Author Topic: A Brief Look at the Laura Street Trio Incentive Package  (Read 21254 times)

heights unknown

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #30 on: January 04, 2024, 06:59:19 PM »
Tsk tsk tsk. Oh yes Jax piddles, twiddles, and resolve, not one damn thing do they solve!
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jaxlongtimer

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #31 on: January 04, 2024, 11:09:10 PM »
I suggest a nonprofit "historic restoration" trust be created, akin to a land trust, to raise funds and get these restorations done.  Once completed, the trust can operate the facilities using any income to put toward future restorations and/or sell the buildings to reinvest in other buildings needing restoration.  This model is not just used by land trusts but also mimics Habitat for Humanity.

As a nonprofit, it will be easier to get the City to throw money at these projects, to obtain grants from the State, Feds, etc., to offer tax credits and to raise funds from the donor class to create enough "investor" equity to make the project feasible to service the balance as a loan.

It is becoming pretty obvious that a for-profit entity can't pull this off in a manner that works for the developer, investors, lenders and the City so it is time to take another tack.

jaxoNOLE

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #32 on: January 05, 2024, 01:08:07 AM »
Quote
On Thursday, the owner and developer told News4JAX that the buildings might have to come down because he is not getting anywhere with the city about redevelopment plans.

That takes some Jax-level hubris to say when he has secured multiple deals from the City to redevelop the Trio and then done absolutely nothing. Who's to say he would ever break ground even if the City gives him this deal as he's envisioned it? He dreams up a new vision every 6 months.

If in fact those buildings do collapse all on their own, the City should hold him accountable for damages, cleanup, and restoration. It's his property and he's utterly failed to care for it. Under no circumstance should he be permitted to build a new structure on that property if the buildings become unsalvageable due to his neglect.

vicupstate

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #33 on: January 05, 2024, 05:16:19 AM »
JWS seems to be the only entity that can do these historic restorations on time and budget. Maybe they can buy Southeast's interest in the properties.
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thelakelander

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #34 on: January 05, 2024, 07:16:12 AM »
^It doesn't appear that Southeast is interested in selling.
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Captain Zissou

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #35 on: January 05, 2024, 10:14:04 AM »
From the Daily Record:
Quote
“Dammit, let’s find a way to make this happen, and let’s not keep finding and parading the damn horribles,” [Matt Carlucci] said during the meeting, referring to complaints.

“Let’s have a can-do attitude and put the horribles aside.”

Most projects that come before the council don't contain "horribles" that can be paraded.  I still struggle to see how this project costs $175M and it's blatantly obvious that Atkins does not have the financial capability to perform.  I hate this idea a little less, but why not give him a Sleiman style buy out and take the property back?  RFP the property and then give it to a capable developer with a number of construction milestones on an expedited schedule that insure prompt performance?

Ken_FSU

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #36 on: January 05, 2024, 01:36:22 PM »
From the Daily Record:
Quote
“Dammit, let’s find a way to make this happen, and let’s not keep finding and parading the damn horribles,” [Matt Carlucci] said during the meeting, referring to complaints.

“Let’s have a can-do attitude and put the horribles aside.”

Most projects that come before the council don't contain "horribles" that can be paraded.  I still struggle to see how this project costs $175M and it's blatantly obvious that Atkins does not have the financial capability to perform.  I hate this idea a little less, but why not give him a Sleiman style buy out and take the property back?  RFP the property and then give it to a capable developer with a number of construction milestones on an expedited schedule that insure prompt performance?

It's ironic that Matt Carlucci was one of the most vocal critics of Lot J, said that "voters will never forgive us if we pass this," and tried repeatedly to shoot it back to the DIA. Now, he's the one pushing through emergency legislation and almost single-handedly championing a clearly half-baked deal that could expose those same voters to hundreds of millions in liability.

simms3

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #37 on: January 05, 2024, 01:37:41 PM »
Ok, I'm done with Atkins now...he's declared war here.

Quote
“It’s a possibility,” Atkins said when asked if the project could be dead. “And unfortunately, the next step would probably be to take the buildings down and to build something out. That would be really unfortunate. That’s certainly not what we would like to do. I think it’s too important to the city. But we may be left with no other alternative.”

