DIA "ain't broke yet" as it looks at selling city-owned property

[thelakelander]

The Downtown Investment Authority began discussions about selling city-owned land to fund revitalization efforts at a workshop Friday morning.

This move could provide revenue for funding future projects as money from the city won't be coming into DIA coffers until at least November.

The focus on finding revenue sources for the DIA comes on the heels of Mayor Lenny Curry's chief financial officer Sam Mousa telling the board Wednesday that the city would not have any money for future Downtown projects until pension reform has been settled.

A bill is passing through the state Legislature that would allow the city to enact a half-cent sales tax to help pay down the city's pension fund. The city's pension payments have ballooned to almost $170 million this year just for the Police and Fire Pension fund. That does not count the general employees and correctional officers pension funds.

Even if the Legislature OKs the use of sales tax money to pay down pension debt, Jacksonville residents would have to approve the sales tax increase in a citywide referendum — something that could prove difficult.

This leaves the DIA looking at several different funding sources to fund projects that are designed to bring business and improve the urban core.

While the process to sell city-owned Downtown properties requires City Council approval of parcels valued at more than $25,000, the proceeds would go back to the DIA.

Full article: http://www.bizjournals.com/jacksonville/news/2016/01/29/dia-aint-broke-yet-as-it-looks-at-selling-city.html

[Marle Brando]

Hmm..old courthouse and annex anyone?

[Noone]

And the list can be found where?
Is it like our FIND list?
We are so LOST.
2016-18 in Finance at the 2/1/16 9:30 meeting in council chambers.
Support the Wheelchair Gang. All that is needed is an OKEY DOKEY from the educational community.
Visit Jacksonville!

[Overstreet]

That is a good idea. Just like the idea of selling city hall on the river to pay for the move to the St James building.  Of course that idea happened 17 years ago. The money was spent but the sale revenue........?

[mtraininjax]

Brown spent years building a list with a former executive from Florida Blue who inventoried all the properties. The city has the list and are just sitting on them, no different than the past administration...

[Noone]

DIA -Downtown Is Adrift
Has the 2016 FIND Grant Project List been posted anywhere? At the 2/1/16 Finance agenda meeting Councilwoman Boyer deferred action on 2016-18 because she didn't know about a Downtown project on the list in her District. WOW! This will be back in Waterways in 7 days.
Stay Positive.

[MusicMan]

Quote:  "While the process to sell city-owned Downtown properties requires City Council approval of parcels valued at more than $25,000, the proceeds would go back to the DIA."

This is the problem. City Council approving the sale?  Is there one respected Real Estate Broker on City Council?  I don't know, but am doubtful.  The City arrives at unrealistic valuations over the properties it owns.  They also do little or no maintenance on them. I know this firsthand. If DIA is waiting on this as a source of funding, they are DOA.

[MusicMan]

I've held the opinion and voiced it on First Coast Connect when Bill Bishop was a guest that the City should appoint someone, preferably a local respected RE Broker, to immediately begin brokering the sale of every property the city owns valued under $1,000,000. 

By owning them no tax dollars come in.

Most are badly neglected under the Cities ownership.

Let the free market work.  Auction them off (no council approval required) or do a 'reverse auction" (price well below market stimulating multiple offers).

With the City owning these parcel nothing good comes out of it.  If the City sells the parcel we get stronger tax base, cash infusion, an owner who cares aka "skin in the game."

I truly believe in a few years you could move hundreds if not thousands of properties off the Cities books and into the private marketplace.

When I put forth this proposal to BB he thought it was an excellent idea.