Port St. Lucie council approves stadium development, operation and non‑relocation agreements for 6,000‑seat Walton and 1 project

Port St. Lucie — The City Council on Nov. 4 approved three separate measures that authorize construction and operation of a 6,000‑seat multi‑use stadium at the Walton and 1 site and bind a professional USL soccer club to the city.

Jennifer Davis, the city’s project lead, told the council the stadium parcel is just under six acres and that “the developer will fund the entire cost to construct the stadium,” with Community Redevelopment Agency (CRA) tax‑increment financing (TIF) available only as reimbursement. Davis said the CRA reimbursement would be “not to exceed $27,500,000 and payable over a 20 year period,” beginning the year after the certificate of occupancy, and that the developer must post a 120% performance bond and provide a $500,000 deposit on executing the development and funding agreement.

The council approved ordinance 25‑65 (the development and funding agreement), ordinance 25‑67 (the stadium operating agreement) and resolution 25‑R‑74 (a non‑relocation covenant for the team). The operating agreement grants the operator a license to run and manage the stadium for an initial 50‑year term with an additional 25‑year renewal option, allows an operator purchase option during the term, requires…