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September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / Staff recommends motion to:

1. A) approve a Purchase and Sale Agreement (PSA) between Palm Beach County (County) and CityPlace South Tower II, LLC, a Florida limited liability company (Seller), for acquisition of approximately 1.80 acres of land located at 940 South Rosemary Avenue in West Palm Beach (Hotel 2 Land) to be developed as an 18-story, 400-room hotel (Hotel 2) supporting economic development pursuant to Section 125.045, Florida Statutes and the expansion and operation of the Palm Beach County Convention Center (Convention Center), at a purchase price of $26,000,000, plus closing costs estimated to be $2,000;

1. B) delegate authority to the County Administrator or designee, wherever the PSA requires the County’s consent or approval or permits the County to act, to execute applicable documents evidencing such consent or approval and to act on behalf of the County, excluding execution of any Recognition Agreement defined in the PSA, that do not substantially change the scope of work, terms and conditions;

1. C) approve a Memorandum of Purchase and Sale Agreement between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Purchase and Sale Agreement;

1. D) approve a Termination of Convention Center Hotel Garage Easement between the County, Seller and CityPlace Hotel, LLC, a Delaware limited liability company (CityPlace Hotel), to release the existing garage easement on the Hotel 2 Land for development of Hotel 2;

83. E) approve a Hotel Lease (Hotel 2) (Hotel 2 Lease) between the County and Seller for the use and operation of Hotel 2, for a term of 33 years with options to renew for an additional period of 33 years followed by a final renewal for 31 years, at annual rent of $1,117,000 ($93,083.33/month) with 3% annual increases and participation rent at 6% of gross annual revenues above a $77,000,000 threshold, which threshold escalates at 3% annually and is subject tospecified capital expenditure adjustments;

14. F) delegate authority to the County Administrator or designee, to execute applicable documents evidencing consent on behalf of the County with respect to Sections 14.2, 16.4(b)(5), 20.3, 31.2(b) and 31.3 of the Hotel 2 Lease, and wherever that lease otherwise requires Owner’s consent or approval or permits Owner to act, to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, that do not substantially change the scope of work, terms and conditions;

September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / Staff recommends motion to (continued):

1. G) approve a Memorandum of Hotel Lease (Hotel 2) between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide notice of the Hotel Lease (Hotel 2);

1. H) approve a Hotel Room Block Agreement (Hotel 2) (Hotel 2 RBA) between the County and Seller for the commitment of guest rooms within Hotel 2 to support the Convention Center;

5. I) delegate authority to the County Administrator or designee, pursuant to Section 5.04 of the Hotel 2 RBA to give consents, decisions and determinations and executing documents evidencing such consents, decisions and determinations on behalf of the County, subject to that section, that do not substantially change the scope of work, terms and conditions;

1. J) approve a Memorandum of Hotel Room Block Agreement (Hotel 2) between County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Hotel Room Block Agreement (Hotel 2) (Hotel 2 RBA);

500. K) approve a Parking Lease Agreement (Hotel 2) (Hotel 2 Parking Lease) between the County and Seller for the use of 335 designated spaces within the Convention Center parking garage to support the construction and operation of Hotel 2 for a term commencing on the Effective Date at an annual rent of $402,000 ($33,500.00/month) with 3% annual increases and an upfront payment of $2,856,000 to be paid within 30 days of the Effective Date;

1. L) delegate authority to the County Administrator or designee, wherever the Hotel 2 Parking Lease requires County’s consent or approval or permits County to act, including relocation of the Designated Spaces pursuant to Section 6(c), to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, including in connection with the relocation of Designated Spaces under Section 6(c);

1. M) approve a Memorandum of Parking Lease Agreement (Hotel 2) (between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Parking Lease Agreement (Hotel 2);

1. N) approve a Seventh Amendment to Development Agreement between the County, the Related Companies, L.P., a New York limited partnership (Related Companies) and CityPlace Hotel;

September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / Staff recommends motion to (continued):

