Jaguars State of the Franchise 2018

[Kerry]

What stops Khan from just buying some land and building his ideas if he wants to be a real-estate developer?  Maybe he should start out with a small in-fill project to see if he is good at it.  I mean, he could actually suck at building good urbanism.

[Steve]

What stops Khan from just buying some land and building his ideas if he wants to be a real-estate developer?  Maybe he should start out with a small in-fill project to see if he is good at it.  I mean, he could actually suck at building good urbanism.

There’s not really any land adjacent to the stadium that’s privately owned.

[jaxnyc79]

OK, I understand "Metrojacksonville" is full of emotional volatility and recency bias, but while I have my concerns with Curry's Administration, the very much revered Barnett and Trio were incentivized under his watch and are actually in motion during his administration.  So all is not lost.    Jax is on a very bumpy ride to renewal, but that's probably not unique to Jax.  Finally, does anyone know the inside scoop on the hand-off of the Barnett Building from Shad-owned Iguana to its current ownership?  Is there a compelling story of reconciliation and mediation here?     

[Kerry]

What stops Khan from just buying some land and building his ideas if he wants to be a real-estate developer?  Maybe he should start out with a small in-fill project to see if he is good at it.  I mean, he could actually suck at building good urbanism.

There’s not really any land adjacent to the stadium that’s privately owned.

So?  Is he wanting to be a real-estate developer or not?  He could buy a lot near FSCJ and see if he can be successful with some student housing.

[KenFSU]

OK, I understand "Metrojacksonville" is full of emotional volatility and recency bias, but while I have my concerns with Curry's Administration, the very much revered Barnett and Trio were incentivized under his watch and are actually in motion during his administration.  So all is not lost.    Jax is on a very bumpy ride to renewal, but that's probably not unique to Jax.  Finally, does anyone know the inside scoop on the hand-off of the Barnett Building from Shad-owned Iguana to its current ownership?  Is there a compelling story of reconciliation and mediation here?     

Khan, through Stache Investments, loaned Adkins $3 million to purchase the Barnett in 2013. Barnett failed to make payments on the loan, the property went into foreclosure, and Khan bid around $50k to retain it in 2016. Khan didn't necessarily want to develop it himself, but he wanted to make sure that the property was put in good hands. The trust was broken with Adkins, but when Molasky group came back to the table with Adkins and laid out their plans for the Trio, Khan agreed to sell it to Molasky, for around $4 million and change, I believe.

For the Trio deal, I personally give most of the credit to Adkins and Aundra Wallace, but I agree, Curry has overseen a lot of positive development downtown, has made some bold moves, and has successfully lobbied for a lot of state money for the Hart Bridge ramp removals. He's deepened the city's relationship with Shad Khan and the Jaguars (which I fully support), and even if I don't support every decision, he makes things happen. I'll take Curry 20 times out of 10 over Peyton. That number jumps to 25 if he buries the hatchet with Sleiman and works towards a common solution for the Landing.

[Steve]

What stops Khan from just buying some land and building his ideas if he wants to be a real-estate developer?  Maybe he should start out with a small in-fill project to see if he is good at it.  I mean, he could actually suck at building good urbanism.

There’s not really any land adjacent to the stadium that’s privately owned.

So?  Is he wanting to be a real-estate developer or not?  He could buy a lot near FSCJ and see if he can be successful with some student housing.

That's not what he wants to do. A developer isn't "required" to develop land that's beneficial for someone else, and I don't get the vibe that Shad Khan wants to be a major player in real estate. Make no mistake - he wants to develop around the stadium to help the Jaguars. He hasn't been shy about it, and I don't personally care if that's his motive....as long as it's a good deal for the citizens.

Most cities are realizing that building their stadiums in a sea of parking isn't ideal.

[KenFSU]

Mark Lamping gave a talk this morning.

