Laura Street Trio developers will seek 'substantial public investment'

[Kerry]

The tracks through the Southbank are FEC.  There's not much CSX can do about that.

Oops  - that's right.  Anyhow, the City can do something about it and that was the main point.

[simms3]

This project aside, $20 million is a drop in the bucket for the ultimate amount of subsidies needed to launch something of this magnitude off the ground in downtown Jax.  I'm sure, there's more to come as other proposed developments get far enough to make their financing gaps publicly known.  If we can't paying for downtown revitalization of this type, maybe it's time to pull up our pants and get off the pot.

Yes.  That is all true.  Not to mention, we can't give subsidies to just one developer for just one project.  If we want more to happen, in the short term anyone who wants to play their part in downtown redevelopment will ask for and require subsidies of similar scale relative to their project.  The city HAS to be prepared to either offer Atkins the $20M and future developers many millions more (and expect possible lawsuits if it doesn't, I would think), OR it needs to offer NO incentives and hold a fast line, being fully prepared to see nothing happen downtown at all.

[icarus]

Yes.  That is all true.  Not to mention, we can't give subsidies to just one developer for just one project.  If we want more to happen, in the short term anyone who wants to play their part in downtown redevelopment will ask for and require subsidies of similar scale relative to their project.  The city HAS to be prepared to either offer Atkins the $20M and future developers many millions more (and expect possible lawsuits if it doesn't, I would think), OR it needs to offer NO incentives and hold a fast line, being fully prepared to see nothing happen downtown at all.

Giving the incentives doesn't open Pandora's box and can be done to avoid lawsuits (as long as the award process is above board - not always our city's strong point).

But, otherwise, totally agree that the City has to be prepared to do more.  If the bulk of the credits are done with property tax exemptions and Federal tax credits in the case of the Trio, it makes the financial pinch much easier to bare for COJ.