FPRA Resolution 25-20 Approving an Amendment to the Interlocal Agreement between the City of Fort Pierce, Fort Pierce Redevelopment Agency, and St. Lucie County for the Development of the Avenue D Model Block Project; Approving a Ground Lease Agreement Between St. Lucie County, the Fort Pierce Redevelopment Agency, and Pinnacle at Moore’s Creek, LLC for the Development of the Avenue D Model Block Project Pursuant to the Amendment to the Interlocal Agreement; Authorizing The Execution of the Lease Agreement and Related Documents

The City of Fort Pierce, Fort Pierce Redevelopment Agency (FPRA), and St. Lucie County previously entered into an Interlocal Agreement establishing roles and responsibilities for the Avenue D Model Block Project.

A joint Request for Proposals (RFP 24-044) was issued and evaluated collaboratively by the three entities. Each party subsequently approved the recommendation to award the project to Pinnacle Communities II, LLC as the highest-ranked proposer and authorized staff to enter negotiations. Pinnacle is proposing to construct an approximately 90-unit affordable housing project on the site.

The Amendment to the Interlocal Agreement reflects the current project scope by removing the City-owned parcels from this phase of development and clarifying the ongoing roles and responsibilities of the FPRA and St. Lucie County as the project advances.

In accordance with the Amendment to the Interlocal Agreement, the FPRA, St. Lucie County and Pinnacle at Moore's Creek, LLC have negotiated the terms of a 99-year Ground Lease Agreement for the redevelopment of the combined FPRA and County parcels. Under the terms of the lease, the Lessee will pay a capital lease payment equal to $10,000 per residential unit constructed on the site, as evidenced by building permits issued by the City of Fort Pierce. The total capital lease payment will be distributed proportionately to each entity based on the land contributed. In addition, the annual base rent is set at $1.00 per year for the entire lease term, paid in full at closing. The long-term lease provides the site control necessary for Pinnacle to apply for Low-Income Housing Tax Credits through the Florida Housing Finance Corporation.

The project supports multiple goals of the FPRA Community Redevelopment Plan, including Goal 5, which focuses on diversifying the housing stock and supporting affordable housing, and Policy 5.4, which encourages public-private partnerships to advance development of residential housing stock.

Goal 5. - The Fort Pierce Redevelopment Agency shall diversify area housing stock, improve substandard homes and provide a mix of above and below-market rate housing.
Policy 5.4 - The Fort Pierce Redevelopment Agency shall evaluate potential public-private redevelopment programming, partnerships and other legal mechanisms to assist in the development of residential housing stock.
Goal 6. - The Fort Pierce Redevelopment Agency shall support affordable alternatives to the area’s traditional single-family housing stock.

Approve Resolution 25-20

Amend or deny Resolution 25-20

Shyanne Harnage, Director of Community and Economic Development

Richard Chess, City Manager/FPRA Executive Director
Sara Hedges, City Attorney's Office
Jennifer Hance, Director of Community Services, St. Lucie County
St. Lucie County Attorney's Office