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Fort Lauderdale commissioners press staff on $200'$300M city-hall P3 plan; developer equity and long-term payments draw scrutiny
Summary
Commissioners spent hours probing a proposed P3 city-hall project after staff showed revised cost models and a developer's 10% equity option with an 112% availability payment and separate annual O&M charges; concerns centered on long-term fiscal commitments, risk transfer, and whether to pursue a bond-funded alternative.
The Fort Lauderdale City Commission debated a proposed public-private partnership (P3) to build a new city hall after staff and the developer presented updated cost estimates and financing scenarios.
Staff showed revised per-square-foot costs (about $1,1401,200/sq ft in the updated models) and presented three concepts. The developer, represented by Alex Barrett of Plenary, outlined a structure where the developer would take a 10% equity stake in the project and receive an "availability" (equity) payment tied to performance, which staff and the developer modeled at roughly 1112% return. Separately, the model included an annual operations-and-maintenance (O&M) payment (shown in the briefing at roughly $6.1 million in one concept)…
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