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Boca Raton council hears developer's $4.1 billion projection for downtown campus as residents demand independent review
Summary
At a Nov. 18 public hearing, the 1 Boca developer and CBRE presented long‑term revenue projections for a proposed government campus; residents raised environmental, traffic and transparency concerns and urged independent financial and traffic studies before ballot language is finalized.
Mike McShea of CBRE told the Boca Raton City Council on Nov. 18 that the city could receive roughly $4.1 billion over the life of a proposed 99‑year ground lease under the "1 Boca" government campus proposal, with a present value the consultant estimated at about $353 million. McShea said the city would receive base rent, ad valorem tax revenue, profit participation and transfer fees, plus a forecasted $7.8 million developer mobility contribution.
The council did not vote on the project but staff told the council it will present ballot language and draft agreements at the Dec. 2 meeting so the supervisor of elections can meet its Dec. 5 deadline should the council decide to move the question to a referendum;…
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