Attachment_G_Funding_Agreement.pdf

This Funding Agreement is between the City of Venice and Sarasota County for the Wellfield Park/Regional Park Project. The document outlines a collaborative effort to redevelop Wellfield Park, an approximately 80-acre recreational park located at 1400 Lucaya Avenue in Venice, Florida, into an enhanced regional park facility. The City will convey the park to the County and provide $20 million in funding, while the County will oversee the park's planning, management, and redevelopment. The total estimated project cost is approximately $40 million, with the County funding the portion not covered by the City's contribution. The project aims to transform the existing park with various recreational amenities, including baseball, softball, basketball, football, croquet, and soccer fields.

The funding will be disbursed in stages, with an initial $5 million payment within twelve months of the park's conveyance. The City agrees to allocate park impact fees collected within the Venice Park Facility Service District toward the project, with an anticipated minimum of $1 million collected annually. The funding is contingent on the project's construction beginning within ten fiscal years and substantial redevelopment being completed within fifteen fiscal years after the park's conveyance. The agreement specifies that the City's total financial obligation shall not exceed $20 million, and the funding is subject to annual budgetary discretion by the City Council.