Atkins said it doesn’t matter that the buildings are historical.

“I mean, everything’s got a lifespan,” he said. “Even if they’re historic buildings, it doesn’t preclude the opportunity for them to have to be demolished.”

Atkins that’s a reality, not a threat.

“Well, or they’re going to fall down. I mean, we’ve got issues structurally with the building, has to be done within a certain amount of time,” Atkins said.


The city has come to the table to try to approve incentives packages that it can for a larger deal, and he's saying this stuff.  He's not willing to sell and he's not willing to propose smaller chunks.  And now he's making threats about tearing these things down.  He does not have good will with him at this point.
Bothering locals and trolling boards since 2005

Ken_FSU

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #38 on: January 05, 2024, 03:00:33 PM »
What I'm insanely curious about is what happened over the last couple of months to change the deal from:

1. The city provides Atkins a pretty insane, but capped and finite, $20+ million in cash grants.

to

2. The city guarantees all of Southeast's $20+ million construction loans to Capital One.

Kind of terrifying that Southeast couldn't get this across the finish line with historic preservation credits from the state, REV grants and preservation grants from the DIA, AND $20 million in public grants.

Steve

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #39 on: January 05, 2024, 03:38:51 PM »
So it's basically when an 18-year-old wants a loan and needs a cosigner?

thelakelander

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #40 on: January 05, 2024, 03:45:44 PM »
What I'm insanely curious about is what happened over the last couple of months to change the deal from:

1. The city provides Atkins a pretty insane, but capped and finite, $20+ million in cash grants.

to

2. The city guarantees all of Southeast's $20+ million construction loans to Capital One.

Kind of terrifying that Southeast couldn't get this across the finish line with historic preservation credits from the state, REV grants and preservation grants from the DIA, AND $20 million in public grants.
Sounds like a lot of bad advice.
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Ken_FSU

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #41 on: January 06, 2024, 12:00:51 PM »
Really, really good stuff again by Nate Monroe here, framed around the Trio but also striking at the core of the problem with DT Jax in general. Great details too about the infamous developers meeting a few years back that I don’t think ever got out in the press anywhere else.

https://www.jacksonville.com/story/news/columns/nate-monroe/2024/01/05/nate-monroe-laura-street-trio-fight-reveals-downtown-dysfunction/72120429007/

Charles Hunter

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #42 on: January 06, 2024, 12:44:48 PM »
Really, really good stuff again by Nate Monroe here, framed around the Trio but also striking at the core of the problem with DT Jax in general. Great details too about the infamous developers meeting a few years back that I don’t think ever got out in the press anywhere else.

https://www.jacksonville.com/story/news/columns/nate-monroe/2024/01/05/nate-monroe-laura-street-trio-fight-reveals-downtown-dysfunction/72120429007/

Bring back the old, but independent, Downtown Development Authority.

jaxlongtimer

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #43 on: January 06, 2024, 06:58:14 PM »
Monroe's review of the DIA/City Council/Mayor relationships parallels the Confederate Monument path.  The City Council abdicates to others to take the hit when making a decision might be a political hot potato but then also wants to be able to criticize that decision after it is made.

Monroe describes DIA as a tool of the Council where the Council wants its cake and eat it too.  If they follow DIA advice and it doesn't work out, it's on DIA.  If they don't like making a decision kicked to them by DIA, they don't want to lead on resolving it, so they kick the can back down the road.  The whole arrangement Monroe describes is likely by design, albeit it holds the City back.  It is all about the politicos protecting their own interests, not serving the citizens that elected them.

In the end, the Council is specializing in avoiding making any decision that might be the least bit daring.  Better to bat it around until it dies from frustration and futility, no decision having been made.

This isn't unique to the Council.  The reason we have so many citizen led constitutional amendments on our ballots is because the Legislature often does the same thing.

We live in a world where elected leaders often no longer lead and non-accountability is the end goal.

WarDamJagFan

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Re: A Brief Look at the Laura Street Trio Incentive Package
« Reply #44 on: January 08, 2024, 09:24:39 AM »
The Jaguars are the Trio. Just one giant pipe dream everyone wants to succeed but reality keeps kicking it in the balls.