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Home My WebLink About2023-006 - SFG SFLC 95, LLC MICHELLE R. MILLER, CLERK OF THE CIRCUIT COURT — SAINT LUCIE COUNTY FILE # 5157330 OR BOOK 4952 PAGE 2670, Recorded 02/21/2023 03:31:58 PM RIF 2023-006 ROAD IMPACT FEE CREDIT AGREEMENT BETWEEN ST. LUCIE COUNTY BOARD OF COUNTY COMMISSIONERS AND SFG SFLC 95, LLC IN CONSIDERATION FOR THE CONSTRUCTION OF CERTAIN ROAD IMPROVEMENTS ALONG ROCK ROAD THIS AGREEMENT is made and entered into as of this e;1 VI- tday of Fe...b f J G ,2023, by and between ST.LUCIE COUNTY,a political subdivision of the State of Florida,hereinafter referred to as"St.Lucie County"and SFG SFLC 95,LLC,whose address is c/o Stonemont Financial Group,Terminus 100,3280 Peachtree Road NE,Suite 2770,Atlanta,GA 30305,hereinafter referred to as("SFG"). WITNESSETH WHEREAS,on November 2,2021,SFG received Major Site Plan approval from St.Lucie County for a project known as South Florida Logistic Center 95 on the property described below: LEGAL DESCRIPTION:11 35 39 SE 1/4-LESS W 76 FT AND LESS SE 1/4 OF SE 1/4 AND LESS ORANGE AV AS IN PB 22-16 AND LESS I-95 AS IN OR 240-2533 AND LESS S 210 FT OF N 235 FT OF W210 FT OF E 235 FT OF NE 1/4 AND LESS CANAL R/W AND LESS E 25 FT FOR KINGS HWY AND LESS AS IN OR 2463-49 AND LESS ADDL RD R/W AS IN OR 3932-2607 AND OR 4881-379-(98.25 AC-4,279,770 SF) Parcel ID 2311-411-0003-000-4 and, WHEREAS, as part of development review, St. Lucie County requested that SFG construct a portion of Rock Road,on behalf of the County,for future expansion. See Exhibit"A" 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 Transportation Planning Organization Long Range Transportation Plan, or appropriate to the implementation thereof;and, WHEREAS,the capacity expansion improvements to be made to Rock Road are needed in order to accommodate future growth,as set forth in the St.Lucie County Comprehensive Plan;and, OR BOOK 4952 PAGE 2671 WHEREAS,the County and SFG entered Into a Road Impact Fee Credit Agreement granting credits against road Impact fees to SFG for the donation of right-of-way along Rock Road and Orange Avenue. WHEREAS,based upon the provisions of Section 24-264(c)of the Code of Ordinances of St.Lucie County,the County desires to grant additional credits against road impact fees for the estimated cost to improve a portion of Rock Road. The estimated cost of the improvements that is eligible for consideration of Road Impact Fee Credit is$663,699.19.This amount shall be adjusted based on the actual cost of completing the Rock Road improvements.No credits shall be granted until SFG completes the Rock Road Improvements and provides the County with documents showing the actual cost of the road improvements in sufficient detail for preaudit and post audit purposes. WHEREAS,SFG is desirous of establishing the general method and amount of Credit that SFG shall be entitled to for value and costs associated with the road improvements. 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 increased some of its Roads Impact Fee rates effective October 1,2022 (the"Roads Impact Fee Rate Increase")by virtue of Ordinance No.22-009,which was adopted by the St. Lucie County Commission on April 19,2022(the"Ordinance");and, WHEREAS,the County and SFG 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: Section 1. Incorporation by Reference. The above recitals are true and correct and are made a part of this Agreement by reference. OR BOOK 4952 PAGE 2672 Section 2. Amount of impact Fee Credit. SFG is entitled to a credit against St.Lucie County Roads Impact Fees in the amount of Six Hundred Sixty- Three Thousand Six Hundred Ninety-Nine and 19/100($663,699.19),under the criteria set forth in Section 24-264(c)of the Code of Ordinances of St.Lucie County for the improvement of certain right-of-way along Rock Road. The amount of this credit shall be adjusted based on the actual cost to construct the improvements. Section 3. Contingency. Should the cost to construct this portion of the road exceed the credit amount listed in this agreement, an amended Road Impact Fee Credit Agreement may be issued. Section 4. 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:11 35 39 SE 1/4-LESS W 76 FT AND LESS SE 1/4 OF SE 1/4 AND LESS ORANGE AV AS IN PB 22-16 AND LESS 1-95 AS IN OR 240-2533 AND LESS S 210 FT OF N 235 FT OF W 210 FT OF E 235 FT OF NE 1/4 AND LESS CANAL RIW AND LESS E 25 FT FOR KINGS HWY AND LESS AS IN OR 2463-49 AND LESS ADDL RD R/W AS IN OR 3932-2607 AND OR 4881-379-(98.25 AC-4,279,770 SF) Parcel ID 2311-411-0003-000-4 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 SFG receives any amount of Credits is hereinafter referred to as a"Credits Receipt Date". b. When SFG:(i)as to any impact fee rates which are increased after the Credits Receipt Date for such Credits,the balance of the Existing Credits will be increased by the percent increase of the Impact fee rate upon the effective date of the rate increase,and(li)as to any impact fee rates which are decreased after the Credits Receipt Date for such Credits,the Credits will be applied OR BOOK 4952 PAGE 2673 against the decreased impact fee rate in lieu of the rate that was in effect and payable by SFG prior to the rate decrease. Section 5. Transferability and Assignability of Road Impact Fee Credits Pursuant to s.163.31801(10), Fla.Stat.(2022),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,SFG 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 Oedit,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.SFG 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. SFG 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 6. Recordabllity of Agreement. This Agreement shall be recorded by St.Lucie County in the Public Records of St.Lucie County and shall be binding upon SFG and any successors in interest and title to the property described in Section 3 above. Section 7. 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. Signed,sealed and delivered in the presence of: OR BOOK 4952 PAGE 2674 ST.LUCIE COUNTY ATTEST: BOARD OF COUNTY COMMISSIONERS Zrk4-- al o �.o By. Deputy Clerk + (� m Chair ~ APPROVED 0 FORM AND RRECTNESS County Atto ey 5FG SFLC 95,LLC Witness /�, Gat LetJ By: /�'"j�"' Print Name /� • Title: Y fre I? t 2 41/ Wt ness p I Oy) /► I`C.Xewo ,r Print Name STATE OF hO'e. ` I 1 jxa)AanQ, COUNTY OF Ineft.V.Ave9 The foregoing instrument was acknowledged before me by means of DI physical presence or(J online notarization,this '1.,8 ta.b vl,•- (date),by .rO\'1✓j AVtfY)BL(�" of SFG SFLC 95, LLC,a Delaware limited liability company,on behalf of the company,who is personally known to me or had produced •Zt.ir01et('r L.L ., as identification. `V-` SIN=COff',*„{�. [Notary Seal] Notary Public.9 Notary ature Mecklenburg w� ` County = l "1A.Z4 Litt '- My Comm.Exp. 20 05-10-2028 : Name Printed .\4 C Aft t0�0\�� OR BOOK 4952 PAGE 2675 • • Orange Avenue co — —UGnit of improvements SFG SFLC 95, LLC 0 4 EXHIBIT b "A •