HomeMy WebLinkAbout24-172 RESOLUTION 2024-172
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY APPROVING CERTAIN INCENTIVES ON
BEHALF OF PROJECT FOUR PSL
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the
following determinations:
1. Four Port St Lucie LLC intends to develop a project referred to as Four PSL (the "Project")
a build-to-suit development for use by a company affiliated with Four Port St Lucie LLC (the
"Company") which is a leading manufacturer and distributor of metal and furniture grade fixtures
for commercial, industrial and institutional applications and is a targeted industry in St. Lucie
County. Four Port St Lucie LLC, the Company and their affiliates are hereinafter collectively
referred to as ("Four Port")
2. In addition to a generous benefits package, the Company's earnings per worker of
$51,657.46 annually is above the average earnings for St. Lucie County.
3. Four Port has identified vacant land for potential construction of a manufacturing and
distribution facility in the City of Port St. Lucie.
4. The Project will include approximately 250,000 square feet of new manufacturing and distribution
facility with an estimated capital investment of $33.5 million in real property and improvements and
$12.75 million in tangible personal property by December 31, 2028; and
5. The Project will create 225 new full time equivalent jobs ("FTEs"). The employment schedule
consists of 50 new FTEs in Year 1; 50 new FTEs in Year 2; 50 new FTEs in Year 3; 50 new FTEs in
Year 4; and 25 new FTEs in Year 5.
6. St. Lucie County is offering a collaborative incentive package to Four Port in partnership
with the City of Port St. Lucie for the benefit of the residents of St. Lucie County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St.
Lucie County, Florida, that in consideration of the benefits gained by the residents of St. Lucie
County through the development of the Project as described above, the following incentives are
offered to Four Port:
A. St. Lucie County Job Growth Incentive Grant (JGIG) - The Board authorizes County staff
to prepare a JGIG agreement in connection with the Project, through Four Port and the
Company for the creation of 225 new FTEs pursuant to the Job Growth Investment Grant
guidelines.
B. St. Lucie County Ad-Valorem Tax Exemption on New Real Property and Tangible Personal
Property: The Board authorizes County staff to assist Four Port in the application for a 10-
year ad valorem tax exemption as described in the County's Economic Development Ad
Valorem Tax Exemptions program. The exemption is valued at 100% each year for the first
five years and for the last five years on a declining percentage schedule for the remaining
1
period (i.e. 90% in Year 6, 80% in Year 7, 60% in Year 8, 40% in Year 9, 20% in Year 10)
for consideration by the Board in accordance with Section 42-46, St. Lucie County Code.
C. St. Lucie County Road Impact Fee Mitigation (IFM): The Board authorizes County staff to
prepare an Impact Fee Mitigation Agreement with Four Port and/or its subsidiaries or
successors for the creation of 225 new FTEs pursuant to St. Lucie County's Impact Fee
Mitigation Program guidelines.
D. After motion and second, the vote on this Resolution was as follows:
After motion and second, the vote on this resolution was as follows:
Commissioner Cathy Townsend, Chair AYE
Commissioner Chris Dzadovsky, Vice Chair AYE
Commissioner Linda Bartz AYE
Commissioner Jamie Fowler AYE
Commissioner Larry Leet AYE
PASSED AND DULY ADOPTED this 17th day of September, 2024.
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APPROVED AS TO LEGAL FORM AND
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