1. O) approve a Sixth Amendment to Hotel Lease (Hotel 1) between the County and CityPlace Hotel;

14. P) delegate authority to the County Administrator or designee, to execute applicable documents evidencing consent on behalf of the County with respect to Sections 14.2, 16.4(b)(5), 20.3, 31.2(b) and 31.3 of the Hotel 1 Lease, and wherever that lease otherwise requires Owner’s consent or approval or permits Owner to act, to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, that do not substantially change the scope of work, terms and conditions;

1. Q) approve a First Amendment to Memorandum of Hotel Lease between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Hotel Lease, as amended;

1. R) approve an Amended and Restated Hotel Room Block Agreement (Hotel 1) (Hotel 1 RBA) between the County and CityPlace Hotel;

5. S) delegate authority to the County Administrator or designee designated pursuant to Section 5.04 of the Hotel 1 RBA to give consents, decisions and determinations and executing documents evidencing such consents, decisions and determinations on behalf of the County, subject to that section, that do not substantially change the scope of work, terms and conditions;

1. T) approve a Memorandum of Amended and Restated Hotel Room Block Agreement (Hotel 1) between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Amended anT)d Restated Hotel Room Block Agreement (Hotel 1);

500. U) approve a Parking Lease Agreement (Hotel 1) (Hotel 1 Parking Lease) between the County and CityPlace Hotel for the use of 255 designated spaces within the Convention Center parking garage to support the operation of Hotel 1 for a term commencing on the Effective Date at an annual rent of $306,000 ($25,500.00/month) with 3% annual increases and an upfront payment of $2,244,000 to be paid within 30 days of the Effective Date;

September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / Staff recommends motion to (continued):

1. V) delegate authority to the County Administrator or designee, wherever the Hotel 1 Parking Lease requires County’s consent or approval or permits County to act, including relocation of the Designated Spaces pursuant to Section 6(c), to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, including in connection with the relocation of Designated Spaces under Section 6(c),;

1. W) approve a Memorandum of Parking Lease Agreement (Hotel 1) between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Parking Lease Agreement (Hotel 1);

1. X) approve a Second Amendment to Easement Agreement for Parking Spaces - B Deck Garage between County, CityPlace Retail, L.L.C., a Delaware limited liability company (CPR), CityPlace Community Development District (District), and CityPlace Hotel as to form;

1. Y) delegate authority to the County Administrator or designee, to execute the Second Amendment to Easement Agreement for Parking Spaces - B Deck Garage following approval by CPR and District, that do not substantially change the scope of work, terms and conditions;

1. Z) approve a First Amendment to Convention Center Hotel – West Palm Beach Agreement between the County, the City of West Palm Beach, a political subdivision of the State of Florida (City); the City of West Palm Beach Community Redevelopment Agency, a public body corporate and politic (CRA); CityPlace Hotel,; and Seller to address the tax exemption status of Hotel 2 Land;

1. AA) approve a First Amendment to Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment) between the County, CityPlace Hotel, the CRA and the City, amending the Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment), subject to approval by the City and CRA to correct certain scrivener’s errors;

1. BB) delegate authority to the County Administrator or designee, to execute the First Amendment to Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment) following approval by the City and CRA, that do not substantially change the scope of work, terms and conditions;

September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / Staff recommends motion to (continued):

1. CC) approve a Budget Transfer of $26,000,000 in the General Fund 0001 to decrease reserves and increase the transfer to the Capital Outlay Fund 3900;

1. DD) approve a Budget Amendment of $26,000,000 in the Capital Outlay Fund 3900 to recognize the transfer from the General Fund and appropriate it to the project;

1. EE) approve a Budget Amendment of $5,100,000 in the Public Building Impr Fund 3804 to recognize revenue from the parking lease agreements to transfer to the 68M NAV 15 DS, Pub Imp Reve Bond, Conv Ctr Gar & Airport Ctr Fund 2076 for the redemption of bonds and appropriate funds to the parking garage project;

