THE NEW MARKET TAX CREDIT (NMTC) AGREEMENTS AND FINANCIAL STRUCTURES FOR THE RIVIERA BEACH EVENT CENTER ARE COMING TO THE END OF THEIR SEVEN-YEAR TERM. THE CITY OF RIVIERA BEACH OWNS THE LAND THE EVENT CENTER IS BUILT UPON, AND CURRENTLY LEASES THE PROPERTY TO THE ENTITIES CREATED BY THE NMTC TRANSACTION.  THE CRA’S BOND COUNSEL FOR THE TRANSACTION, BRYANT MILLER OLIVE P.A. (BMO), PROVIDED THE CRA WITH AN OVERVIEW OF THE NMTC STRUCTURE AND THE RELATED CDE INC., AND EVENT CENTER L.L.C., ON FEBRUARY 24, 2021. BMO PROVIDED THE CITY COUNCIL WITH A PRESENTATION ON THE OPTIONS FOR NEXT STEPS FOLLOWING THE UNWINDING THE NMTC AGREEMENTS ON JUNE 23, 2021.  BRYANT MILLER OLIVE HAS PREPARED A PRESENTATION FOR THE CRA ON THE NEXT STEPS TO FOLLOW THE UNWINDING OF THE NMTC STRUCTURE.  THE UNWINDING OPTIONS COULD HAVE A FISCAL IMPACT ON THE CITY OF RIVIERA BEACH, AND THE CITY OF RIVIERA BEACH OWNS THE LAND BENEATH THE EVENT CENTER.  BOTH THE CITY AND CRA BUDGETS COULD BE AFFECTED BY THE FINAL DETERMINATION ON HOW TO UNWIND THE NMTC STRUCTURE.  THE NMTC AGREEMENTS ARE PROJECTED TO BE UNWOUND ON JULY 26, 2021.  THIS FIRST STEP WILL REMOVE THE BANKING INSTITUTIONS FROM THE CURRENT AGREEMENTS IN ACCORDANCE WITH THE ORIGINALLY APPROVED AGREEMENTS. THE NEXT STEPS WILL BE DETERMINED BY THE DIRECTION PROVIDED BY THE CRA BOARD.