Riviera Beach CRA approves Exact Capital development agreement to build mixed-income and senior housing

The Riviera Beach CRA voted to approve a negotiated development agreement with Exact Capital and the Riviera Beach Housing Authority for development at a two-parcel site along Broadway, authorizing conveyance and long-term commitments to affordable and workforce housing.

Under the agreement, one parcel (the west side) will be deeded to the housing authority for an affordable senior housing project; the east parcel is a mixed-income project with market-rate and workforce housing components that will be sold to a private developer under a public-private partnership structure. The east-side package includes a $2,000,000 total compensation to the CRA with $500,000 up front and additional commitments such as a $250,000 contribution to NorthTech workforce training.

Tax treatment and timing: the deal phases tax participation to support early stabilization. The board approved a schedule that begins with reduced tax participation (50% of what would otherwise be collected) in the early years, increasing incrementally to full taxation over time; staff said the arrangement was intended to allow projects to stabilize while delivering community benefits. Staff and counsel said the agreement includes performance bonds, reverter (call-back) clauses and milestone-based conveyance provisions so title transfers occur only after entitlements and financing milestones are achieved.

Board safeguards and debate: Commissioners sought explicit timelines and certainty on when conveyance occurs. Director Mercius and legal counsel pointed to section 4.13 of the draft agreement, which requires site-plan approval within an initial six months and financing/entitlement milestones thereafter; failure to meet milestones can trigger default and reverter rights. Commissioner Guyton asked staff to quantify near-term tax receipts; staff said the first decade of phased tax participation is estimated to deliver about $5 million back to the CRA over the early years, with larger cumulative tax benefits over decades as full taxation phases in.

Next steps: Staff will finalize scheduling details and ensure performance bond and reverter language are in place before any transfer of title. The CRA approved the development agreement 4-1; Vice Chair Millie Anderson dissented. Conveyance and closing will occur only after negotiated entitlement and financing milestones are met and will return to the CRA for final approvals.

What to watch: the board asked staff to prepare separate, project-specific schedules and to submit documentation on required financing commitments and the performance bond structure prior to conveyance.