1. FF) approve a Budget Amendment of $2,000,000 in the 68M NAV 15 DS, Pub Imp Rev Bond, Conv Ctr Gar & Airport Ctr Fund 2076 to recognize the transfer from the Public Building Impr Fund 3804 for the redemption of the bonds;

1. GG) authorize the Mayor, Vice Mayor, any other member of the BCC, the Clerk or any Deputy Clerk, County Administrator, County Attorney, Debt Manager and/or any other authorized official of the County to take all actions and deliver all documents required to preserve the federally tax-exempt status of the County’s Public Improvement Revenue Bonds (Various Public Improvements Project), Series 2015A (Bonds) including the redemption of a portion of the Bonds, as necessary, upon advice of Bond Counsel and the County Attorney; and

1. HH) delegate authority to the County Administrator or designee, to execute and deliver any additional agreements, amendments, certificates, instruments or other documents necessary to implement and consummate this transaction, subject to review and approval for legal sufficiency by the County Attorney’s Office, provided that such documents are consistent with the BCC-approved agreements and do not materially change the approved business terms or the County’s financial obligations, rights or protections, excluding execution of any Recognition Agreement under the PSA and excluding any action expressly reserved to the BCC; that do not substantially change the scope of work, terms and conditions.

September 29, 2026

8:00 am

BOARD OF COUNTY COMMISSIONERS

BOARD MEETING

PALM BEACH COUNTY, FLORIDA

ADDITIONS, DELETIONS, & SUBSTITUTIONS

SEPTEMBER 29, 2026

PAGE             ITEM

3                      3C1                 *ADD-ON / (FDO) / SUMMARY: On February 3, 2026, the Board of County

Commissioners (BCC) directed staff to continue negotiations with Related Ross, LLC (Related) on a second hotel to support and complement the Palm Beach County Convention Center (Convention Center). This agenda item presents a coordinated transaction to deliver additional hotel capacity, secure room commitments for convention events, generate recurring County revenues, and support the Convention Center’s existing operations and planned expansion. The proposed transaction provides for development of Hotel 2. The hotel would address a substantial portion of the projected need for 600 additional hotel rooms serving an expanded Convention Center. A Related affiliate would be responsible for financing, constructing and operating the hotel. The County would acquire the completed hotel and land for $26,000,000, with the purchase price advanced through deposits released to Seller to be used toward construction costs and credited at closing. Upon acquisition, the County would lease the property back for an initial 33-year term, with renewal options providing a potential total term of 97 years.The transaction combines County ownership with private hotel operations and contractual commitments supporting the Convention Center. The acquisition of Hotel 2 advances the County’s economic development objectives under Section 125.045, Florida Statutes, and complements the County’s longstanding investment in the Convention Center and the Garage. Hotel 2 is an important component of the County’s convention and tourism infrastructure, supporting the County’s ability to attract conventions, conferences, meetings, and other events and increasing related visitor activity and spending. The transaction is expected to support substantial private investment, construction and ongoing hospitality employment, local contracting and purchasing opportunities, and additional tourist development and sales tax revenues. County ownership of the Hotel 2 Land, together with its continued private operation under a long-term lease, will further these economic development objectives while providing contractual hotel and parking revenues to the County. Collectively, these benefits enhance economic activity, support private enterprise and employment, and protect and strengthen the County’s investment in the Convention Center complex. Staff recommends approval of the transaction and the associated implementation authority, subject to the limitations described in the motions. The Property Review Committee reviewed the acquisition on September 18, 2026, and recommended approval without comment. The requested delegations permit execution of related documents without materially changing the terms approved by the BCC. Detailed transaction terms, financial considerations, County obligations and contractual protections are provided in the Fiscal Impact Analysis and Background and Policy Issues sections of this Agenda Item Summary. The Disclosures of Beneficial Interests in Attachments 26 and 27 identify Stephen Ross and any other persons holding a five percent (5%) or greater beneficial interest in Seller and CityPlace Hotel. Approval of the PSA requires a Supermajority Vote (5 Commissioners). (FD&O Administration) District 2/Countywide (ZQ)

NOTE:  Items that were revised, added, deleted, or backup submitted and were not listed on the preliminary addition/deletion sheet distributed to the Board the prior day are noted with an asterisk (*).

