Jaguars State of the Franchise 2018

[thelakelander]

$233.3 million in public incentives.  $50 million of that is for LIVE.

[Kerry]

$233.3 million in public incentives.  $50 million of that is for LIVE.

We have to foot half the bill?  There literally should be citizens marching on City Hall with pitchforks and torches.

In a sane world we would just thank the Jags for calling Jax home and politely tell them to leave town.

[comncense]

Per @SBrownReports on Twitter

"So, overall, the proposed Lot J terms have the City invest $233.3 million. Considering development-related costs (excluding $25 million property tax rebate), City funds $208.3 of the $450 million proposed development. Still pending DIA/City Council approval."

"For parking, term sheet says there would be the same number of overall spaces as Lot J has (1,300), with 700 on a surface lot and 600 integrated in to the residential tower, office tower, hotel, and street parking. Tenants of those towers have first right to access those spaces."

"Additionally, Lot J term sheet says City is proposing $65.5 million grant to "facilitate the development of the Project"."

"Term sheet says City will pay $92.8 million in infrastructure improvements, including structured parking, surface parking, environmental remediation, and other site improvements."

"City proposing 20-year property tax rebate of around $25 million. The rebate applies to the proposed luxury high-rise residential tower, boutique hotel, and office tower."

"Under this proposal, City would contribute 50% of cost of development of the Live! entertainment district (entertainment venue), up to $50 million. City will own this venue, developer will operate it. Event parking and ticket surcharge will be used for future maintenance needs."

"These are the components of the Lot J project, but the term sheet says that could change, based on market conditions. Changes could include adding more residential instead of the office and/or hotel."

[CityLife]

$208.3 million dollars of City money (excluding REV grant which is an abatement of future tax money not actual cash) seems like quite a large chunk of money. Has the City or Khan/Cordish done any kind of cost/benefit analysis? What will the $208.3 million generate in bed taxes, property taxes, consumer spending, etc. How many permanent (not just construction) jobs will be created? If Khan/Cordish convert the office to residential, do they have to pay back a portion of the incentives? What type of programming requirements will the City place on Live!? Will it be booked as poorly as Daily's Place has? Who is the operator of the "boutique hotel"?

Lot of questions remain. Hopefully the DIA and City will provide more information.

[Charles Hunter]

CityLife - the City (Council / Mayor) only have probing questions when it is the School Board proposing to spend money. Questions not appreciated of deals with Khan.

"For parking, term sheet says there would be the same number of overall spaces as Lot J has (1,300), with 700 on a surface lot and 600 integrated in to the residential tower, office tower, hotel, and street parking. Tenants of those towers have first right to access those spaces."

A net loss of 600 spaces adjacent to the stadium and Daily's place.



Isn't this a change from previous renderings / proposals?

Surface parking lot (700 spaces), above the storm water retention pond to the west of Lot J.

I recall previous discussion of "structured parking" over the retention pond. Now, technically, a parking lot built over a retention pond is a "structure."  But, in my mind, the implication was a multi-level parking deck was envisioned.

[thelakelander]

"These are the components of the Lot J project, but the term sheet says that could change, based on market conditions. Changes could include adding more residential instead of the office and/or hotel."

Money aside, this caught my eye....

3-4. The hotel and office towers sound more like speculative pad development than actual projects ready to go vertical. They may or may not happen, depending on the market. So there is a possibility that we could be looking at Live! sitting in the middle of a parking lot for years to come if the market isn't there to support hotel, Class-A office, luxury residential tower construction.

5. The garage discussed over the pond to the west of Lot J is now a surface parking lot. So there's still a lack of connection between the development and the stuff on A. Philip Randolph like IAW, the proposed Doro District, etc. Is there a long term plan to develop over this massive surface parking lot?

With that said, the term sheet basically confirms my comment about the rendering from yesterday. That rendering is completely conceptual and the towers and architecture illustrated will likely change when real projects materialize. Also, nothing south of the Hart Bridge Expressway is included in this, despite what's depicted in the visionary renderings.

[Steve]

Nope. This deal doesn't work for me. Basically COJ is owning all risk and having to prepare a site that Cordish, frankly, doesn't have to develop.

How does this make any sense?

[Tacachale]

That's a pretty big ask for a Live arena, apartments and an office that may not be built.

[Steve]

What's crazy is why did this term sheet take this long? I could see this being Cordish's starting point; the type of offer to present to feel out the other side of the table to attempt to learn what they're thinking.

[Charles Hunter]

What's crazy is why did this term sheet take this long? I could see this being Cordish's starting point; the type of offer to present to feel out the other side of the table to attempt to learn what they're thinking.

If what we have now is the result of lengthy negotiations by the City - what was the original 'ask'?

[Todd_Parker]

With that said, the term sheet basically confirms my comment about the rendering from yesterday. That rendering is completely conceptual and the towers and architecture illustrated will likely change when real projects materialize.

Wasn't that a huge issue with Daly's place, as well? That the finished product was a far cry from the stylized image presented in the conceptual renderings?

[Kerry]

What's crazy is why did this term sheet take this long? I could see this being Cordish's starting point; the type of offer to present to feel out the other side of the table to attempt to learn what they're thinking.

It is becasue they expected JEA to be part of the deal, and had to rework the whole thing when it wasn't.

[thelakelander]

With that said, the term sheet basically confirms my comment about the rendering from yesterday. That rendering is completely conceptual and the towers and architecture illustrated will likely change when real projects materialize.

Wasn't that a huge issue with Daly's place, as well? That the finished product was a far cry from the stylized image presented in the conceptual renderings?

Yes. In general, it's pretty common that things change when going from concept to built product. Unfortunately, when it comes to downtown development, we tend to oversell things when they're still at the conceptual level.

[Papa33]

What's crazy is why did this term sheet take this long? I could see this being Cordish's starting point; the type of offer to present to feel out the other side of the table to attempt to learn what they're thinking.

If what we have now is the result of lengthy negotiations by the City - what was the original 'ask'?

https://www.youtube.com/watch?v=gORMNmZgE3E

[Kerry]

What's crazy is why did this term sheet take this long? I could see this being Cordish's starting point; the type of offer to present to feel out the other side of the table to attempt to learn what they're thinking.

If what we have now is the result of lengthy negotiations by the City - what was the original 'ask'?

https://www.youtube.com/watch?v=gORMNmZgE3E

Roflmao

https://youtu.be/X8rxPrV-tn4