Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2025-R-19.
PROPOSED RESOLUTION NO. 2025-R-19 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, APPROVING THE SECOND AMENDMENT TO LICENSE AGREEMENT REGARDING PEMBROKE PINES MITIGATION BANK BETWEEN THE CITY OF PEMBROKE PINES AND THE WETLANDSBANK COMPANY, LLC.; AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE THE NECESSARY DOCUMENTS TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. In 1992, the City entered into an Agreement with the Florida Wetlands Bank, the predecessor in interest of The Wetlandsbank Company, LLC., (“TWC”) for the purpose of developing the Pembroke Pines Mitigation Bank (the “Mitigation Bank”), on certain City property identified in the Original Agreement (the “Original Property”) that could be restored to a functioning wetlands.
2. The decades-long collaboration between the City and TWC on the development of the Mitigation Bank has led to the restoration and preservation of hundreds of acres of wetlands within the City while permitting developers to mitigate the impacts of their development on local wetlands and generating revenue to fund a trust fund for the properties’ permanent conservation and to augment operating revenue in the City.
3. In 2019, the City entered into a new agreement (the “2019 Agreement”) with TWC to continue to market and sell the federal wetlands mitigation credits held in the Mitigation Bank.
4. The 2019 Agreement was amended in 2020 to permit TWC to market and sell additional state wetlands mitigation credits it had identified as available under the original permit.
5. The Parties desire to amend the License Agreement as provided in the Second Amendment to the License Agreement, attached hereto as Exhibit “A”, to expand and enhance wetlands preservation in the City by creating a ne...
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