Margate city commissioners.
By Bryan Boggiano
The Margate Community Redevelopment Agency (MCRA) sunset may be extended through the end of the 2046-2047 fiscal year, pending county assistance.
The commission will consider passing a resolution and sending a letter to the county to fulfill the request.
According to city documents, the MCRA is scheduled to sunset on Aug. 13, 2026. It follows the city’s and county’s 1996 establishment of the MCRA to address deteriorating economic and physical conditions and to improve quality of life.
Since then, various improvements to streets, infrastructure, open space, and economic development have encouraged additional private sector developments.
Since then, the taxable value within the MCRA increased from $306,827,250 in 1996 to $1,047,101,560 in 2023.
With the extension and associated tax increment financing (TIF), the city would work to facilitate developing the Margate City Center, which is generally located at Margate Boulevard and U.S. 441/State Road 7.
The Margate City Center has been a redevelopment objective for Margate and the MCRA since 2003.
Situated on 36 acres, proposed uses for the city center include 150,000 square feet of office space, 275,000 square feet of retail space, 100,000 square feet of civic uses, and 60,000 square feet of hotel use that would support about 957 full-time, part-time, and seasonal jobs.
Those jobs translate to $58 million on the annual payroll.
Specific project components include an amphitheater, community and senior center, public plaza, improved stormwater systems, bicycle and pedestrian amenities, waterfront promenade with a boat ramp, streetscapes, signage, greenway improvements along U.S. 441, a parking facility, and infrastructure improvements.
The MCRA budgeted $8 million for transportation and connectivity over the next five years, $10 million for health and community-related improvements, and $1,800,000 for infrastructure and community resiliency services.
The city is currently working with Colliers International Real Estate Company to recruit development teams.
One-time impacts during the construction period include $969.98 million in gross economic output and 5,500 jobs generating $336.84 million in wages and salary.
Continuing impacts include $140.4 million in annual economic output across the Broward County economy and $83.82 million in value-added economic activity to the county’s economy.
The commission will consider the item at their Wed., Oct. 18 meeting, starting at 7 p.m.
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