Boynton Beach Town Center
100 E. Boynton Beach Blvd
Boynton Beach, FL 33435
$78,000,000 in financing
Challenge and Opportunity:
Boynton Beach’s “City Center” was in need of serious renovations. The City Hall, built in the 1960’s needed roof repairs and major upgrades. The Library had mold. Police Station and Fire Station facilities needed to be built. The old, large beloved playground was in disrepair. A new town center serving new residential and retail users needed to be imagined and created.
The City of Boynton Beach had a vision to transform their downtown under a new Master Plan, which also included nearly a dozen structures. How could it all the needs be met without raising taxes? How could it be delivered quickly while interest rates were low?
The City decided to undergo a Public-Private Partnership using a 501(c)(3) financing model which allowed it to transfer the construction risk to private, turnkey development. The old Hall, Library and Community Center were torn down and new key components of the new Town Center, including a new City Hall/Library, Police Station, Fire Station, Playground and Amphitheater were built. The project was financed through the issuance of Lease Revenue bonds.
CFP borrowed the bond proceeds, so the debt used didn’t count toward the City’s statutory debt limit. CFP owned the facilities and the City leased the space using TIF funds. Working with Boynton Beach City Staff and Commission, CFP and its Partners were able to get the project built at less cost than other P3 and traditional financing methods, helping the City accomplish a transformation in less than 24 months. The project was financed and finished without raising taxes and was selected as Florida’s Project of the Year at the Florida DBIA Conference in 2020.