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Independent review shows revenue but flags funding gap and exclusions in Boca Raton downtown P3
Summary
PFM presented a conservative fiscal and economic analysis of the proposed downtown government campus P3, projecting positive long‑term net fiscal impacts but identifying an approximate $87 million funding gap for public facilities and excluding transfer fees and upside profit sharing from bondable revenues; public commenters and council members raised legal and valuation concerns.
PFM Group, the city’s independent financial consultant, presented its fiscal and economic analysis of the proposed downtown government campus public–private partnership to the Boca Raton City Council on Dec. 1, projecting long‑term net fiscal benefits but identifying a material near‑term funding gap and excluding certain developer‑proposed revenues from bond calculations.
Jim Zervis, Boca Raton’s chief financial officer and deputy city manager, introduced the presentation and said PFM’s scope covered economic impacts, the project’s fiscal impact on city finances and options to fund required public improvements including a rebuilt Memorial Park and city facilities. Kevin Plensler of PFM said the firm focused on “scenario 4,” a reduced‑density plan, and that on a full stabilization basis that scenario shows an annual net fiscal impact of just under $10,000,000 at full build‑out.
PFM told council it followed Florida public‑private partnership statutory guidance and ran conservative assumptions when projecting bond‑able revenues. Mallory Richards of PFM said the firm…
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