The URL can be used to link to this page

Home My WebLink About2021-001 Midway Glades Developers (LTC Ranch DRI) - Amended 2021—00 I AMENDED RIF -803► AMENDMENT TO ROAD IMPACT FEE CREDIT AGREEMENT 2021-001 EXECUTED BETWEEN ST. LUCIE COUNTY BOARD OF COUNTY COMMISSIONERS AND MIDWAY GLADES DEVELOPERS, LLC IN CONSIDERATION FOR THE CONVEYANCE OF RIGHTS-OF-WAY, DESIGN AND CONSTRUCTION OF CERTAIN ROAD IMPROVEMENTS This Amendment ("Amendment") to Road Impact Fee Credit Agreement 2021-001 is made and entered into as of this 2.D day of Sepkarbev 2022, by and between ST. LUCIE COUNTY, a political subdivision of the State of Florida, hereinafter referred to as "St. Lucie County" and MIDWAY GLADES DEVELOPERS, LLC, a Delaware Limited Liability Company,whose address is 7807 Baymeadows Road East,Suite 205,Jacksonville,Florida 32256, hereinafter referred to as "MGD." St. Lucie County and MGD are collectively "Parties" to this Amendment. WITNESSETH WHEREAS,St. Lucie County and MGD entered into Road Impact Fee Credit Agreement 2021-001 ("Agreement")on June 1,2021; and WHEREAS, the Agreement established road impact fee credits St. Lucie County would grant to MGD for various creditable activities, including for the design, permitting, right-of-way dedication and construction of Arterial-A from Glades Cut-Off Road to Midway Road, which would occur in three defined segments initially constructed with two lanes and then subsequently widened to four lanes as described in Section 2.0 of the Agreement; and 0 5 WHEREAS, Section 2.0 established the total Base Credit for the Arterial-A Road B Improvement by crediting 80%of the total cost of the Arterial A Road Improvement as referenced t in Exhibit 4 to the Agreement, of which St. Lucie County's share was set at 50%, resulting in an g overall impact fee credit from St. Lucie County of 40%(80%multiplied by 50%) for the Arterial- o A Road Improvement contribution; and § s U o: WHEREAS, Section 163.31801(5), Florida Statutes, now requires that any contribution ; a toward infrastructure, including permitting, design, right-of-way dedication and construction of a u road improvement,must be credited on a"dollar-for-dollar"basis against any impact fee collected g c for which the contribution was made; and 8 o WHEREAS,the 80%credit provided by the Agreement warrants adjustment to provide a dollar-for-dollar credit(i.e., 100%credit) in accordance with s. 163.3180(5), Florida Statutes(i.e. St. Lucie County will now be providing an overall impact fee credit for the Arterial A Road Improvement of 50%(100%multiplied by 50%); and WHEREAS, in addition to St. Lucie County's road impact fee credit against 50% of the cost of the of the Arterial A Road Improvement,as set forth above,MGD will be seeking a mobility fee credit against 50%of such cost from the City of Port St. Lucie. MGD will be responsible for Page 1 038791 19.v 1 entering into an agreement with the City of Port St. Lucie for such mobility fee credit and MGD will not seek any additional credit from the County for the cost of the Arterial A Road Improvement, other than what is set forth herein; and WHEREAS, the creditable activities related to the Arterial -A Road Improvement have not yet commenced and no impact fees have been credited as of the date of this Amendment; and WHEREAS, St. Lucie County and MGD mutually desire to execute this Amendment to adjust the impact fee credits that shall be granted to MGD for the Arterial A Road Improvement. NOW, THEREFORE, in consideration of the mutual covenants entered into between the parties hereto to be made and performed, and in consideration of the benefits to accrue to each of the parties, it is agreed as follows: Section 1. Incorporation by Reference. The above recitals are true and correct, and together with the exhibit attached hereto; are made a part of this Amendment by reference. Section 2. The first paragraph of Section 2 of the Agreement is hereby amended, superseded and replaced as follows: Section 2. Issuance of Road Impact Fee Credits and Receipt MGD shall be entitled to credits against St. Lucie County Road Impact Fees ("Road Impact Fee Credits") in the total amount of $24,952,240 $23�-070,197 (expressed in year 2021 dollars) based on the sum of the cost estimates set forth in Exhibit "4" for design, permitting, right-of-way dedication and construction of the Creditable Improvements (each a "Base Credit"). Upon MGD providing documentation to St. Lucie County confirming that a particular component of a Creditable Improvement has been completed, St. Lucie County shall issue a Credit Receipt confirming the Road Impact Fee Credit, being the Base Credit specified for each such component in Sections 2.A., 2.13. and 2.C., below, adjusted based on the formula set forth in Section 2.E. St. Lucie County shall provide to MGD by certified mail an acceptance letter ("Acceptance Letter") within five (5) business days following an approved final inspection of construction for each Creditable Improvement or component thereof as specified below in Sections 2.A, 2.13 and 2.C. Sections 2.A and 2.13 remain unchanged as set forth in the Agreement. Section 3. Section 2.0 of the Agreement is hereby amended, superseded and replaced as follows: C. Arterial -A Road Improvement 1. Upon completion of design and permitting of the Arterial -A Road Improvement, as evidenced by the issuance of a City construction permit, St. Lucie County shall issue a Page 2 03879119.0 Credit Receipt specifying the Base Credit in the amount of $300,000 $40,000-and showing the calculation required by Section 2.E and the resulting Road Impact Fee Credit. 