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Port St. Lucie CRA approves up to $7.2 million TIF bond to fund event center upgrades
Summary
The Port St. Lucie Community Redevelopment Agency on Dec. 8 approved Resolution 25-CRA-07 to authorize issuance of up to $7.2 million in Redevelopment Trust Fund revenue bonds to finance public-space and warehouse improvements at the city event center; the bonds will be repaid with CRA tax increment financing and are not backed by city taxing power.
The Port St. Lucie Community Redevelopment Agency on Dec. 8 approved a resolution authorizing issuance of up to $7,200,000 in Redevelopment Trust Fund revenue bonds to pay for enhancements to the city’s event center, agency staff said.
The staff member presenting the item said the bond proceeds would fund front-plaza and public-space upgrades, warehouse support facilities and planning for future expansion at the event center. The presentation noted the item is a companion to City Council Ordinance 25-77, which was scheduled for a public hearing and second reading the same evening.
“The purpose of the bond will be issued to fund enhancements related to the event center located at Walton And 1 including the front plaza and public spaces as well as supporting warehouse facilities,” the staff member said. The presenter added the bonds are not connected with stadium improvements and will be repaid solely from tax-increment revenue generated within the CRA, not from the city’s general property tax levy.
Staff outlined key financial terms: a not-to-exceed aggregate principal amount of $7,200,000, a proposed term of five and a half years at a fixed rate of 3.99 percent, and annual payments described by staff as “just under $1,600,000” including principal and interest. The staff member said the CRA is now in a position to generate sufficient TIF revenue within the revised original CRA plan area to support these investments.
The resolution’s long title, read into the record, also authorizes related refunding and escrow/defeasance steps and delegates limited execution authority to the chair, the agency’s executive director and the city finance director. The reading identified Seacoast National Bank as the proposed purchaser of the bonds and referenced an earlier series issued in 2016 that is being defeased in part by this action.
After a brief opportunity for questions from counsel and no further discussion, a motion to approve Resolution 25-CRA-07 was made and seconded; the board voted in favor and the presiding official declared the motion carried. The staff member recommended approval to the Agency.
The City Council was scheduled to consider the companion ordinance (Ordinance 25-77) the same evening. The CRA adjourned with no further board business.
