putting out there, the public is being notified it's something that they have interest in and would like to propose an offer. To me, that's really important. Just similar to the same conversation with Walton and One.

I really think as many offers as we can receive for staff to review to see what would be the best thing that would be placed there, think is truly important.

Any other comments? No. So I agree with Vice Mayor wholeheartedly. I know that Rabbi has been looking for land. And so whatever we can do to help facilitate that, we do have a need in our community for more faith based, especially in the Jewish faith. And so I would like to see that come forward, especially since they it's not like free land, the city is not giving out land for free, but they do are looking for purchasing land. So let's see what that looks like. So thank you. All right. Is there a motion counsel?

Motion to approve resolution 26 GFC-two.

Second. We

have a motion and a second. Any final discussion? All those in favor? Aye. Any opposed? Motion carries. Thank you. Alright, we are moving on to 7B, Resolution 26 GFC-one.

A resolution of the Port St. Lucie Governmental Finance Corporation authorizing the President or her designee or the CEO or his designee to enter into and execute the purchase and sale agreement between the Port St. Lucie Governmental Finance Corporation and Costco Wholesale Corporation for the purchase of approximately 22.8 acres of land in Southern Grove, providing for conflicts, providing for severability and providing an effective date.

Thank you. Ms. Davis?

So our second item this afternoon is definitely one that's kept us on quite a journey for a long time. For your consideration this afternoon is future the future future of and Southwest Village Parkway. The purchase and sale agreement provides for a purchase price of $6,000,000 or $6.4 per square foot. There is a $300,000 deposit. The permitted use is for up to 170,000 square feet of retail use and is intended to be developed as a wholesale and retail general merchandise facility, which will include a variety of uses therein.

The inspection period is ninety days with a two seventy day development approval period and a closing thirty days thereafter. Again, as with other agreements within Southern Grove, the PSA does provide for a covenant to open and operate. So this purchase and sale agreement does include special consideration on behalf of the GFC. As part of the transaction, the GFC must cause at its sole cost and expense the construction and extension of Marshall Parkway so that a certificate of occupancy could be issued for the permitted use. We also have to provide confirmation to the buyer about the utilities, water, sewer and such that are adjacent to the land and available for hookup and providing approximately 40,000 cubic yards of fill dirt that is acceptable to the buyer.

Also as part of the transaction, the city will retain two outparcels as part of the larger tract, is shown here. There's a 2.63 acre site at the corner and then about 7.5 acre site on the south end of the tract.

Then let's just go back one slide and go over these terms real quick since we're at that slide. So Marshall Parkway, where are we at?

We are almost to second lift of asphalt. So at this point, the road can be driven on. We do anticipate that will be complete by the March. And then also, according to an update this morning, they're working on the landscaping as well, but that's not necessary for the road to be complete.

And utilities, obviously, our utilities are already there in place. And then with regard to the fill, it's already on-site, correct?

Yeah. When we started down this journey with Costco about two years ago, there was fill already on the site. So we memorialized that as part of the agreement. With the construction of the adjacent roadway, we expect some of that has been disturbed a little bit. So once we get into the agreement, our team will make sure that the sufficient amount of fill to meet the agreement is available. If not, we'll make sure to supplement. Of note, you know, if this was not something we were going to be providing to them, we would have to haul this dirt off of the property, which would then incur a cost. So the fill was already sitting there from another project. So it was remaining on-site. And so we will verify that.

Thank you for clarifying that. I appreciate

it. Madam Mayor. Yes. Just one other point of clarification to this is not out of the ordinary from this deal. It's basically almost every parcel that we sold in Southern Grove has had something similar to this.

There have been provisions, not necessarily this specific, but we have provided fill on other transactions, we've had roadway connections that needed to be done on others. So and then the utilities are typically a standard caveat on those.

And honestly, that's kind of how we were able to actually end up being so successful with this property. The buyers who had it originally didn't understand the complexities of this property. It was built, or everything that has been built is built on land that is kind of mucky, to be quite honest. And so there's had to, for everything, for Excel, for all of them, have had to have different concessions with Phil to be able to put it on supportive land to actually justify a building. I just wanted to make sure it's nothing new in the area, at least for this project.

That's definitely not a first for us. And you'll notice that there has been a lot of Phil generated out there and that's in connection with the lakes being dug, things like that. So you will notice that there is a lot of fill being moved around. So once you actually have to move it off-site or out of the area, that's where you really do incur a cost.

Thank you. I

just want to thank both of you for bringing this up because I was just as Jennifer was talking, was making my notes to make sure that key points were went over that we reviewed to make sure that they didn't get misconstrued. And Marshall Parkway, which I know is just about done, the Phil Dirps there, everything that you're talking about is already in the works. And it's not something that we're giving away before the misconception that the city is doing this and just giving stuff away because it's already there.

