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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, ADOPTING THE TERM SHEET FOR A PUBLIC PRIVATE PARTNERSHIP INVOLVING A MASTER DEVELOPMENT OF CITY-OWNED PROPERTY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Suzette Sibble)
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Summary Explanation/Background:
In line with continuing the City's economic strategy and vision for the barrier island, in Spring 2019 the City of Pompano Beach (the "City") issued a Request for Qualifications ("RFQ") for interested real estate developers and associated team members such as architects, general contractors, engineers, parking garage experts, and other professionals to develop a mixed-use project on the City-owned surface parking lot known as Oceanside Parking Lot, located at 109 N. Ocean Boulevard. The City accepted three respondents to be qualified to be considered in the second round of the procurement of a real estate master developer for the abovementioned project. In the fall of 2020 the City issued a Request for Proposals ("RFP") inviting the three short listed entities qualified in the RFQ process to propose a mixed-use development including a multi-story public garage, a hotel not to exceed 300 rooms, accessory uses to the hotel, retail not exceeding 50,000 square feet and a connecting driveway to connect A1A to Riverside Drive. The retail was envisioned to be a small grocer. The City received a proposal from E2L Real Estate Solutions, Inc ("E2L") and in June 2020, the City Commission authorized staff to negotiate a Development Agreement ("DA") with E2L. Over the past months, the City's negotiation team prepared a term sheet to present to the City Commission for approval to be signed by both parties, the City and E2L.
The Term Sheet is non-binding, but solidifies a commitment by both the City and E2L to continue good faith negotiations based on the preliminary term sheet terms. If approved by the City Commission, the City's negotiatin...
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