Shipyards Legal Decision

[thelakelander]

I'd like to see it all stay downtown as well since that's what it was originally intended for. There are a lot of good things that could be leveraged with that extra cash.

[IrvAdams]

^^ Yes, yes. Downtown residential. We need people!

[tufsu1]

Its money from a downtown investment, should remain downtown. I am not for spending more money on sea walls for the riverwalk, let's use the money to get a return that generates ongoing tax revenue, not more capital projects that have no revenue stream. A million here to get three million there. Invest in residential projects that will expand the tax base!

the seawalls already got built.  We just need to put a cap on them and lay down some brick in order to extend the riverwalk, which will be a must anyway as the property develops.  It likely wouldn't cost more than $1-$2 million, so why not do it now?

[Tacachale]

The money needs to stay downtown. Capital improvements would be nice too, especially tied to that property. Many good options.

[Dapperdan]

Split the money between DIA and Downtown Vision.

[downtownbrown]

Fact is, any major improvement to downtown is going to require "cost sharing", i.e., taxpayer money.  The Landing won't happen, Berkman 2 won't happen, and Shad Khan's Shipyards development won't happen.  Keep every penny downtown.  We're going to need is.

First priority in the chicken and egg contest: housing for a young professional demo.

Shortest distance to housing for that demo: finish Berkman 2.  The April 29 auction might be a step in that direction.

[Noone]

CRA/DIA in the USA meeting is still a go at 3pm 1st. floor city hall. Anyone going? The best discussions are usually what's not on the agenda.

Tides are looking good.
I may be taking it Downtown and fish under the brand new No Fishing signs that was never before Waterways.
Still have an open contest for anyone that posts the new Waterways signage that was never before the Jacksonville Waterways Commission. Councilman Redman and Scott Wilson feel free to jump in here at any time. It is located within this new super duper restricted CRA/DIA zone. If you post a picture I'll treat you to Chopstick Charley's and we'll use Uber.

A new Authority
Embrace It
Or
it will Embrace Us

[Noone]

Failed shipyards developer agrees to pay city $13.4 million
By Christopher Hong Tue, Apr 22, 2014 @ 5:45 pm | updated Tue, Apr 22, 2014 @ 6:06 pm

The bankrupt company that failed to develop the Shipyards, a 40-acre plot of downtown riverfront property, has agreed to pay the city of Jacksonville $13.4 million that it invested in the controversial project.

The city reached a settlement in bankruptcy court last week with Crescent Resource, the parent company of Jacksonville-based LandMar Group. LandMar bought the land in 2005 but was never able to start developing it.

The payment settles LandMar's unsecured debt it owed to the city.

In the deal it made with the city to develop the property, Landmar agreed to pay off the bonds the city previously issued to finance the project, which at the time were worth $88 million in principal and interest.

The city has received a check from the company and is now waiting for council approval to deposit it, said city General Counsel Cindy Laquidara.

LandMar took over the Shipyards project after the high-profile failure of the TriLegacy Group, the previous developer.

LandMar planned to build a luxury condominium tower and a mix of commercial, hotel and office space.

The company never started construction, and in 2009, it defaulted on its annual $3.15 million debt payment to the city. LandMar later filed for bankruptcy, and the development of the Shipyards has since stalled.

Check back for updates.

Christopher Hong: (904) 359-4272

http://members.jacksonville.com/news/metro/2014-04-22/story/failed-shipyards-developer-agrees-pay-city-134-million

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