FTL City Hall\u2019s development team includes family-run firm Stiles<\/a> and Core Construction, according to the proposed interlocal agreement.\u00a0\u00a0<\/p>\n Their proposal in April was a no-go. Electeds and residents balked at the price tag and the deal terms, which included a $24 million loan from the developer to the city at 11 percent interest post-tax. The developer\u2019s proposal would have cost $268 million to design and build, though it would have tallied up to $725 million over 30 years, the South Florida Sun-Sentinel reported<\/a>. The higher amount was due to an estimated annual payment of $24.2 million, including for debt service, availability payment and operations and maintenance, a city memo showed.\u00a0<\/p>\n Commissioners on Thursday will consider a renegotiated interlocal agreement with the developer that drops the price tag to $217.1 million, eliminating the previous plans for 10 percent developer equity and $12 million developer fee, according to a city staff memo and presentation included in the agenda.\u00a0<\/p>\n Under the new proposal, the city\u2019s annual debt service, operations and maintenance payment will be $15.8 million, or a total of $474 million over 30 years. The developer would be paid at key project milestones instead of at financial closing.\u00a0<\/p>\n The revised proposal also could mean a different building design, and city records show two alternative options. The project is designed by Palma and PGAL architecture firms.\u00a0<\/p>\n A vote in favor of the interlocal agreement would be preliminary and won\u2019t commit the city to the project or to a comprehensive agreement, allowing Fort Lauderdale officials to keep looking into purchasing existing buildings as an alternative.\u00a0<\/p>\n Also on Thursday, commissioners will evaluate staff\u2019s assessments of three buildings for a possible new city hall: Ivy Tower 101 at 101 Northeast Third Avenue, One East Broward Boulevard and the federal courthouse at 299 East Broward Boulevard.\u00a0<\/p>\n A city-hired consultant determined the 18-story, 350,000-square-foot One East Broward is the most fitting option for a city hall. It would cost the city $289 million to purchase and renovate the building, according to the city presentation, which based the acquisition cost on the average of two appraisals. The city\u2019s annual payments would be $17.9 million, excluding operations and maintenance.\u00a0<\/p>\n The Ivy Tower would cost the city $227.4 million to buy and renovate, with $14.1 million annual payments. The federal courthouse, which the city consultant found least suitable due to the likely presence of asbestos and lead-based paint, would cost nearly $228 million to purchase and renovate, with $14.1 million in annual payments, city records show.\u00a0<\/p>\n City findings also show that the Ivy Tower and One East Broward\u2019s appraisals set their current values at less than their landlords\u2019 asking sale prices of $86 million and $122.4 million, respectively.\u00a0<\/p>\n The previously proposed deal with FTL City Hall was especially unsettling for opponents due to queasiness over the city\u2019s future financial strength amid an impending Florida referendum<\/a> to cut property taxes for homesteads. The revenue is a critical source of funding for counties and municipalities\u2019 infrastructure and services.\u00a0<\/p>\n The new city hall proposal also comes as costs for labor and some materials<\/a> remain elevated, while expectations for interest rate cuts this year haven\u2019t panned out. Another increase of the benchmark rate may be in the works.\u00a0<\/p>\n City staff will present commissioners with their options at a 1 p.m. conference meeting prior to the 6 p.m. commission meeting on Thursday.\u00a0<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n Amid Las Olas Blvd growth, 5-story jewelry store project riles some neighbors<\/p>\n \t\t\t<\/a> \t\t\t\t\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n Ritz-Carlton, Fort Lauderdale condo association files for bankruptcy<\/p>\n
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