HomeMy WebLinkAbout2022-002 - Treasure Coast Vault, LLC RIF 2022-002
ROAD IMPACT FEE CREDIT AGREEMENT BETWEEN ST. LUCIE COUNTY
BOARD OF COUNTY COMMISSIONERS AND TREASURE COAST VAULT,
LLC IN CONSIDERATION FOR THE DONATION OF CERTAIN RIGHT-OF-
WAY ALONG ST. LUCIE BOULEVARD.
THIS AGREEMENT is made and entered into as of this 5. r day of 30 , 2022,
by and between ST. LUCIE COUNTY, a political subdivision of the State of Florida, hereinafter referred to
as "St. Lucie County" and Treasure Coast Vault, LLC, whose address is 19 N Via Lucindia Drive, Stuart, FL
34996, hereinafter referred to as ("TC Vault").
WITNESSETH
WHEREAS, on March 1, 2022, TC Vault received Site Plan approval from St. Lucie County for a
project known as Treasure Coast Vault on the property described below:
LEGAL DESCRIPTION: 36 34 39 W 621 FT OF E 713 FT OF S 1292 FT OF N 1332 FT OF NE 1/4 OF NW 1/4-
LESS N 50 FT FOR RD R/W-AND THAT PART OF SE 1/4 OF NW 1/4 BEING MPDAF: FROM SE COR OF NW
1/4, TH N 47 59 43 W 149.90 FT TO INT OF N LI OF FPFWCD CANAL NO. 1 AND W LI OF FPFWCD CANAL
NO. 3,TH N 00 20 59 E ALG W LI 732.42 FT TO POB;TH N 89 50 07 W 432.93 FT,TH N 00 20 59 E 250 FT,
TH N 39 09 49 W 96.17 FT, TH N 00 20 59 E 175.61 FT, TH S 89 50 07 E 494.12 FT TO W LI OF FPFWCD
CANAL NO. 3, TH S 00 20 59 W ALG W LI 500 FT TO POB (23.44 AC - 1,020,959 SF) (UNITY OF TITLE OR
2696-2584&4696-2719)
Parcel ID 1336-211-0000-000-3
and,
WHEREAS, Resolution No. 2022-033, required TC Vault convey to St. Lucie County, 40' along St.
Lucie Boulevard as further described in the attached Exhibit "A" (the "Dedication"), for additional right-
of-way needs; and,
WHEREAS,on June 7,2022,TC Vault dedicated to St. Lucie County,40'of road right-of-way on St.
Lucie Boulevard via Warranty Deed.
WHEREAS, St. Lucie County has adopted a "Road Impact Fee Ordinance" which imposes impact
fees relating to the need for future improvements and additions to the County Road System; and,
WHEREAS,Section 24-264(c) of the St. Lucie County Code of Ordinances provides for the County
Commission to consider the granting of credits for the donation of non-site related right-of-way along
those roadways that meet a transportation capital need as identified in the County's Comprehensive
Plan or in the County Metropolitan Planning Organization Roads Impact Fee Eligibility Networks; and,
MICHELLE R.MILLER,CLERK OF THE CIRCUIT COURT
SAINT LUCIE COUNTY
Page 1 FILE# 5067686 07/11/2022 03:11:42 PM
OR BOOK 4856 PAGE 876-881 Doc Type:AGR
RECORDING: $52.50
WHEREAS, St. Lucie Boulevard is identified in the St. Lucie County Comprehensive Plan, and;
WHEREAS, the County's Comprehensive Plan identifies a future need for capacity expansion
improvements to be made to St. Lucie Boulevard in order to accommodate future growth as set forth
in the St. Lucie County Comprehensive Plan; and,
WHEREAS, based upon the provisions of Section 24-264(c) of the Code of Ordinances of St. Lucie
County, the value of the right-of-way donation, including reasonable costs associated with the
conveyance of the right-of-way property to the County, that is eligible for consideration of Road Impact
Fee Credit is:
Value of the Right-of-Way $19,241.50
Title $ 980.08
Sketch & Legal $ 565.00
Total Land Value $20,786.58
$20,786.58
WHEREAS, TC Vault is desirous of establishing the general method and amount of Credit that TC
Vault shall be entitled to for value and costs associated with the right-of-way donation.
WHEREAS, Chapter No. 2019-165, Laws of Florida, which became effective on June 28, 2019,
provides in relevant part as follows with respect to impact fee credits (the "Impact Fee Credit Law") and
applies to the Credits:
If a local government increases its impact fee rates, the holder of any impact fee credits,
whether such credits are granted under s. 163.3180, s. 380.06, or otherwise, which were
in existence before the increase, is entitled to the full benefit of the intensity or density
prepaid by the credit balance as of the date it was first established. This subsection shall
operate prospectively and not retrospectively.
WHEREAS, the County and TC Vault now desire to document how the Impact Fee Credit Law will
be applied to the Credits in connection with any future increases in road impact fee rates (including,
without limitation, any annual increases in such rates based on changes in the Consumer Price Index).
NOW, THEREFORE, in consideration of the mutual covenants entered into between the parties
here to be made and performed, and in consideration of the benefits to accrue to each of the parties, it
is agreed as follows:
Page 2
Section 1. Incorporation by Reference.
The above recitals are true and correct and are made a part of this Agreement by reference.
Section 2. Amount of Impact Fee Credit.
