Independent review shows multi‑million funding gap, sparking public concern ahead of Boca Raton vote

Boca Raton — An independent financial review presented to the City Council on Dec. 1 found that the proposed downtown government campus could generate meaningful net operating revenue at full build‑out but still leave a sizable funding gap for upfront public construction costs, prompting sharp questions from council members and residents.

Kevin Plensler of PFM Group Consulting said the firm’s preferred scenario (scenario 4) projects an annual net fiscal impact "just under $10,000,000" at full stabilization and a 99‑year net present value framework calculated with a 5% discount rate. Plensler also told the council PFM excluded non‑scheduled revenue sources — specifically the developer’s proposed transfer fee and upside profit sharing — from its bond‑support analysis because those revenues are uncertain.

The analysis highlighted a 10‑year snapshot showing net new revenues of about $14,800,000 against estimated operating expenditures of $6,300,000, yielding a net fiscal benefit of roughly $8,500,000 in that window, and modeled an upfront developer payment of $7,800,000. At the same time, PFM and staff identified total construction costs for the city’s public facilities at just over $201,000,000 and a modeled funding gap…