Approval of Impact Fee Mitigation Agreement and Covenant between City of Fort Pierce and Blue McNeil Two, LLC for Blue Sky Landing Phase II.

In accordance with Section 163.31801, F.S., the City of Fort Pierce may approve an exemption or reduction from the payment of impact fees for the development or construction of housing that is affordable. This agreement provides a 50% reduction in City of Fort Pierce impact fees for phase II of Blue Sky Landing affordable housing development. The terms of the agreement are as follows:

• Eighty-two (82) units within the project shall be occupied on a continuous basis by members of the public that at the time of initial occupancy are at or below 60% of AMI for a time period of ten (10) years from the date of execution of this agreement and rent levels of the (82) units shall be in accordance with Section 42 of the Internal Revenue Code of 1986, as amended. The Owner shall verify the household income of the tenants of the affordable units prior to the initial occupancy of such units. 
• Owner shall furnish to the City of Fort Pierce a report each year for a period of ten (10) years from the date of this covenant certifying the income of the tenants of the eighty-two (82) affordable units of the project and compliance with the provisions of this agreement.
• St. Lucie County Impact Fees for Phase II will be collected as normal in accordance with our Interlocal Agreement.

Please note that both City of Fort Pierce and St. Lucie County Impact Fees were paid in full ($861,145.28) for Phase I of this project which includes Building A, Building B and the Clubhouse.

Approval

Deny or amend agreement

Nicholas C. Mimms, City Manager
Shyanne Harnage, Economic Development Manager

Tanya Earley, City Attorney