On Tuesday, March 13, Boynton Beach city officials unanimously approved the $118 million Boynton Beach Town Square Redevelopment Project. The project re-envisions Boynton Beach Boulevard as a “pedestrian-friendly town center to live, work and play.” Improvements to the historic high school, City Hall, library, police station, fire station, and civic center will join restaurant space, an amphitheater, parking garages, apartments, retail space, and a hotel in transforming the city.
The Town Square Project is an excellent example of a successful Public Private Partnership between Boynton Beach and CFP Boynton Beach Town Square LLC, a 501(c)(3) nonprofit organization operated by Minnesota-based Community Facility Partners (CFP). CFP is a national nonprofit developer created to partner with government and other tax-exempt groups to make the development, funding and operation of public and community facilities faster, easier, more economical and more successful. The organization is designed to be flexible and seeks to establish close working relationships with all partners. The charitable purpose of CFP is to acquire, construct, develop, own, improve, operate, manage, lease, sell, convey, mortgage, encumber, finance and refinance public facilities to be used for the benefit of governmental entities.
The City of Boynton Beach will use up to $78,000,000 of tax-exempt bonds obtained through CFP Boynton Beach Town Square LLC, and pay it back over 27 years with money from the City and its Community Redevelopment Agency (CRA). Once the bond is paid off, the land and the buildings revert back to the city. The remaining $40,000,000 will come from sources including city and utility budgets, the CRA, federal tax credits and land value prices.
According to City officials, “the project has been in the works for at least a decade, with a pointed focus for the past two years.” Congratulations to our own Dan Nelson, General Counsel to Community Facilities Partners, on securing this project.
Follow this link to learn more about the Boynton Beach Town Square Redevelopment Project.
Seltzer, Alexandra. "Boynton gives final OK for new $118 million downtown," Palm Beach Post. March 13, 2017.