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Independent review finds positive net present value but a funding gap for Boca downtown P3
Summary
PFM's independent fiscal analysis presented to the council showed a projected 99‑year net present value of about $138.2 million and estimated project proceeds of roughly $114 million, while also identifying a preliminary funding gap for public improvements that staff said could be met with a mix of CRA bonds and other city sources.
The council heard an independent fiscal analysis from PFM Group that examined economic and fiscal impacts of the proposed downtown campus public‑private partnership and the related city public improvements.
Jim Zervos, deputy city manager and CFO, said the city contracted PFM to stress‑test developer figures and provide a comprehensive fiscal review beyond prior gross‑revenue estimates. "PFM provided an independent and comprehensive fiscal analysis that meets the requirements under Florida Statute 2 55 pertaining to public private partnerships," Zervos said.
PFM summarized its focus on the "Scenario 4"…
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