Author Topic: The District wants $26 million in public incentives  (Read 22079 times)

sanmarcomatt

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Re: The District wants $26 million in public incentives
« Reply #150 on: April 11, 2018, 03:38:22 PM »
"$56 million in tax rebates to the developer."

How 'bout the rest of us?

You have some nerve looking for tax rebates. I've been reading for a decade on MJ that we pay far too little in taxes.Apparently, my quality of life sucks because of it.

Kiva

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Re: The District wants $26 million in public incentives
« Reply #151 on: April 11, 2018, 04:16:55 PM »


The rest is tied to what actually gets built. In other words, to receive all $56M they have to build the entire thing (meaning all of the pretty pictures we've seen).
Does anyone here know if that is correct? If only some of it is built the tax loss to the city is less?

sanmarcomatt

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Re: The District wants $26 million in public incentives
« Reply #152 on: April 11, 2018, 05:01:10 PM »


The rest is tied to what actually gets built. In other words, to receive all $56M they have to build the entire thing (meaning all of the pretty pictures we've seen).
Does anyone here know if that is correct? If only some of it is built the tax loss to the city is less?

The rebates will be based upon the taxes actually paid to the city so the thought is that if less gets built, the taxable value will be less, thus fewer taxes are actually paid, so less rebates.
Of course, we are talking about a department where a major initiative of last year was to get a handle on the homestead exemption and actually do something about the millions being lost....after..what..decades?
 I  put the odds of millions of dollars being handled competently and without any questionable practices at about ....zero. point.zero(in my best Dean Wormer voice)

KenFSU

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Re: The District wants $26 million in public incentives
« Reply #153 on: April 11, 2018, 06:56:36 PM »
Anticipated project timeline, via the Daily Record:

April 11: DIA board approves redevelopment agreement

May 2: Legislation filed with City Council for approval

May 8: Legislation introduced at council meeting

June 12: Earliest date council could vote on District legislation

July 18: Deadline for Elements to purchase land from JEA for $18.5 million

March 2019: Council approves formation of Community Development District

June 2019: City solicits bid for Community Development District construction

June - Aug. 2019: Community Development District issues $30 million in bonds

Aug. 2019: Elements conveys property to the city for public use

2019 -’21: Horizontal and vertical construction begins.

2020 - ’21: Anticipate first Certificate of Occupancy issued. REV grant commences
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marcuscnelson

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Re: The District wants $26 million in public incentives
« Reply #154 on: April 11, 2018, 11:10:21 PM »
Somehow the timeline feels like it'd be so much longer, until you realize that 2021 is 3 years away.

thelakelander

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Re: The District wants $26 million in public incentives
« Reply #155 on: April 12, 2018, 06:57:00 AM »
Deal for The District headed to City Council

Quote
The Downtown Investment Authority board voted Wednesday for a second attempt at an economic development deal for The District. The city would spend up to $26.4 million on public improvements at the site and provide up to $56 million in property tax rebates over 20 years for new, privately-built construction on vacant Southbank land.

The Downtown Investment Authority on Wednesday unanimously approved the second attempt at forging financial incentives for The District, a huge development on downtown’s Southbank that would bring residences, offices, hotel rooms and retail to a 30-acre tract that used to be the site of the Southside Generating Station.

“This property has been vacant for too long,” DIA board member Craig Gibbs said.

The proposal goes next to City Council, which could vote in June after legislation goes through reviews by council committees. City Councilman Matt Schellenberg has already questioned whether the city is shouldering too much of the cost.

The city would pay up to $26.4 million on construction of public improvements such as riverfront bulkhead, extension of the riverwalk, and roads to new waterfront parks on the site. In addition, the city would provide up to $56 million in property tax rebates over 20 years. The total investment for full build-out of The District would be around $280 million, which would be larger than anything done to date in downtown.

Full article: http://www.jacksonville.com/news/20180411/deal-for-district-headed-to-city-council
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Kerry

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Re: The District wants $26 million in public incentives
« Reply #156 on: April 23, 2018, 08:01:12 PM »
Holy crap.  What is the point in creating walkable urbanism if we give away the benefits?
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markees

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Re: The District wants $26 million in public incentives
« Reply #157 on: April 23, 2018, 08:59:03 PM »
As I read all of the comments and replies I can't help but wonder.. What's wrong with making your home town great? I mean I get paying more in taxes might make you butt hurt but If its to actually make the city prosper is there any wrong in that. If so then you're in the wrong city.
DTWD

marcuscnelson

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Re: The District wants $26 million in public incentives
« Reply #158 on: April 24, 2018, 01:06:42 AM »
As I read all of the comments and replies I can't help but wonder.. What's wrong with making your home town great? I mean I get paying more in taxes might make you butt hurt but If its to actually make the city prosper is there any wrong in that. If so then you're in the wrong city.

First of all, welcome!