Here's what the Jags are going to be aggressively pushing for this fall:

1) An economic development agreement with the city in place for Lot J by the end of the year
2) Simultaneous construction underway for five buildings on Lot J by May (entertainment complex, office tower, residential building, hotel, and parking garage).
3) Lot J construction complete two years from now, in time for the start of the 2020 football season

Will be interesting to see the proposed agreement. My guess is the first phase will be $300-$500 million, with the city being asked to provide the property and 30% of the financing through bonds paid back via TIF but guaranteed through the general fund, and Iguana and Cordish covering the rest.

[vicupstate]

Mark Lamping gave a talk this morning.

Here's what the Jags are going to be aggressively pushing for this fall:

1) An economic development agreement with the city in place for Lot J by the end of the year
2) Simultaneous construction underway for five buildings on Lot J by May (entertainment complex, office tower, residential building, hotel, and parking garage).
3) Lot J construction complete two years from now, in time for the start of the 2020 football season

Will be interesting to see the proposed agreement. My guess is the first phase will be $300-$500 million, with the city being asked to provide the property and 30% of the financing through bonds paid back via TIF but guaranteed through the general fund, and Iguana and Cordish covering the rest.

I take it the hotel is NOT the Four Seasons one that would be on the river, but a second one?

For them to be building an office tower they must have a primary tenant lined up. Either JEA or an totally anonymous one. 

Would the city pay for 30% of ALL of the five buildings,(the total cost of the entire Lot J phase)?

[KenFSU]

Four Seasons would be down the road, this is a separate hotel component on Lot J. Similar to the last round of stadium upgrades, I'm sure Phase 1 will be considered one overall project for purposes of a development agreement.

[Charles Hunter]

If I were to bet, I'd wager that JEA will be part of the deal.  Will the City be able to claim moving JEA there as part of the City's "contribution"?

[KenFSU]

If I were to bet, I'd wager that JEA will be part of the deal.  Will the City be able to claim moving JEA there as part of the City's "contribution"?

I could be wrong, but I don't think the city has any say in where JEA relocates.

To the best of my knowledge, it's strictly up to JEA's board of directors.

[vicupstate]

If I were to bet, I'd wager that JEA will be part of the deal.  Will the City be able to claim moving JEA there as part of the City's "contribution"?

I could be wrong, but I don't think the city has any say in where JEA relocates.

To the best of my knowledge, it's strictly up to JEA's board of directors.

The directors are appointed by either the Mayor or the Mayor and the Governor. 

[Charles Hunter]

If I were to bet, I'd wager that JEA will be part of the deal.  Will the City be able to claim moving JEA there as part of the City's "contribution"?

I could be wrong, but I don't think the city has any say in where JEA relocates.

To the best of my knowledge, it's strictly up to JEA's board of directors.

The directors are appointed by either the Mayor or the Mayor and the Governor. 

By the Mayor, from the JEA website: "Our governing body is made up of a seven-member volunteer Board of Directors appointed by the Mayor and confirmed by the City Council."

I understand that the JEA Board will make the decisions on a new HQ location, but they are part of the City, and could factor into a package deal.  Perhaps, a JEA move to Lot J reduces the required cash from the City to the Jags / Iguana by some amount.  The perceived value of having several hundred daily "butts in seats" to feed any restaurants that are built there.

[JaxAvondale]

Mark Lamping gave a talk this morning.

Here's what the Jags are going to be aggressively pushing for this fall:

1) An economic development agreement with the city in place for Lot J by the end of the year
2) Simultaneous construction underway for five buildings on Lot J by May (entertainment complex, office tower, residential building, hotel, and parking garage).
3) Lot J construction complete two years from now, in time for the start of the 2020 football season

Will be interesting to see the proposed agreement. My guess is the first phase will be $300-$500 million, with the city being asked to provide the property and 30% of the financing through bonds paid back via TIF but guaranteed through the general fund, and Iguana and Cordish covering the rest.

Based off this timeline, hosting an NFL Draft within the next 5 years seems plausible.

[Captain Zissou]

If I were to bet, I'd wager that JEA will be part of the deal.  Will the City be able to claim moving JEA there as part of the City's "contribution"?

I could be wrong, but I don't think the city has any say in where JEA relocates.

To the best of my knowledge, it's strictly up to JEA's board of directors.

One of the board members is the CFO of the Jags....