Quote
Deegan sides with Downtown Investment Authority on stopping negotiations with Trio owner
David Bauerlein
Jacksonville Florida Times-Union
Mayor Donna Deegan agrees with the Downtown Investment Authority's decision to break off further negotiations with the owner of the Laura Street Trio, leaving the only remaining path for a redevelopment deal at City Council where a special committee is examining the future of downtown.
Deegan said she was "extraordinarily frustrated" but she said DIA had engaged in the latest round of proposals and counter-proposals with a willingness to stretch what the city would provide for incentives.
"The truth is, I think we were all willing to go farther than we were comfortable with to make sure we could get that done," Deegan said. "But there's just not anything on the table at the moment that is workable for us."
She said she remains committed to saving the Trio.
"We will not allow it to deteriorate," she said. "We're going to make sure that it is redeveloped. At this point, I just don't know how that's exactly going to occur."
Asked whether the city might try to force the issue in the same way it did a decade ago with the Bostwick Building, which also was a vacant historic building, Deegan said, "There are discussions on that front."
...
The DIA board unanimously voted June 28 to end negotiations with SouthEast until it is able to put more of its own money into the redevelopment or find a partner who can bring additional financial resources. Board members cited the large cost of the incentives sought by SouthEast and its request to get most of the incentives on the front end of the project as barriers to reaching an agreement.
"It's really disappointing and heartbreaking that we can't come to a project that is financially feasible," board member Carol Worsham said.
...
SouthEast submitted its latest proposal on June 17 for $89 million in incentives. The major difference from the city's proposal is SouthEast sought more incentives in the form of cash grants and wanted them sooner.
SouthEast asked the city to provide nearly $70 million before SouthEast started construction and then another $12 million during construction. SouthEast sought a $5.3 million grant upon completion of the project followed by $1.85 million in property tax rebates over a five-year period.
Several DIA board members said it wouldn't be financially responsible for the city to put up so much taxpayer money at risk on the front end.
https://www.jacksonville.com/story/news/local/2024/07/09/jacksonville-mayor-deegan-on-whats-next-for-laura-street-trio/74328457007/
I agree; don't give him any more money, incentives, front end cash or whatever. I still get the feeling that he and his team or company have been pocketing money.