I think we have recognized really great progress with the roadwork construction and that's been helpful for our comfort level and moving forward with negotiations with Costco. If this was a year ago and we had an unknown of the roadwork starting, you never know what's going to happen, but we're, you know, well past the first lift and coming into the second lift of asphalt. So we're going to be in good shape for getting that road able to be open to the public as a right of way.

Great. Okay. We'll continue.

So as just mentioned, there are two parcels that the GFC will be retaining, at the Southeast corner of Marshall And Village and another just a little further south of the proposed warehouse. So the seller does have some restrictive covenants that would be imposed on I'm sorry, restrictive covenants that will be imposed upon us as part of this transaction. So specifically within a one mile radius of the project, that property that's not in a CRA, so one mile radius not in a CRA, the city or the GFC would be restricted from selling any property that we own now or in the future to any of these entities, which would be the Sam's, the BJ's, any other retail grocery or delivery service, alcoholic beverage retailer, Walmart, car wash and fueling stations or tire installation. So again, for context, I did provide a map here of a one mile radius. So property that's not in the CRA would be the only property that this would fall under that covenant.

And within the purchase and sale agreement, the team the Costco team did provide us their proposed site plan, which I provided for you here. So just to depict their store location on the southern end of the parcel, and the gas station would be tucked up in the corner near Sandstone Boulevard and Marshall Parkway Intersection. So at this time, I will pause for any additional questions from the board.

Any questions?

No.

No, okay.

And with that, we would request approval of resolution 26 GFC01.

Thank you so much. So we should be singing at last for this as well. Super excited. Know our residents are very, very excited. Of course, when the agenda came out last week, within minutes, it was all over social media about Costco coming.

I think there was some confusion too about whether it was actually the retail store versus the depot. But here we are and now we are getting that retail store that we've been waiting so long for. So, I know there's gonna be a lot of happy people out in our community to finally get to this point and to have a store come out of the ground. So I know we're all excited and very happy to be able to be in the place that

we are today. With that counsel, was there any motion that you would like to propose? Motion to approve resolution 26 GFC-one.

Second.

I have a motion and a second. Any final discussion?

Yes. Yes.

Go ahead.

So I must be the weirdest person you've ever met. I have never been to a Costco. Really?

Now's your chance.

I can count on one hand how many times I've been to a BJ's wholesale. Mhmm. So I get the excitement. I understand. Matter of fact, Jen, you're taking me to Costco. Right? The I just I'm hoping that the time from now until closing happens a lot sooner than three hundred and ninety days. Yep. Because I think the residents want it a lot quicker than that. Tomorrow? Yes. Or yesterday. Yesterday. So I'm just a shout out to Costco. I'm sure you're on it, but I would love to see that cut in half. Would be really nice.

I think we all would.

So I asked the question a few months ago of their team of what is their normal development timeline. From the point where they actually go vertical, it's about a hundred and thirty days. So it's actually a pretty quick timeline for construction. And I will say from living in Martin County and experiencing watching going over the bridge in Martin County, and I was like, they're never gonna get open by April. They're never gonna get And sure enough, they do. So they have a great team assembled that works specifically on these projects and gets them done in a short timeline when they start construction.

Awesome. Thank you. You're all good.

Do they have Buc ee's nuggets?

No, I'm kidding. Hey, that's coming too. Just not in our city, in Fort Pierce, close enough. Yes. Go ahead, councilman.

I just wanna thank the staff, especially the CRA and the city manager's office. I know this was a heavy lift and I know there was a lot of time involved in getting Costco to the table and making this actually come to this to where we're at today. So kudos to our staff, City Manager's Office and thank you Costco for finally recognizing Port St. Lucie.

Agreed. Yes. Go ahead.

Nina, this a really proud moment for our city. I remember when I was a citizen, wasn't on council watching the roll out the red carpet video offering them free land. So I wanna bring that up just because it shows how far Port St. Lucie has come. People now finally recognize what we are. And this is a big day. We were fighting for Costco to come here. And now they're paying for their land. And that's a beautiful thing. So, welcome Costco and I'm glad you're paying for the land.

Excellent, excellent point.

That is a great,

that is

I almost feel like as a drop mic type moment. So I do, I don't remember who was the gentleman we've met with the very first time from Costco, when we were doing the depot.

Oh, was actually before I was involved. Eric,

thank you. I really want to thank Eric, I want to thank Costco and I want to touch on the depot too before we really get to the store. Because I still stand by what I said that day. The depot, the residents, this is a bonus. The depot is gonna be such a huge impact to our community.