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ORDER OF BUSINESS

BOARD OF COUNTY COMMISSIONERS

PALM BEACH COUNTY, FLORIDA

SEPTEMBER 29, 2026

TUESDAY                                                                                                         COMMISSION CHAMBERS

9:30 A.M.

1. CALL TO ORDER

1. Roll Call
2. Invocation
3. Pledge of Allegiance

2. AGENDA APPROVAL

1. Additions, Deletions, Substitutions
2. Adoption

3. REGULAR AGENDA (Page 2)

4. WORKSHOP SESSION 9:30 A.M.

1. License Plate Readers (Engineering)

1. Amendment 3 Update (County Administration)

5. BCC COMMENTS

6. ADJOURNMENT
   SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. CLERK AND COMPTROLLER

1. Staff recommends motion to receive and file: Warrant List – Backup information can be viewed in the Clerk & Comptroller’s Office.

1. HEALTH DEPARTMENT

1. Staff recommend motion to approve: A Contract with the Department of Health (DOH) in the amount of $2,629,876 for Environmental Health and Engineering programs provided by the Palm Beach County Health Department (CHD) for the period October 1, 2026, through September 30, 2027. SUMMARY: This Contract sets forth the funding responsibilities of the DOH and the County for the operation of the CHD. The State and County share in the funding of the $10,349,951 Environmental Health Budget. The State's share is $2,946,482 (28.47%), primarily from State funds, general revenue, and fees. Funding from the County's Fiscal Year (FY) 2027 Budget is $2,629,876 (25.41%), which includes Childcare Enforcement & Control Funding in the amount of $256,299 and is a 19.22% increase from FY 2026 funding. The remaining local share of $4,773,093 is comprised of County authorized fees of $2,449,220 (23.66%), Federal Funds of $361,300 (3.49%), Department of Environmental Protection (DEP) Funds of $105,506 (1.02%), Air Pollution Tag Fees of $1,185,450 (11.45%) and Local Funds of ($671,617)  (6.49% ). County funding is used primarily for staff-related salaries and benefits. The environmental staffing is responsible for surveillance of public drinking water systems, permitting and inspection of septic tanks, regulation of air pollution sources, inspection and licensing of childcare and other group care facilities, and other duties related to environmental health. The Childcare Enforcement & Control funding provides for a full-time attorney who serves as the Acting Environmental Control Officer for the Environmental Control Hearing Board, providing legal services to the Environmental Appeals Board and the Childcare Advisory Council.  Furthermore, the funding provides administrative support to the attorney serving the County Boards. County funds are included in the FY 2027 Budget. No additional funds are requested. Countywide (RS)

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1.          Staff recommends motion to:

1. A) approve a Purchase and Sale Agreement (PSA) between Palm Beach County (County) and CityPlace South Tower II, LLC, a Florida limited liability company (Seller), for acquisition of approximately 1.80 acres of land located at 940 South Rosemary Avenue in West Palm Beach (Hotel 2 Land) to be developed as an 18-story, 400-room hotel (Hotel 2) supporting economic development pursuant to Section 125.045, Florida Statutes and the expansion and operation of the Palm Beach County Convention Center (Convention Center), at a purchase price of $26,000,000, plus closing costs estimated to be $2,000;

1. B) delegate authority to the County Administrator or designee, wherever the PSA requires the County’s consent or approval or permits the County to act, to execute applicable documents evidencing such consent or approval and to act on behalf of the County, excluding execution of any Recognition Agreement defined in the PSA, that do not substantially change the scope of work, terms and conditions;

1. C) approve a Memorandum of Purchase and Sale Agreement between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Purchase and Sale Agreement;

1. D) approve a Termination of Convention Center Hotel Garage Easement between the County, Seller and CityPlace Hotel, LLC, a Delaware limited liability company (CityPlace Hotel), to release the existing garage easement on the Hotel 2 Land for development of Hotel 2;

