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CRA approves form of development agreement for Broadway Gateway project; final terms to return to board
Summary
The CRA approved, in form, a development agreement for the Broadway Gateway (Exact Capital/Riviera Gateway LLC) and directed staff to finalize outstanding elements including appraisal, specific start dates, and final agreement language for subsequent board approval.
The Riviera Beach CRA on Aug. 27 voted 5–0 to approve the form of a development agreement with Exact Capital/Riviera Gateway LLC and the Riviera Beach Housing Authority for property at 262601 Broadway. The vote approved the term sheet and directed staff to finalize outstanding specifics and return the final agreement to the board for formal execution.
Key deal points in the term sheet presented to the board include: - Conveyance & purchase price: Broadway East parcel to be conveyed to the developer for a negotiated sum of $1,000,000, with $500,000 due at closing and the remaining $500,000 due within 45 days of construction loan closing (per the form presented). - Workforce and vocational commitments: The agreement…
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