The amount of jobs that that depot is gonna create above the average wage that even pay better than the Costco that's gonna be directly across the street if this moves forward in this vote is huge and it's so impactful for our community. So I will say, and I'm sure we had similar conversations, so I don't wanna pretend I'm the only one that had this. But when I met with Eric that day, I actually brought in all of my club cards, Madam councilman Morgan. Because I have a BJ's club. I mean, have I have a BJ's club, I have a Sam's club, and I had a Costco before the Stewart location.

Because occasionally when I could, I'd go down to West Palm and frequent Costco. And I understood they had demographics, very specific demographics that they looked for. And I felt that the way that they were looking at their demographics was not telling the whole story of Port St. Lucie. And when I sat down with Eric, I pulled out all my cards and I said, well, let me let me have a conversation. I know we're not here to talk about the store. We've been told by staff we shouldn't maybe talk about a store because we're focused on a depot. But here's why you wanna come to Port St. Lucie. Because number one, let's just talk sheer distance.

Takes me forty five minutes to drive to the North Palm location. It will save me approximately six minutes to go to the Caner Highway from my home. If you think I'm gonna spend that time on US 1, I'd rather take the extra six minutes and get right off the highway and go to the Palm Beach location. Just convenience. The other thing was the demographics weren't talking about the disposable income in tradition. With many of our retirees, it wasn't impacting the new growth that was coming. We grew 54,000 people in five years. And to say that we built We just grew one city. We grew five average cities in the state of Florida because they average about 10,000 is what? Four eleven cities average.

When you look at that, I said please just relook at the numbers. And I'm sure we all said that. Please just relook at the numbers. Make sure because the city of Port St. Lucie and its residents deserve to have this level of investment and deserve to have this level of store. And because of their strict demographics, I don't believe Costco will be the end. I believe obviously it's going to be a tractor because everywhere I go, it's not just Costco, it's what's surrounding Costco. And so I just really want to thank staff, but I also wanna thank Costco for relooking at the area, taking us serious and finally knowing what was true. It belonged in Port St. Lucie the whole entire time.

Well, I think they realized that and I know that they did and I had a very similar conversation with representatives when I met with them regarding the depot. And I said, you know what? This is all great and wonderful and we want the jobs, but you gotta bring a store. Our residents want a store as well. And I think it was about two weeks later when we got the call from the retail side because there's two different sides of that of the house there. And that's when things got started at least. And yes, it took a long time as these deals do. That's the way it works. But yes, we're finally there. And so they know.

I think they realized that they missed a good thing in the beginning. But it needed to take more time and here we are today. So it's really great. And with that, all those in favor? Aye. Any opposed? Welcome Costco to Port St. Lucie.

Wow. Yay.

Alrighty.

Does Scott do that graphic?

I don't know who did that graphic, but we like it. Absolutely. Alright. We're moving on to new business. 8A, revised letter of intent from Sandstone Group for the development of the Becker Village Lifestyle Center in Southern Grove.

So as a third item this afternoon, the GFC staff has been working on a refined approach to the Becker and Village Lifestyle Center development. Today, we're requesting the board's authorization to consider a revised letter of intent between GFC and the Sanzone Group, another one of our great development partners in Southern Grove. Peter Crane is here on behalf of Sanzone Group and will be available to answer any questions of the Board if needed. The Becker Village Lifestyle Center is located at the Northeast corner of Southwest Village Parkway and Becker Road. It's upon approximately 60 acres.

It will include up to six sixty multifamily residential units, approximately 250,000 square feet of retail and commercial, a hotel and the related infrastructure. It is intended that this project will be developed in phases over about a three year period. The parties during this time, the parties will jointly market through a national marketing campaign with Sandstone Group assuming the role of master developer for the Becker Village Lifestyle Center. So upon execution of the LOI, Sanzone will initiate the marketing efforts for the site on the commercial portion only. With Sanzone serving as master developer, they will be developing covenants, conditions and restrictions for the site, curating design standards, constructing the necessary infrastructure to serve the site, including the integral roadway network to serve the project.

So it's anticipated that the residential portion of the project, the 16.26 acre tract along Southwest Village Parkway just north of Southwest Legacy Park Drive, will be developed in two phases with the first being up to 300 multifamily units. GFC will be working with Sandstone on the purchase and sale agreement for the parcel, and we'll be presenting that to the Board for consideration once it's available. The GFC anticipates there will also be a purchase and sale agreement for the commercial portion of the project, the 43.59 acre tract along Southwest Becker Road and Village Parkway. However, unlike the residential portion, this project will be subject to a post closing agreement in which obligations of both parties will be identified. GSE anticipates the transaction to include a reverter clause, as well as a participation agreement.