83. E) approve a Hotel Lease (Hotel 2) (Hotel 2 Lease) between the County and Seller for the use and operation of Hotel 2, for a term of 33 years with options to renew for an additional period of 33 years followed by a final renewal for 31 years, at annual rent of $1,117,000 ($93,083.33/month) with 3% annual increases and participation rent at 6% of gross annual revenues above a $77,000,000 threshold, which threshold escalates at 3% annually and is subject to specified capitalexpenditure adjustments;

14. F) delegate authority to the County Administrator or designee, to execute applicable documents evidencing consent on behalf of the County with respect to Sections 14.2, 16.4(b)(5), 20.3, 31.2(b) and 31.3 of the Hotel 2 Lease, and wherever that lease otherwise requires Owner’s consent or approval or permits Owner to act, to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, that do not substantially change the scope of work, terms and conditions;

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1. Staff recommends motion to (continue):

1. G) approve a Memorandum of Hotel Lease (Hotel 2) between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide notice of the Hotel Lease (Hotel 2);

1. H) approve a Hotel Room Block Agreement (Hotel 2) (Hotel 2 RBA) between the County and Seller for the commitment of guest rooms within Hotel 2 to support the Convention Center;

5. I) delegate authority to the County Administrator or designee, pursuant to Section 5.04 of the Hotel 2 RBA to give consents, decisions and determinations and executing documents evidencing such consents, decisions and determinations on behalf of the County, subject to that section, that do not substantially change the scope of work, terms and conditions;

1. J) approve a Memorandum of Hotel Room Block Agreement (Hotel 2) between County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Hotel Room Block Agreement (Hotel 2) (Hotel 2 RBA);

500. K) approve a Parking Lease Agreement (Hotel 2) (Hotel 2 Parking Lease) between the County and Seller for the use of 335 designated spaces within the Convention Center parking garage to support the construction and operation of Hotel 2 for a term commencing on the Effective Date at an annual rent of $402,000 ($33,500.00/month) with 3% annual increases and an upfront payment of $2,856,000 to be paid within 30 days of the Effective Date;

1. L) delegate authority to the County Administrator or designee, wherever the Hotel 2 Parking Lease requires County’s consent or approval or permits County to act, including relocation of the Designated Spaces pursuant to Section 6(c), to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, including in connection with the relocation of Designated Spaces under Section 6(c);

1. M) approve a Memorandum of Parking Lease Agreement (Hotel 2) (between the County and Seller to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Parking Lease Agreement (Hotel 2);

1. N) approve a Seventh Amendment to Development Agreement between the County, the Related Companies, L.P., a New York limited partnership (Related Companies) and CityPlace Hotel;

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1. Staff recommends motion to (continue):

1. O) approve a Sixth Amendment to Hotel Lease (Hotel 1) between the County and CityPlace Hotel;

14. P) delegate authority to the County Administrator or designee, to execute applicable documents evidencing consent on behalf of the County with respect to Sections 14.2, 16.4(b)(5), 20.3, 31.2(b) and 31.3 of the Hotel 1 Lease, and wherever that lease otherwise requires Owner’s consent or approval or permits Owner to act, to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, that do not substantially change the scope of work, terms and conditions;

1. Q) approve a First Amendment to Memorandum of Hotel Lease between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Hotel Lease, as amended;

1. R) approve an Amended and Restated Hotel Room Block Agreement (Hotel 1) (Hotel 1 RBA) between the County and CityPlace Hotel;

5. S) delegate authority to the County Administrator or designee designated pursuant to Section 5.04 of the Hotel 1 RBA to give consents, decisions and determinations and executing documents evidencing such consents, decisions and determinations on behalf of the County, subject to that section, that do not substantially change the scope of work, terms and conditions;

1. T) approve a Memorandum of Amended and Restated Hotel Room Block Agreement (Hotel 1) between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of this Amended anT)d Restated Hotel Room Block Agreement (Hotel 1);