2. Construction of Arterial -A shall be divided into three segments (i.e., Segment 1, Segment 2 and Segment 3) as depicted by Exhibit "2." Each segment will first be constructed as two lanes starting with Segment I and ending with Segment 3. Each segment will be widened subsequently from two lanes to four lanes in the same order. Upon completion of construction and inspection of each Arterial -A segment improvement, as evidenced by a City acceptance letter, St. Lucie County shall issue a Credit Receipt for such Arterial -A segment improvement as follows: • Segment 1 (two lanes): Specify Base Credit of $1,446,707 $','�6-and show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component; • Segment 2 (two lanes): Specify Base Credit of $1,661,697 $1,329,359 show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component; • Segment 3 (two lanes): Specify Base Credit of $1,446,707 $ ,'�66-and show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component; • Segment 1 (widen from two lanes to four lanes): Specify Base Credit of $1,446,707 Q','��-r and show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component; • Segment 2 (widen from two lanes to four lanes): Specify Base Credit of $1,661,697 $1� ''°�8 and show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component; • Segment 3 (widen from two lanes to four lanes): Specify Base Credit of $1,446,707 Q','�--45;-,346&and show calculation required by Section 2.E and the resulting Road Impact Fee Credit for this component. Sections 2.D, 2.E, 2.F, 2.G and 2.H remain unchanged as set forth in the Agreement. Section 4. New Exhibit 4. Exhibit 4 to the Agreement is hereby amended, superseded and replaced with Exhibit 4 attached hereto. Section 5. Effect of Amendment. Except as expressly amended by this Amendment, all provisions of the Agreement including exhibits remain unchanged by this Amendment. Section 6. Effective Date Page 3 03879119.v1 The "Effective Date" of this Amendment is the date on which the last signatory signs the Amendment. Section 7. Recording of Amendment. This Amendment shall be recorded by St. Lucie County in the Public Records of St. Lucie County and shall be binding upon St. Lucie County, MGD and any successors in interest and title to the Property, provided, however, that any parcel or platted lot within the Property as to which the Road Impact Fee has been satisfied either through payment of the Road Impact Fee or use of Road Impact Fee Credits shall be automatically released herefrom. Section 7. Participation. Each of the Parties have participated in the preparation of this Amendment. Accordingly, this Amendment shall not be more strictly construed against either of the Parties, and shall be interpreted as if the Parties hereto jointly prepared it. Section 8. Counterparts. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, and all such counterparts shall constitute one and the same instrument. [Signatures on the following page.] Page 4 03879119M IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. Signed, sealed and delivered in the presence of: ATTEST: Deputy Clerk Witness: Pr' t ame renaon C Print Name: l j STATE OF FLORIDA COUNTY OF 21L u CAz ST. LUCIE COUNTY BOARD OF COUNTY COMMISSIONERS Chair APPROVED AS TO FORM AND CORRECTNESS County Attorney MIDWAY GLADES DEVELOPERS, LLC, a Delaware limited liability company By: /v�L R. Austin Burr, Vice President The foregoing instrument was acknowledged before me by means of hysical presence or ❑ online notarization, this t_ day of 2021! by R. Austin Burr, as Vice President of�IDWAY GLADES DEVELOPERS, LLC, a Delaware limited liability company, who is personally known to me or who ❑ has produced as identification ,►fY °�y Notary Public State of Florida [Notary S , Susan Pardue My Commission GG 302934 30L�cq' Notary Public OF N Expires 02/17/2023 S I (—s cu(-) Name printed � My Commission Expires: 1-7,/ Page 5 03879] 19.0 EXHIBIT 4 ST. LUCIE COUNTY IMPACT FEE CREDITS LTC RANCH DRI WEST RESIDENTIAL A B C D E F Roadway From To DIR Credit* Percentage of Credit Total Cost LTC Credit** Midway Road Arterial A I-95 EB 100% 100% $2,620,695 $2,620,695 Midway Road Arterial A I-95 WB 100% 100% $2,620,695 $2,620,695 Glades Cut -Off Road Arterial A I-95 EB 100% 100% $5,150,314 $5,150,314 Glades Cut -Off Road Arterial A I-95 WB 100% 100% $5,150,314 $5,150,314 Arterial A Glades Cut -Off Road End of Seg I NB 50% 100% 9"0 $2,993 415 $1,496,707 Arterial A Glades Cut -Off Road End of Seg 1 SB 50% 100% 9"0 $2,993 415 $1,496,707 Arterial A End of Se 1 g End of Se 2 g NB 50% 100% SA°� $3,423,394 $1,71 1,697 Arterial A End of Se I g End of Se 2 g SB 50% 100% � $3,423,394 $1,71 1,697 e, zoo �c4 Arterial A End of Se 2 g Midway Road y NB 50% 100%fie $2,993 415 � $1,496,707 Arterial A End of Seg 2 Midway Road SB 50% 100%$"°fie $2,993,415 $1,496,707 Construction Total $34,362,466 CREDIT TOTAL $24,952,240 e23 non i 97 *Arterial A impact credit proposed at 50% for County Share. ** Arterial A credits include $300,000 for permitting and design, divided equally across the six values. The Base Credits in Section 2 for Arterial A breakout permitting and design separately. Therefore, the values differ from the Arterial A credits shown here.