Again, referring to the commercial property only, the participation agreement will allow for GFC to recognize the economic upside of commercial development through equity participation, which will be negotiated at the deal level, the individual deal level. So meaning there could be several development opportunities within the commercial parcel, and the timing and structure of those deals will be negotiated with each deal and again brought forward to GFC Board for consideration. That strategy will allow GFC an opportunity to achieve a long term revenue source. Our equity participation could be achieved through land contributions or other provisions to achieve the goals. In addition, GFC will have the opportunity to provide input with respect to the design and tenant mix within the commercial development program.

At this time, before we recommend authorization, I would like to invite Peter Crane up to answer any questions and provide a little more context on the project. Good

afternoon.

Good afternoon, Madam Mayor, City Attorney, GFC counsel. It's an honor to represent Sandstone Group in front of this board again. We're excited to be here, and I think Jennifer and the staff has just done an incredible job at ushering this deal, given its importance. It's not lost on us that this corner has been earmarked for a very long time. A lot of what's been accomplished in today's meeting affects what happens on that hard corner.

And I'm happy to state here today that the flexibility that we offered within this document, not only gives the GFC some control, but allows us to meet the demand of the market. I'm happy to report without even having a leasing broker hired on this project, I'm fairly confident national credit tenants that every resident in this community would love to have on the corner, is sincerely interested in being in this project. That would be a 135,000 square feet and three tenants right off the bat. And vice mayor, I heard exactly what you said, and I'm I'm happy to report since the time of submitting the RFP to today, I think the number of the multi family units will come down, and the number of commercial will go up. So if you look at the language, it was stated in a way where we have flexibility to push and pull where needed.

So unless you have any questions for me, we're just internally grateful to do another project in tradition, and keep up with the standard that we presented at Legacy Park. We look at this as our front door and there is no more important piece to what we've done with the 4,000,000 square feet on 400 acres, than this 60 acres that's left.

Thank you so much, Pete. Really appreciate that. Santone has been an amazing partner with the city. And I'm very happy to see that partnership continuing for sure.

Thank you so much. I really appreciate it. I think that, again, I appreciate you listening to the council and taking that direction and moving forward to really look at the parcel again. We're in flux in the city with the growth. There's just so much potential and we've had these conversations on the board where it's like, well, rooftops have to follow, retail follows rooftops and I'm like, not in Port St. Lucie, the population is here. Really, we need to be looking in reverse. Like how can we get more retail to actually support the level of rooftops? And so I believe it's there just for fun. I mean, I know you've got three people looking at it, but let's let's let's stretch let's stretch the imagination.

A Tanger outlets is between thirty five and sixty acres. 39 acres is Daytona Beach. It has 80 stores. Wouldn't it be fantastic to finally give the city of Port St. Lucie something very, very special, like an outlet, like somewhere where you can actually go and shop. No more going to Vero, no more going to Jensen. Make it so for the residents because they really deserve it. So if your three retailers wanna build a tanker and get together, I mean, think that'd be pretty fantastic, wouldn't it?

Madam vice mayor, with all due respect, I'd prefer to keep those forty five minutes away. I have three kids.

I want them

in my backyard.

I guess you're telling everybody that your wife likes to shop. Is that what you're trying to tell us here?

It would be more

for I like your wallet.

I think you're gonna be in the minority on that one there, announcement.

But I think it's a huge opportunity, Peter. And I'm so glad that we're leaving the residential on the back end because I do believe the commercial is going to be needed. And thank you again so much and I'm in full support of this. Thank

you. My

biggest issue with this was the residential piece.

And

hearing that there's leeway honestly changes my whole perspective on program. So I'm glad to hear you say that. I'm very excited to see what's going to come out of there. And hopefully more commercial than residential. Thank you.

Well, it's important to note too that the entitlements already there for the residential. This isn't new entitlements that we're granting for residential. This is already been in place as far as those entitlements for residential are concerned.

And Miss Mayor, real quickly, I believe it's entitled for three fifty multifamily units, about five fifty square feet of commercial.

Right.

And 120 room hotel. And since that RFP, I think we've gotten substantially closer entitlements as opposed to meeting market demand. So the market's moving in that direction. I think it's great news not only for us, but for the desires of the City Council. And again, we're eternally grateful to be in front of you again with another project to bring some more value.

Thank you so much. Alright, with that motion.

Motion to approve. Second.

Any final discussion? All those in favor? Aye. Any opposed? Motion carries. Thank you so much. Congratulations. We look forward to that continued partnership. Any other issued by board members? Alright. Then we are adjourned.