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  Agenda Item # 13.c.       
Meeting Date: 03/05/2018  
Re:    Developer's Agreement - Lally Development Inc. - Magnolia Square Planned Development
Submitted For: Rebecca Grohall

SUBJECT:
Legislative Hearing - Review and Approval of Proposed Developer's Agreement between Lally Development Inc., a Florida corporation and the City of Fort Pierce, a Florida municipal corporation pertaining to release of funds held as surety for incomplete infrastructure improvements required for the Magnolia Square Planned Development and associated subdivision.  PUBLIC HEARING 2 OF 2.
SUMMARY:
  • The current developer of Magnolia Square, Lally Development Inc., has proposed a Development Agreement for the completion of remaining infrastructure for the Magnolia Square Planned Development. The Agreement features a proposal to complete the outstanding common area improvements, including road, sidewalk and landscape features, with the release of funds held by the City via surety held from the original developer for the required improvements on-site.
  • The City of Fort Pierce Commission approved the Magnolia Square Planned Development on April 21st, 2003, and subsequently passed Ordinance K-217 on May 5th, 2003, rezoning the property to PD, Planned Development. Construction of the project commenced in 2004, however it later stalled.
  • The City of Fort Pierce holds $148,077.50 from the Letter of Credit filed by the original developer of the project, which the current developer is seeking upon phased completion of the remaining infrastructure improvements.
  • The development agreement provides release of these funds upon issuance by of all required final City approvals and certifications for each phase.
  • New home construction permits within the development will be eligible for authorization upon substantiating progress of completing outstanding improvements and filing of applicable sidewalk/landscape bonds.
RECOMMENDATION:
  • Approval of the agreement as presented with disbursement eligibility after each phase.
ALTERNATIVES:
  • The City Attorney, upon review of the presented Development agreement identified concerns of the inability of the City to enforce the completion of Phase II after Phase I is reimbursed, recommended that the funds are held by the City until completion of both Phase I and Phase II of the proposed improvements.
  • Denial
RESPONSIBLE STAFF:
Kori Benton, Senior Planner
COORDINATED WITH:
Jack Andrews, PE, City Engineer
Linda Cox, MBA, City Clerk

Fiscal Impact
OTHER INFORMATION:
The City of Fort Pierce holds $148,077.50 in a restricted fund, from drawing on a Letter of Credit filed by the original developer of the project. These funds would be allocated for reimbursement to the developer upon completion of the outstanding infrastructure.
Attachments
Proposed Development Agreement - Magnolia Square
Staff Report
Aerial - Magnolia Square
Proposed Phasing Plan (Final Lift of Asphalt, etc) & Support Exhibits
Final Development Plan & Amenity Exhibit
Proof of Publication
Proof of Publication 2

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Form Review
Inbox Reviewed By Date
City Manager Nick Mimms 02/12/2018 06:02 PM
Form Started By: kbenton Started On: 01/30/2018 12:17 PM
Final Approval Date: 02/23/2018

    

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