So, the issue that's getting everyone here upset is why Peter Rummell made this big, fancy urban proposal to win the RFP over the other guy, and then turned around and said that he'd need millions of taxpayer dollars through complicated and questionable deals in order to build it. To make things worse, we've been having these discussions for 4 years now with pretty much nothing to show for it. The other company, I think it was Southpoint Partners or something like that? probably could have been finished by now, but all we have is Rummell's words and a giant empty plot on the Southbank. People are upset by the idea of paying taxes to make one guy richer, with only his word to guarantee actual improvement for this town.

If things were straightforward, obvious "spend money = great city" then things would be fine, but it's much more complicated than that.

heights unknown

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Re: The District wants $26 million in public incentives
« Reply #159 on: April 24, 2018, 02:00:07 AM »
As I read all of the comments and replies I can't help but wonder.. What's wrong with making your home town great? I mean I get paying more in taxes might make you butt hurt but If its to actually make the city prosper is there any wrong in that. If so then you're in the wrong city.

First of all, welcome!

So, the issue that's getting everyone here upset is why Peter Rummell made this big, fancy urban proposal to win the RFP over the other guy, and then turned around and said that he'd need millions of taxpayer dollars through complicated and questionable deals in order to build it. To make things worse, we've been having these discussions for 4 years now with pretty much nothing to show for it. The other company, I think it was Southpoint Partners or something like that? probably could have been finished by now, but all we have is Rummell's words and a giant empty plot on the Southbank. People are upset by the idea of paying taxes to make one guy richer, with only his word to guarantee actual improvement for this town.

If things were straightforward, obvious "spend money = great city" then things would be fine, but it's much more complicated than that.
There is no "COMPLICATION" as you say, I hate to point out, because if these people really meant well, and really wanted to do something special FOR the City of Jacksonville and/or our area, they wouldn't be looking for more or additional money or funds to help them build these things; not only are they looking for an easy way out if they build it, they are also possibly looking to "get out" and take the money and run at the first inkling or sign of trouble; and then the city and the taxpayers are left hanging (as in some examples in the not too distant past). One word plain and simple if you want to use the word "COMPLICATION;" GREED!
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markees

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Re: The District wants $26 million in public incentives
« Reply #160 on: April 24, 2018, 02:17:07 PM »
Thanks for the welcome!

I will say though I believe there is a feud going on with the Mayor Lenny Curry and our City Council President Anna Brosche. This ultimately scares me, apparently Rummell sent an email to his constituents asking them to help Brosche see the light in all this. I would like to know what her issue is. If she doesn't want our city let alone downtown to prosper and grow she shouldn't be our city council president.... just my thoughts. 
DTWD

Tacachale

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Re: The District wants $26 million in public incentives
« Reply #161 on: April 24, 2018, 02:28:52 PM »
Thanks for the welcome!

I will say though I believe there is a feud going on with the Mayor Lenny Curry and our City Council President Anna Brosche. This ultimately scares me, apparently Rummell sent an email to his constituents asking them to help Brosche see the light in all this. I would like to know what her issue is. If she doesn't want our city let alone downtown to prosper and grow she shouldn't be our city council president.... just my thoughts.

Not really an accurate reading of the situation. Curry and Brosche have been at odds over a variety of things unrelated to the District, most recently the JEA situation. Brosche also called into question the deal the District was trying to organize. Rummell then inserted the District into the situation involving Curry and Brosche as an attempt to get the deal pushed through. It didn't work - people still had a lot of legitimate questions about what they were trying to do - and the District changed tacks anyway. Not a great moment on Rummell's part.
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MusicMan

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Re: The District wants $26 million in public incentives
« Reply #162 on: April 24, 2018, 03:28:47 PM »
Rummell made an ass of himself in this situation, Brosche had nothing to do with that.

He has played Mayor Curry and the JEA Board like a fine violin, and 1000 days into the agreement STILL HAS NOT CLOSED ON THE REAL ESTATE LIKE HE SAID HE WOULD.

And according to some reports he is still looking for the money. If that is true then what a cluster f#ck.

Gators312

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Re: The District wants $26 million in public incentives
« Reply #163 on: April 24, 2018, 04:11:36 PM »
Thanks for the welcome!

I will say though I believe there is a feud going on with the Mayor Lenny Curry and our City Council President Anna Brosche. This ultimately scares me, apparently Rummell sent an email to his constituents asking them to help Brosche see the light in all this. I would like to know what her issue is. If she doesn't want our city let alone downtown to prosper and grow she shouldn't be our city council president.... just my thoughts.

I'm not sure how skepticism on giving Peter Rummell $80 Million for a project he has yet to own the land for nor her objections to the way the JEA dealings have played out so far is any reason why Brosche shouldn't be our City Council President. 

heights unknown

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Re: The District wants $26 million in public incentives
« Reply #164 on: April 24, 2018, 04:15:53 PM »
Rummell made an ass of himself in this situation, Brosche had nothing to do with that.

He has played Mayor Curry and the JEA Board like a fine violin, and 1000 days into the agreement STILL HAS NOT CLOSED ON THE REAL ESTATE LIKE HE SAID HE WOULD.

And according to some reports he is still looking for the money. If that is true then what a cluster f#ck.
And...if that's true, then THE DISTRICT may never get built!
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