They are both public private partnerships. However, by the very nature of a public private partnership, no two are the same and they are unique based on the needs of the public interests and the market demands at the time.
For the Government Center redevelopment, the developer was willing and able to change its business model within the public private partnership established and allow the county to finance the public facility on its own while continuing to commit to the development agreement. With this change, the agreement still guarantees the private development on the site, the priorities and timeline of that development, and ensures it is compatible with the county’s vision and the public uses. For the Government Center project, the county borrowed the money to build the public facility and the private investment remained the same; but with that change, the county agreed to allow the developer to pay fair market value for the remaining property as opposed to the premium rate the developer had been willing to pay. This, in turn, resulted in the county receiving less back for the property’s purchase price.
Project Grace is in a much different market with different market conditions than the Government Center redevelopment.