The BBCRA has been featured as a case study for our Economic Development Initiatives in the National League of Cities (NLC) new report, Adapting to Changes in the Retail Landscape.
The Future of Cities: Adapting to Changes in the Retail Landscape report analyzes current retail trends post-pandemic and offers recommendations for local leaders to support their communities. The report found that changes in central business districts have been profound, due in part to the rates of in-office work in certain geographies, and that recoveries have been uneven. In response to these changes, NLC provides recommendations for how cities, towns and villages can support their communities and retail ecosystems through recovery
Throughout the nation, municipal leaders play a critical role in promoting growth, equity, and resilience for their retail community through investments in programming, resources, public space, trainings, and other types of support.
The case study on the BBCRA shared information about the agency’s ongoing redevelopment efforts to create a vibrant and walkable downtown core for the city. The primary project featured in the case study was The Pierce. The mixed-use redevelopment project which received site plan approval in March, is expected to transform the Downtown Boynton Beach. The project will include 300 mixed-income apartments, approximately 17,000 square feet of restaurant, retail, and office space along with 150 public parking spaces. In June 2022, the BBCRA Board entered into a Purchase & Development Agreement, a Tax Increment Revenue Financing Agreement (TIRFA), and a Parking Lease Agreement with the Fort Lauderdale-based Developer, Affiliated Development, LLC. As part of the TIRFA, the developer will rent 50% of the 300 apartments at 80%-120% of the Area Median Income (AMI) for a period of 15 years following the completion of the project. At the end of the 15-year term, 30% of the units will rent at the same AMI percentages for an additional 15 years. At the end of the 30-year term of affordability, 10% of the units will remain subject to the affordability requirements in perpetuity. The BBCRA leveraged its land and TIF funding (approximately $14.6 Million total) in return for construction of the affordable units, maintenance of their affordability in future years, and the public parking spaces.
In addition to the redevelopment efforts, the case study included an overview of several economic development initiatives that the BBCRA has been offering to new and existing local businesses operating within the boundaries of the BBCRA area prior to, during, and following the COVID-19 pandemic. As part of its mission to increase business retention and activate vacant commercial spaces, the BBCRA provides financial assistance in the form of property improvement and rent reimbursement grant programs for new and existing businesses. The BBCRA also provides complimentary marketing and business promotional incentives to the local business community, including digital and print marketing features, assistance with establishing and growing social media presence, and opportunities to showcase goods and services during business promotional events hosted by the agency.
See the report: CS-Future-of-Retail-Report-2023.