Boca Raton council transmits amended downtown P3 ballot question after independent fiscal review and hours of public comment

Mayor Scott Singer opened the Boca Raton City Council meeting Dec. 2 to hear an independent fiscal review of the proposed downtown government‑campus public‑private partnership and to consider Resolution 180‑2025, which would transmit a referendum question to the Palm Beach County Supervisor of Elections for the March 10, 2026 uniform municipal election.

Jim Zervis, the city’s chief financial officer and deputy city manager, introduced PFM Group, the city’s independent fiscal consultant, and summarized the engagement: PFM ran scenario analyses, fiscal modeling and preliminary financing options to evaluate the Terra/Frisbie proposal and to meet requirements under Florida Statute section 255 for P3 transactions.

“I’m Jim Zervis. I’m your chief financial officer and a deputy city manager,” Zervis told the council before turning the presentation over to PFM. PFM’s director, Kevin Peltzler, summarized the firm’s scenario work and its approach to discounting and stress testing. Peltzler said the firm estimated an internal rate of return to the developer of roughly 20% and, after its review and stress tests, “it did not appear that there was really a public subsidy of private profit in this case.” PFM reported that over a 99‑year horizon the project generates substantial taxable value and that, for bond‑sizing and financing purposes over an initial 30‑year window, the project could support about $114 million of project proceeds; PFM also noted a funding gap between the public improvements presented and what the project alone could finance.

Council members probed PFM and staff on assumptions: PFM used a 5% discount rate (CBRE had used 4.5%), excluded uncertain percentage rent or transfer‑fee revenue from conservative financing scenarios and separated project revenues from the city’s public improvement costs. Staff and consultants said additional traffic, environmental and regulatory studies would be required later in the development and permitting phases; an arborist report on potential tree removals at Memorial Park was targeted for April 15, 2026, with a conceptual presentation to council planned for May 4, 2026.

The night’s public comment period ran for hours and produced sharply divergent views. Dozens of residents, including several financial professionals, questioned public messaging and financial assumptions. Speakers criticized the ballot summary as promotional, disputed published revenue tallies and NPV calculations, and urged protection of Memorial Park and existing recreational uses. Other public speakers defended the project as a path to rebuild aging civic buildings (city hall, community center, police facilities) without raising property taxes.

Council members then engaged in an extended, clause‑by‑clause negotiation to craft the 75‑word ballot summary required by state law. Council Member Andy Thompson proposed a narrowly worded, neutral summary; Council Member [Wigder/Wigdor] and others proposed alternate neutral formulations. Mayor Singer and other council members insisted the summary be specific enough to identify the leased acreage and public improvements while still meeting the statutory word limit. After multiple recesses, word‑count checks and small edits, the council voted to adopt Resolution 180‑2025 as amended, directing the city clerk to transmit the referendum language to the Supervisor of Elections. The motion passed 4–1; Council Member Thompson cast the lone dissent.

Votes at a glance - Motion to adopt consent agenda: passed (5–0). - Planning & Zoning Board appointments (two vacancies) — nomination of Mr. Matthews and Mr. Mirabelli: approved (voice vote). - Resolution 180‑2025 (to transmit amended ballot question for the proposed downtown P3 and related long‑term ground leases): adopted as amended (4–1). - Quasi‑judicial item 11: continued to Dec. 16, 2025 (motion passed). - City attorney authorized to schedule executive sessions on pending litigation (Kimmelman v. Boca Raton): authorized (vote recorded in meeting).

Why it matters The council’s vote sends a narrowly worded, council‑approved ballot question to voters in March that would permit a long‑term lease of roughly 7.8 acres of city land east of NW 2nd Avenue and would authorize agreements tied to new civic facilities and public spaces. The PFM analysis and staff briefing created the fiscal framework for debate by estimating long‑range taxable value and a 30‑year bondable revenue stream; the council and the public remain divided over the assumptions, scope and balance of public versus private benefits. If placed before voters, the referendum will decide whether the city proceeds with the master partnership agreement described in the draft documents presented to the council.

What’s next Staff will transmit the adopted ballot language to the Supervisor of Elections for placement on the March 10, 2026 ballot and continue negotiations and regulatory work on the draft master partnership agreement and associated site/regulatory approvals. Additional technical studies — traffic, environmental, arborist and site‑plan work — were described as required components before any construction permits could be issued.