TO: Honorable Mayor & Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: Spring Training Facility
Recommended Action
Discussion and possible action on a Letter of Intent/Term Sheet with the West Villages Improvement District, the Developer, the Atlanta Braves, the City of North Port, and Sarasota County for the purpose of advancing a new spring training facility.
Background Information
In January of 2017 the Commission authorized the City Manager to join in the negotiations with the County, West Villages Improvement District, the Developer, and the Atlanta Braves for a Spring Training Facility in North Port.
The parties associated with the proposed new spring training facility include Sarasota County, City of North Port, West Villages Improvement District, Manasota Beach Ranchlands, LLLP, Calben (US) Corporation, West Villages, LLLP and the Atlanta National League Baseball Club, LLC (collectively known as the "Parties"). The Letter of Intent (LOI)/Term Sheet is the initial agreement that defines the roles and responsibilities of the Parties and generally defines the planned improvements. The Parties have reached agreement on the terms associated with the Letter of Intent.
Approval of this LOI and Term Sheet is the next step in advancing the necessary documents to proceed with the project and allow for the West Villages Improvement District to timely submit the necessary application for State funding. This LOI and Term Sheet is consistent with what has been shared with the Commission in the past regarding the City's role and commitment.
Financial commitments are provided in the LOI and Term Sheet regarding the City's contributions. The City's participation is limited in this agreement to $300,000 per year for thirty (30) years. In addition to the City' contributions, State Funding from the Spring Training Retention Fund is $1,000,000 per year for 20 years and the County's contributions ($21,262,000) are provi...
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