500. U) approve a Parking Lease Agreement (Hotel 1) (Hotel 1 Parking Lease) between the County and CityPlace Hotel for the use of 255 designated spaces within the Convention Center parking garage to support the operation of Hotel 1 for a term commencing on the Effective Date at an annual rent of $306,000 ($25,500.00/month) with 3% annual increases and an upfront payment of $2,244,000 to be paid within 30 days of the Effective Date;

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1.          Staff recommends motion to (continue):

1. V) delegate authority to the County Administrator or designee, wherever the Hotel 1 Parking Lease requires County’s consent or approval or permits County to act, including relocation of the Designated Spaces pursuant to Section 6(c), to execute applicable documents evidencing such consent or approval and/or to act on behalf of the County, including in connection with the relocation of Designated Spaces under Section 6(c),;

1. W) approve a Memorandum of Parking Lease Agreement (Hotel 1) between the County and CityPlace Hotel to be recorded in the Public Records of Palm Beach County, Florida, to provide public notice of the Parking Lease Agreement (Hotel 1);

1. X) approve a Second Amendment to Easement Agreement for Parking Spaces - B Deck Garage between County, CityPlace Retail, L.L.C., a Delaware limited liability company (CPR), CityPlace Community Development District (District), and CityPlace Hotel as to form;

1. Y) delegate authority to the County Administrator or designee, to execute the Second Amendment to Easement Agreement for Parking Spaces - B Deck Garage following approval by CPR and District, that do not substantially change the scope of work, terms and conditions;

1. Z) approve a First Amendment to Convention Center Hotel – West Palm Beach Agreement between the County, the City of West Palm Beach, a political subdivision of the State of Florida (City); the City of West Palm Beach Community Redevelopment Agency, a public body corporate and politic (CRA); CityPlace Hotel,; and Seller to address the tax exemption status of Hotel 2 Land;

1. AA) approve a First Amendment to Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment) between the County, CityPlace Hotel, the CRA and the City, amending the Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment), subject to approval by the City and CRA to correct certain scrivener’s errors;

1. BB) delegate authority to the County Administrator or designee, to execute the First Amendment to Declaration of Restrictive Covenant (Convention Center Hotel Land – PILOT Payment) following approval by the City and CRA, that do not substantially change the scope of work, terms and conditions;

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1.          Staff recommends motion to (continue):

1. CC) approve a Budget Transfer of $26,000,000 in the General Fund 0001 to decrease reserves and increase the transfer to the Capital Outlay Fund 3900;

1. DD) approve a Budget Amendment of $26,000,000 in the Capital Outlay Fund 3900 to recognize the transfer from the General Fund and appropriate it to the project;

1. EE) approve a Budget Amendment of $5,100,000 in the Public Building Impr Fund 3804 to recognize revenue from the parking lease agreements to transfer to the 68M NAV 15 DS, Pub Imp Reve Bond, Conv Ctr Gar & Airport Ctr Fund 2076 for the redemption of bonds and appropriate funds to the parking garage project;

1. FF) approve a Budget Amendment of $2,000,000 in the 68M NAV 15 DS, Pub Imp Rev Bond, Conv Ctr Gar & Airport Ctr Fund 2076 to recognize the transfer from the Public Building Impr Fund 3804 for the redemption of the bonds;

1. GG) authorize the Mayor, Vice Mayor, any other member of the BCC, the Clerk or any Deputy Clerk, County Administrator, County Attorney, Debt Manager and/or any other authorized official of the County to take all actions and deliver all documents required to preserve the federally tax-exempt status of the County’s Public Improvement Revenue Bonds (Various Public Improvements Project), Series 2015A (Bonds) including the redemption of a portion of the Bonds, as necessary, upon advice of Bond Counsel and the County Attorney; and

1. HH) delegate authority to the County Administrator or designee, to execute and deliver any additional agreements, amendments, certificates, instruments or other documents necessary to implement and consummate this transaction, subject to review and approval for legal sufficiency by the County Attorney’s Office, provided that such documents are consistent with the BCC-approved agreements and do not materially change the approved business terms or the County’s financial obligations, rights or protections, excluding execution of any Recognition Agreement under the PSA and excluding any action expressly reserved to the BCC; that do not substantially change the scope of work, terms and conditions.

