JEDC Public Investment Policy Transparency

[LindseyBallas]

In light of recent questions raised regarding the transparency of public investment in Jacksonville http://jaxpolitics.wordpress.com/2009/06/17/jax-officials-dispute-cash-for-relocation-charge/ , the JEDC process is transparent and has a higher degree of vetting approval process than most other communities within in the state to ensure that safeguards are in place to protect taxpayers. 

The JEDC public investment toolkit is one of the only policies in the state to be publicly vetted, formalized and approved by an elected body as it operates within the framework of the City Council-approved Public Investment Policy, which you can learn more about and download a copy here from our website http://www.coj.net/Departments/Jacksonville+Economic+Development+Commission/JEDC+Information/Public+Investment+Policy.htm .

Projects receiving public investment in Jacksonville are vetted through a rigorous process as they must gain approval from two official bodies: the JEDC Commissioners (view Commissioners here --> http://www.coj.net/Departments/Jacksonville+Economic+Development+Commission/JEDC+Information/JEDC+Commissioners.htm ), a group of business professionals and community leaders appointed by the Mayor and confirmed by City Council that meet the second Thursday of each month to review potential projects and City Council, after three public readings of the bill concerning the potential project.   

Potential prospects are explicitly told to make no reliance upon the proposed public investment package until it is approved by the JEDC and City Council. All information regarding the public investment package including sources and uses of public dollars and taxpayer protections are made public when the project is reviewed by the JEDC Commissioners and City Council.

The JEDC takes very seriously its responsibility to be a fiduciary of public investment and proposes packages that include performance-based, “back-end” incentives where a company would only receive incentives after achieving certain performance measures (such as average wage minimum, job creation, private capital investment). “Clawbacks” are also often used which refers to the practice of “clawing back” money or property provided to a company at the beginning of a project if the company does not meet performance standards later in the project.   

The JEDC utilizes the performance-based incentives in the vast majority of its business development projects to provide the greatest degree of taxpayer protection â€" if the performance measures for the company are not met, then no public money is ever outlaid and the agreement is terminated.

[Sigma]

Thanks for posting - and welcome.

[brainstormer]

Welcome Ms. Ballas.  I think you and Adam Hollingsworth are very brave and also very smart to embrace a think-tank such as MetroJax.  Many of us who regularly post are unhappy with our city government and accompanying agencies, but at the same time, we have a lot of common sense and really want what is best for the city.  I personally do not understand all of the functions and decision making processes of various groups, one being the JEDC.  I just rant at their decisions.    I will be taking a look at some of your links and look forward to future discussion.  I know you are not one of the commissioners, so do you mind informing us of your role and involvement with JEDC?  Thank you.

[mtraininjax]

Lindsey, you cut some mean grass, this past Sunday! J. Thiel is coming in this weekend, he would love to chat with you!

Sorry, had to point out the grass part, with the headphones. Thanks for posting!

[LindseyBallas]

Welcome Ms. Ballas.  I think you and Adam Hollingsworth are very brave and also very smart to embrace a think-tank such as MetroJax.  Many of us who regularly post are unhappy with our city government and accompanying agencies, but at the same time, we have a lot of common sense and really want what is best for the city.  I personally do not understand all of the functions and decision making processes of various groups, one being the JEDC.  I just rant at their decisions.    I will be taking a look at some of your links and look forward to future discussion.  I know you are not one of the commissioners, so do you mind informing us of your role and involvement with JEDC?  Thank you.

Brainstormer-  Thank you for the welcome. I am the Business Development Chief for the JEDC. I oversee all business recruitment and expansion, Cecil Commerce Center and some Downtown projects as needed. Please visit our website, we are always looking for input to improve it --> http://www.coj.net/Departments/Jacksonville+Economic+Development+Commission/Business+Development/default.htm
You can also follow me on Twitter --> www.twitter.com/lindseyballas 

[LindseyBallas]

Lindsey, you cut some mean grass, this past Sunday! J. Thiel is coming in this weekend, he would love to chat with you!

Sorry, had to point out the grass part, with the headphones. Thanks for posting!

Too Funny - I'll have to wear darker glasses when I mow the yard... Yes, cant wait to meet Thiel

[civil42806]

Welcome Ms. Ballas.  I think you and Adam Hollingsworth are very brave and also very smart to embrace a think-tank such as MetroJax.  Many of us who regularly post are unhappy with our city government and accompanying agencies, but at the same time, we have a lot of common sense and really want what is best for the city.  I personally do not understand all of the functions and decision making processes of various groups, one being the JEDC.  I just rant at their decisions.    I will be taking a look at some of your links and look forward to future discussion.  I know you are not one of the commissioners, so do you mind informing us of your role and involvement with JEDC?  Thank you.

Brainstormer-  Thank you for the welcome. I am the Business Development Chief for the JEDC. I oversee all business recruitment and expansion, Cecil Commerce Center and some Downtown projects as needed. Please visit our website, we are always looking for input to improve it --> http://www.coj.net/Departments/Jacksonville+Economic+Development+Commission/Business+Development/default.htm
You can also follow me on Twitter --> www.twitter.com/lindseyballas 

Are we talking about Adam "sandbags" hollingsworth, how is that hack still sucking at the public payroll

[zoo]

Projects receiving public investment in Jacksonville are vetted through a rigorous process as they must gain approval from two official bodies: the JEDC Commissioners (view Commissioners here --> http://www.coj.net/Departments/Jacksonville+Economic+Development+Commission/JEDC+Information/JEDC+Commissioners.htm ), a group of business professionals and community leaders appointed by the Mayor and confirmed by City Council that meet the second Thursday of each month to review potential projects and City Council, after three public readings of the bill concerning the potential project.

I have been told by more than one Commissioner that the disappointing thing about the JEDC Commission is that the meetings are mostly for the purpose of "rubber-stamping" what the JEDC has determined is the best path/program. And political structure presumes the public trusts the Council when it gives its "approval" of something, and I think many of the users of this board have great distrust and lack of faith in the judgement of Jax's Council.

The JEDC takes very seriously its responsibility to be a fiduciary of public investment and proposes packages that include performance-based, “back-end” incentives where a company would only receive incentives after achieving certain performance measures (such as average wage minimum, job creation, private capital investment). “Clawbacks” are also often used which refers to the practice of “clawing back” money or property provided to a company at the beginning of a project if the company does not meet performance standards later in the project.

I'm wondering what happened to the funds that have been (or are set to be) clawed-back from the Miles project? Wasn't there $9-$11M allocated to infrastructure improvement at their now-defunct project? Are those funds still being held in that existing allocation, or have they been "borrowed" by the City for something else? And if so, what?

The JEDC utilizes the performance-based incentives in the vast majority of its business development projects to provide the greatest degree of taxpayer protection â€" if the performance measures for the company are not met, then no public money is ever outlaid and the agreement is terminated.

Sure, but whether or not a potential partner gets to be analyzed as able to deliver performance measurements in the first place is either politicized or at the discretion of a selected few JEDC executives. And I think JEDC has proven that many of the political/discretionary judgements made in this regard have been poor (Miles, LandMar, Cameron Kuhn, etc, etc, etc...)

[BridgeTroll]

We appreciate your input Ms Ballas... Thank you for posting!