Short $19M in Fundraising, Boca Raton Arts Center Project Gets Reprieve From Termination

The Center for Arts and Innovation project, aimed at replacing the Mizner Park amphitheater with numerous buildings surrounding a grand plaza in Boca Raton, has fallen well short of fundraising goals, threatening the feasibility of the project and coming close to having its agreement with the city terminated.

After it was revealed earlier this month that the TCAI project had nearly fallen a staggering $19 million short of its goal – organizers had raised $32 million compared to $50.8 million it had expected to generate through fundraising and sponsorships – city officials considered exercising their authority to terminate a lease and project agreement that would allow the complex to be built at Mizner Park, which is owned by the municipal government. Worse still, TCAI only has $8.5 million in cash on hand – less than it had a year ago when fundraising goals and results were last reported.

The Mizner Park Amphitheater, Boca Raton, FL, and the proposed TCAI complex. (Photo: Boca Daily News/Planning Document)

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The council initially favored a formal extension to Jan. 7 for TCAI to reach their goal of $50 million in pledges and $25 million in cash on hand, a request that was rejected by TCAI organizers who instead asked the council put the matter off until March. Correspondence between the project’s organizers and city officials commenced in the days following the late October meeting at which the funding gulf was revealed, ultimately resulting in an extension through mid-January 2025 that both sides hope will provide enough time for TCAI to get its finances in order.

The city asked the center to fully disclose its cash on hand, transmit all updates on construction and fundraising plans and progress to the city by Dec. 31, 2024. The offer was turned down by TCAI’s organizers.

“We did not want to sign an agreement that, as of right now, isn’t ripe and that we could not achieve,” said attorney Brian Hickey, representing TCAI.

The rejection of the city’s proposed agreement effectively rendered past agreements null and void, allowing the governing body to completely terminate plans for the amphitheater property. Ultimately, the council ordered TCAI organizers to provide a detailed update of their viability plans at the Jan. 13, 2025 council meeting.

In the interim, the council retains its right to cancel the agreement with TCAI.

“We’re not waiving any rights to act before then, but we don’t anticipate acting until we see more information from the Center, including fundraising numbers,” said Mayor Scott Singer.

The Mizner Park Amphitheater, Boca Raton, FL. (Photo: Boca Daily News)

The Mizner Park Amphitheater, Boca Raton, FL, and the proposed TCAI complex. (Photo: Boca Daily News/Planning Document)

Council members and, especially, City Manager George Brown expressed frustration with TCAI’s organizers, with Councilwoman Yvette Drucker admonishing TCAI’s representatives to “come back with something that works” in favor of the interests of the city as well as the TCAI organization. Other council members strongly suggested additional city oversight in TCAI development, including financial audits and a presence on the organization’s board of directors.

Hickey said TCAI organizers are looking to develop a “realignment plan” to be able to meet future deadlines that will presumably be established, and take a fresh look at the costs of the development project, which includes a notably expensive facet in the form of an underground parking facility.

The Mizner Park Amphitheater, Boca Raton, FL, and the proposed TCAI complex. (Photo: Boca Daily News/Planning Document)

The Mizner Park Amphitheater, Boca Raton, FL. (Photo: Boca Daily News)

The Mizner Park Amphitheater, Boca Raton, FL. (Photo: Boca Daily News)

Ultimately, TCAI has been envisioned as a multi-building center, consisting of a main hall, an education and innovation center, a public auditorium and a large outdoor Mediterranean-style piazza. The complex would also include space for a restaurant and elevated building with views of the city center.