TC Vault is entitled to a credit against St. Lucie County Roads Impact Fees in the amount of Twenty
Thousand Seven Hundred Eighty-Six and 58/100 ($20,786.58), under the criteria set forth in Section 24-
264(c) of the Code of Ordinances of St. Lucie County for the donation of certain right-of-way along St.
Lucie Boulevard.
Section 3. Limitation of Credit.
Except as provided in Section 4 below, the credit established by this agreement is limited solely to the
property described below:
LEGAL DESCRIPTION: 36 34 39 W 621 FT OF E 713 FT OF S 1292 FT OF N 1332 FT OF NE 1/4 OF NW 1/4-
LESS N 50 FT FOR RD R/W-AND THAT PART OF SE 1/4 OF NW 1/4 BEING MPDAF: FROM SE COR OF NW
1/4, TH N 47 59 43 W 149.90 FT TO INT OF N LI OF FPFWCD CANAL NO. 1 AND W LI OF FPFWCD CANAL
NO. 3,TH N 00 20 59 E ALG W LI 732.42 FT TO POB; TH N 89 50 07 W 432.93 FT, TH N 00 20 59 E 250 FT,
TH N 39 09 49 W 96.17 FT, TH N 00 20 59 E 175.61 FT, TH S 89 50 07 E 494.12 FT TO W LI OF FPFWCD
CANAL NO. 3, TH S 00 20 59 W ALG W LI 500 FT TO POB (23.44 AC - 1,020,959 SF) (UNITY OF TITLE OR
2696-2584&4696-2719)
Parcel ID 1336-211-0000-000-3
The credit granted through this agreement may only be applied against the required Roads Impact Fees
to be collected from this site and shall not be transferable as a credit against other impact fees imposed
for purposes other than roads.
The Impact Fee Credit Law will be applied to the Credits as follows in connection with the Roads Impact
Fee Rate Increase and any future increases in Roads Impact Fee Rates (including, without limitation, any
annual increases in such rates based on changes in the Consumer Price Index):
a. For purposes of this Section, the Credits existing as of the effective date of this agreement are
hereinafter referred to as the "Existing Credits", and Credits which may be received under the
Agreement in the future are hereinafter referred to as "Future Credits". The date that TC Vault
receives any amount of Credits is hereinafter referred to as a "Credits Receipt Date".
b. When TC Vault uses Credits: (i) as to any impact fee rates which are increased after the Credits
Receipt Date for such Credits, the Credits will be applied against the applicable impact fee rate
that was in effect and payable by TC Vault prior to the rate increase, and (ii)as to any impact fee
Page 3
rates which are decreased after the Credits Receipt Date for such Credits, the Credits will be
applied against the decreased impact fee rate in lieu of the rate that was in effect and payable
by the TC Vault prior to the rate decrease.
Section 4. Transferability and Assignability of Road Impact Fee Credits
Pursuant to s. 163.31801(8), Fla. Stat. (2020), Road Impact Fee Credits are assignable and transferable at
any time after establishment from one development or parcel to any other located within the same impact
fee zone as the Property, as referenced by St. Lucie County Code Section 24-261(a), or that is within an
adjoining impact fee zone within St. Lucie County that receives benefits from one or more of the
Creditable Improvements specified in Section 2 of this Agreement. If a Road Impact Fee Credit is proposed
for use in an adjoining impact fee zone, TC Vault shall provide notice by certified mail to the St. Lucie
County Administrator with a copy to the County Attorney to the address shown below no less than ten
(10) business days, as documented by courier receipt, prior to execution of an assignment of said Road
Impact Fee Credit, and the St. Lucie County Administrator or designee shall confirm in writing within five
(5) business days, as documented by courier receipt, following receipt of the notice whether St. Lucie
County objects to the use of the Road Impact Fee Credit based on compliance with statutory
requirements. If St. Lucie County does not provide a response, the use of the Road Impact Fee Credit in
the adjoining impact fee zone shall be deemed acceptable. If St. Lucie County objects, the Parties shall
meet in a good faith effort to resolve the objection. TC Vault shall provide documentation to St. Lucie
County of any executed assignment of Road Impact Fee Credits to an assignee for transfer and use on a
parcel other than the Property. TC Vault shall reserve sufficient Road Impact Fee Credits to support
development within the Property.
County Administrator With copy to: County Attorney
2300 Virginia Avenue 2300 Virginia Avenue
Fort Pierce, Florida 34982 Fort Pierce, Florida 34982
Section 5. Recordability of Agreement.
This Agreement shall be recorded by St. Lucie County in the Public Records of St. Lucie County and shall
be binding upon TC Vault and any successors in interest and title to the property described in Section 3
above.
Section 6. Termination of Agreement.
This Agreement shall be effective until all of the Road Impact Fee Credits authorized herein have been
consumed through the issuance of a building permit, or similar development approval.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written.
Page 4
Signed,sealed and delivered in the presence of:
ST. LUCIE COUNTY
ATTEST: BOARD OF COUNTY COMMISSIONERS
C- IV coy C 'yT" 72,...z.....:._
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Deputy Clerk O. IP- O Chair
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Treasure Coast Vault, LLC
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STATE OF FLORIDA
COUNTY OF ST. LUCIE
The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online
notarization, this June I6,202'l (date), by Ubtllet kci}h Maxi*, of Treasure
Coast Vault, LLC, a Florida Corporation, on behalf of the corporation. He/she is personally known to me
or had produced Ft, DI-# M 216 -Gill - -337-o as identification.
[Notary Seal] Ch Keith Notary Signature
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NV" Bonded Thm Aaron Notary
Name Printed
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Page 5
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