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Redevelopment agency denies request to subordinate reverter, halting developer—s financing plan for Oaks at Moores Creek
Summary
The Fort Pierce Redevelopment Agency voted unanimously to deny a subordination and standstill agreement that a developer said was needed to secure additional predevelopment financing for the Oaks at Moores Creek Phase 2; the decision leaves the project—s proposed FPRA-backed construction funding unresolved.
The Fort Pierce Redevelopment Agency on Tuesday voted unanimously to deny a developer—s request that would have subordinated the agency—s reverter rights and agreed to stand still while the developer sought additional predevelopment financing.
Developer Daniel Rosemond of East to West Development Corporation presented an update on Oaks at Moores Creek Phase 2 and asked the board for two items: (1) a subordination-and-standstill agreement to allow Florida Housing Finance Corporation—s predevelopment loan to be secured by the project and (2) direction on a proposal he presented for the FPRA to provide approximately $3.43 million to fund construction of the remaining 11 unsold single-family homes.
Why it matters: Rosemond said the project has four of 15 homes sold but market conditions, higher interest rates and lengthy delays in land conveyance and infrastructure have disrupted the project—s home-buyer pipeline. He told the board that…
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