CRA approves form of development agreement for Broadway Gateway project; final terms to return to board

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 includes a $250,000 contribution toward a vocational training program (program provider to be confirmed as details are completed). - Tax abatement: A 30‑year phased ad valorem tax exemption was included in the form of the agreement for certain parcels; the schedule proposed 50% exemption in years 1–5 with annual reductions beginning in year 6 at 2.5 percentage points until full taxation. - Broadway West parcel: The term sheet proposes conveying the Broadway West parcel to the developer at no cost for senior/affordable workforce housing (details and start dates to be completed in final agreement).

Board amendment and final approval requirement: Commissioners amended the resolution to require that the final, fully negotiated contract return to the board for formal approval. The resolution therefore authorized the execution in form only; the board approved that form and required staff to fill identified blanks (appraisal value, specific construction start dates and certain program names) before execution of the final agreement.

Questions and requests from board members: Commissioners asked for an appraisal of the parcels, clarification on timing and start dates, and greater detail on the vocational training beneficiary and program arrangements. Staff and Exact Capital representatives said the developer is in active discussions with financing partners but had not yet submitted final entitlement or construction documents; staff said the development team expects to move forward once financing and approvals are secured.

Public comment: One public commenter, Margaret Shepherd, urged the board to approve the project and praised the housing authority and development team’s work to deliver affordable housing and community benefits.

Next steps: Staff will obtain an appraisal, finalize outstanding blanks in the agreement and return the completed agreement to the CRA for final approval. The board recorded that all major deal points are in the term sheet approved in form.

Ending: The CRA’s approval of the form of agreement keeps the project moving into entitlement and financing steps, with the board retaining the final approval step for the executed agreement.