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1. SUMMARY: On February 3, 2026, the Board of County Commissioners (BCC) directed staff to continue negotiations with Related Ross, LLC (Related) on a second hotel to support and complement the Palm Beach County Convention Center (Convention Center). This agenda item presents a coordinated transaction to deliver additional hotel capacity, secure room commitments for convention events, generate recurring County revenues, and support the Convention Center’s existing operations and planned expansion. The proposed transaction provides for development of Hotel 2. The hotel would address a substantial portion of the projected need for 600 additional hotel rooms serving an expanded Convention Center. A Related affiliate would be responsible for financing, constructing and operating the hotel. The County would acquire the completed hotel and land for $26,000,000, with the purchase price advanced through deposits released to Seller to be used toward construction costs and credited at closing. Upon acquisition, the County would lease the property back for an initial 33-year term, with renewal options providing a potential total term of 97 years.The transaction combines County ownership with private hotel operations and contractual commitments supporting the Convention Center. A new Hotel 2 RBA, together with revisions to the existing Hotel 1 RBA, would secure access to hotel rooms for scheduled conventions, meetings and events under negotiated booking and pricing provisions. These commitments are intended to strengthen the County’s ability to attract and retain convention business, accommodate larger events and increase use of the Convention Center. The financial terms provide initial Hotel 2 annual base rent of $1,117,000 and combined initial annual parking rent of $708,000, totaling approximately $1,825, 000 at initial contractual rates, with 3% annual increases. Actual receipts are subject to theagreements’ commencement dates and the negotiated Hotel 2 base-rent deferral. Additional Hotel 2 participation rent equals 6% of gross annual revenues above an initial $77,000,000 threshold, which increases 3% annually and is subject to specified adjustments under the lease. The parking arrangements provide 590 designated spaces in the County’s Convention Center Parking Garage (Garage), consisting of 335 spaces for Hotel 2 and 255 spaces for Hotel 1. The two (2) parking tenants would also make upfront payments totaling $5,100,000 for parking improvements and the related redemption of a portion of the Series 2015A Bonds issued to finance the Garage.

SEPTEMBER 29, 2026

3. REGULAR AGENDA

1. FACILITIES DEVELOPMENT & OPERATIONS

1. SUMMARY (cont’d.): The acquisition of Hotel 2 advances the County’s economic development objectives under Section 125.045, Florida Statutes, and complements the County’s longstanding investment in the Convention Center and the Garage. Hotel 2 is an important component of the County’s convention and tourism infrastructure, supporting the County’s ability to attract conventions, conferences, meetings, and other events and increasing related visitor activity and spending. The transaction is expected to support substantial private investment, construction and ongoing hospitality employment, local contracting and purchasing opportunities, and additional tourist development and sales tax revenues. County ownership of the Hotel 2 Land, together with its continued private operation under a long-term lease, will further these economic development objectives while providing contractual hotel and parking revenues to the County. Collectively, these benefits enhance economic activity, support private enterprise and employment, and protect and strengthen the County’s investment in the Convention Center complex. Staff recommends approval of the transaction and the associated implementation authority, subject to the limitations described in the motions. The Property Review Committee reviewed the acquisition on September 18, 2026, and recommended approval without comment. The requested delegations permit execution of related documents without materially changing the terms approved by the BCC. Detailed transaction terms, financial considerations, County obligations and contractual protections are provided in the Fiscal Impact Analysis and Background and Policy Issues sections of this Agenda Item Summary. The Disclosures of Beneficial Interests in Attachments 26 and 27 identify Stephen Ross and any other persons holding a five percent (5%) or greater beneficial interest in Seller and CityPlace Hotel. Approval of the PSA requires a Supermajority Vote (5 Commissioners). (FD&O Administration) District 2/Countywide (ZQ)

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