AGENDA ITEM REPORT
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AN ORDINANCE APPROVING THE DEVELOPMENT AGREEMENT BETWEEN THE CITY OF COCONUT CREEK AND GSR RE PARTNERS, LLC AND AUTHORIZING THE MAYOR AND CITY MANAGER, OR THEIR DESIGNEES, TO EXECUTE SAME TO PROVIDE FOR A LONG TERM DEVELOPMENT CONTRACT TO GOVERN THE DEVELOPMENT OF THE APPROXIMATELY 200 ACRES LOCATED WEST OF LYONS ROAD AND EAST OF STATE ROAD 7/US 441, BETWEEN WILES ROAD AND SAMPLE ROAD TO BE KNOWN AS THE MAINSTREET @ COCONUT CREEK DEVELOPMENT. (FIRST READING)(FIRST PUBLIC HEARING)
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BACKGROUND:
The MainStreet Development Agreement ("Agreement") is a long-term, public-private development contract entered into between the City of Coconut Creek ("City") and GSR RE Partners, LLC ("Developer"), pursuant to the Florida Local Government Development Agreement Act, Sections 163.3220-163.3243, Florida Statutes. The Agreement governs the phased redevelopment of approximately 200 acres located west of Lyons Road and east of State Road 7/US 441, between Wiles Road and Sample Road, into a walkable, mixed-use district known as MainStreet @ Coconut Creek. The approximately 200-acre project area includes privately-owned parcels, including 164 acres owned by Johns Family Partners, LLLP and Elster/Rocatica, LLC and approximately 15 acres of City-owned parcels.
The Agreement establishes a comprehensive and vested framework for development over a 30-year period. It sets forth the parties' respective rights and responsibilities, provides legal and regulatory certainty, allocates public and private funding responsibilities, and outlines infrastructure and amenity improvements that align with the City's long-term planning vision was reviewed during the City Commission Workshop of February 13, 2025. During that meeting, staff outlined a partnership between the City and the MainStreet Development team that included seven components:
1. The Community Development District
2. Village Green Park
3. A public parking garage
4. Cullum Road Construction
5. A...
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