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Commission approves third amendment to King's Landing agreement, tightening closing and performance terms
Summary
The commission approved a third amendment to the King's Landing development agreement that clarifies assignment and closing terms, tightens performance bond requirements and shortens cure periods for defaults; developers and partners reviewed a quarterly status update at the meeting.
The Fort Pierce City Commission on April 7 approved a third amendment to the King’s Landing amended and restated development agreement, a major milestone in the long-running downtown redevelopment effort.
The amendment, negotiated among the city, seller Audubon Development Inc. and buyer Live Oak Holdings Group LLC, sets clearer expectations for assignment procedures, strengthens performance-bond timing and valuation requirements, and removes an automatic cure period in certain failure-to-close scenarios. Under the amendment, if the purchasing transaction fails to close, the city may more directly exercise reversionary rights after limited review; Audubon agreed it would not contest an immediate exercise of reversion except…
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