Does Cecil create unfair competition for industrial developers in Jacksonville?

[thelakelander]

Common sense says, of course it does.....

The years-old debate was reignited Thursday at a NAIOP luncheon, after a presentation by Ted Carter, the executive director of the city’s Office of Economic Development.

Mike Heise, city president of Liberty Property Trust (NYSE: LRY), asked Carter if he’d had a chance to review the city’s agreement with Hillwood.

The city in 2010 entered an agreement with Texas-based Hillwood to be the master developer of Cecil. Per that agreement, Hillwood has options to buy land in Cecil for less than $20,000 an acre â€" far below what many industrial developers paid for their land, Heise said.

“It’s hard to justify spec or even a build to suit,” Heise said.

Full article: http://www.bizjournals.com/jacksonville/blog/2013/04/doe-cecil-commerce-center-create.html

[dougskiles]

I think it does create unfair competition.  And I think it hurts the city overall.  By undercutting the price, they are lowering the value across the board, which then lowers property tax receipts.