TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding the Fourth Amendment to City of North Port, Florida and Sabal Trace Development Partners, LLC Water and Wastewater System Developer's Agreement.
Recommended Action
Option 1: Approve the Fourth Amendment to City of North Port, Florida, and Sabal Trace Development Partners, LLC. Water and Wastewater System Developer's Agreement.
Additional Commission Options
Option 1: Approve the Fourth Amendment to City of North Port, Florida, and Sabal Trace Development Partners, LLC. Water and Wastewater System Developer's Agreement.
* Pros: Approving this amendment will help support project viability by deferring capacity fee payments to a later date that better aligns with the Developer's current timeline.
* Cons: Approving this amendment will ultimately delay revenue from capacity fees and guaranteed revenue payments.
Option 2: Deny the Fourth Amendment to City of North Port, Florida, and Sabal Trace Development Partners, LLC. Water and Wastewater System Developer's Agreement.
* Pros: Denying the amendment will keep the current capacity fee payment schedule in effect, obligating the Developer to adhere to previously approved schedules within the Agreement.
* Cons: Developer might not be able to adhere to current terms of the Agreement, which could ultimately delay progress of the overall project.
Background Information
The City of North Port, Florida, and Sabal Trace Development Partners, LLC entered into a Water and Wastewater System Developer's Agreement on July 23, 2019, recorded in the Official Records as Instrument # 2019101511. Subsequent amendments, including the First Amendment (effective June 9, 2020); the Second Amendment (effective October 12, 2021); and the Third Amendment (effective May14, 2024), have been made to the original Agreement.
Since the approval of the Third Amendment, the De...
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