City set to approve grants for Barnett Bank, Laura Street Trio

[remc86007]

Why isn't this a line item on the budget with a small annual contribution?

[Steve]

Looks like legislation will be formally introduced in April to City Council:

http://www.jaxdailyrecord.com/showstory.php?Story_id=549591

[Steve]

If approved, Delaware-based Laura Trio LLC would be awarded the rights to develop phase one, or about 30,000 square feet, of the vacant buildings known as the Laura Street Trio.

Combined, the three historic structures have about 72,000 square feet of general office space and 10,000 square feet of commercial and retail space.

When completed, the property will include a Courtyard by Marriott hotel, bodega market, café, restaurant, rooftop bar and retail office space.

A 550-space parking garage also is part of the project. The $11 million garage will be built by the developers on property the city owns at Adams and Laura streets.

http://www.jaxdailyrecord.com/showstory.php?Story_id=549860

[Steve]

What's part of "phase one"?

[thelakelander]

Not sure. I was always under the impression that phase one was the Barnett and parking garage, while the Trio would follow.

With that said, since the Trio is multiple buildings, there's no reason why some of the retail/dining along Forsyth, should have to wait for the completion of the hotel.  So maybe the article speaks to this.

[FlaBoy]

Not sure. I was always under the impression that phase one was the Barnett and parking garage, while the Trio would follow.

With that said, since the Trio is multiple buildings, there's no reason why some of the retail/dining along Forsyth, should have to wait for the completion of the hotel.  So maybe the article speaks to this.

The Bank Building at the corner that will be a restaurant is in a lot better condition. Maybe they can get that operational sooner rather than later.

[edjax]

Article by Wayne Wood in the current Arbus magazine indicates all three will start simultaneously.  The garage/retail should be completed 12 months out, Barnett 16 months and Trio 22 months. It says staged as 3 separate projects which will start simultaneously soon after the development agreement is approved by City Council.

[RatTownRyan]

Looks like this is on the city council agenda for tomorrow.

http://cityclts.coj.net/coj/CurrentYear/Council/89-MAY-23-2017-AGENDA.htm


INTRODUCTION OF NEW ORDINANCES (1ST READING):


2017-403
ORD Approp $4,000,000 from Downtown Historic Preservation & Revitalization Trust Fund for Renovation of the Barnett Bank Building; Making Findings & Auth (1) Redev Agreemt among City, DIA, Barnett Tower, LLC (Barnett Developer), & Laura Trio, LLC (Trio Developer); (2) Lease Agreemt with BLT Parking, LLC (Landlord); (3) Parking Sublease Agreemt bet City & Landlord as Tenant; (4) Quitclaim Deed Conveying City Owned Parcel of Land to Barnett Developer; & (5) Related Agreemts as Described in Redev Agreemt for Renovation of Barnett Bank Bldg & Constrn of a Parking Garage (Barnett Proj) & Renovation of the Marble Bank Building, Bisbee Building & Florida Life Building & Related Improvemts (Trio Proj), all in Northbank Down CRA; Auth & Approp a Downtown Historic Preservation & Revitalization Trust Fund Grant of $4,000,000 to Barnett Developer; Auth a Downtown Historic Preservation & Revitalization Trust Fund Grant of $4,000,000 to the Trio Developer, to be Appropriated by Subsequent Legislation; Auth a REV Grant of $1,800,000 for Trio Proj; Waive the Downtown Historic Preservation & Revitalization Trust Fund Guidelines of 2002-395-E to Auth Grants in Excess of $1,000,000 for said Projs; Waive Chapt 122 (Public Propty), Part 4 (Real Propty), Subpart C (Community Redev Real Propty Dispositions), to Auth Sale of City Owned Real Propty without Appraisal to Barnett Developer at Les than Fair Market Value; Designate DIA as Contract Monitor for the Redev Agreemt & Related Agreemts; Designate Oversight of the Proj by the Public Works Dept; Provide Deadline for the Developer to Execute Agreemts; Waiver of Public Investmt Policy for Trio Developer to Rcv a REV Grant that requires it be in a Targeted Industry Category, must Create at least 10 New Full-Time Jobs & that the Wages be Greater than or Equal to 100% of Florida's Average Wage, & that Limits Funding from said Trust Fund to a Max of $1,000,000 per Proj. (BT 17-110) (Sawyer) (Req of Mayor)
Public Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 6/13/17
 
1. 5/23/2017 CO  Introduced: NCIS,R,F

[thelakelander]

Lawsuit claims Atkins owes consulting fees

By David Cawton, Staff Writer

Developer Stephen Atkins, who wants to restore the Barnett Bank building and Laura Street Trio, is facing a civil lawsuit over alleged unpaid consulting fees.

On April 7, Atlanta-based Sterling Consulting LLC filed a complaint in Circuit Court against SouthEast Development Group LLC alleging that it owed Sterling $750,000 plus interest for breach of contract, fraud and attorney’s fees.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=550041

[camarocane]

Around and around we go...

[Non-RedNeck Westsider]

Lawsuit claims Atkins owes consulting fees

By David Cawton, Staff Writer

Developer Stephen Atkins, who wants to restore the Barnett Bank building and Laura Street Trio, is facing a civil lawsuit over alleged unpaid consulting fees.

On April 7, Atlanta-based Sterling Consulting LLC filed a complaint in Circuit Court against SouthEast Development Group LLC alleging that it owed Sterling $750,000 plus interest for breach of contract, fraud and attorney’s fees.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=550041

I really couldn't care less about allegations, lawsuits and what-not.   Unfortunately, it's almost a 'typical' way of business. 

What concerns me, as it does on every project the city subsidizes, is how much money are we contributing to the project up front?  I honestly don't care if the city agrees in principal to pay for the entire restoration, but with not a dollar to be paid until the project is completed, within a reasonable timeline and other contingencies in place to protect city hall.

[Steve]

^That's the way the Barnett deal is. It's two $4 Million awards, paid upon issuance of the Certificate of Occupancy.

[remc86007]

Sounds to me like the type of dispute that will be dealt with pretty easily by a settlement after the respective lawyers bill some time on discovery.

[Non-RedNeck Westsider]

^That's the way the Barnett deal is. It's two $4 Million awards, paid upon issuance of the Certificate of Occupancy.

Thanks.  And these are the types of deals I have zero issue with our city making.

[Steve]

Potentially good news:

https://www.jaxdailyrecord.com/article/developer-new-laura-street-trio-proposal-expected