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Taxpayers will fund $152M of Lot J development under proposed legislation

The city council meeting, scheduled for 4:00 Tuesday, will introduce the LOT J legislation. The multi-million dollar development could begin the process of building next year, but there are a few more steps that need to be taken.

JACKSONVILLE, Fla. – Jacksonville City Council President Tommy Hazouri will introduce new legislation Tuesday to develop Lot J outside TIAA Bank Field. The roughly $445 million plan calls for about 34% of the project to be funded by taxpayers.

After the legislation is introduced, there will be a public hearing Oct. 27.

The city released an animation earlier this month showing what the mixed-use neighborhood could look like once it’s complete. It shows a transformed Lot J with hundreds of residential units, a new hotel, two parking garages, and retail, office and entertainment space.

Under the current proposal, the total direct public investment will be more than $152 million, which includes about $78 million for city-owned infrastructure. That will require City Council approval before one dollar is spent.

THE PROPOSAL: 18-page proposal to fund the mixed-used development

Instead of sending this to various committees, the full Jacksonvile City Council will debate the project on Nov. 5. A final vote could take place later in November.

The Jaguars have indicated they would like to break ground next year and it could take at least three years to build.

In the meantime, the Jacksonville City Council Social Justice and Community Investment Committee learned Monday that one of three neighborhoods slated to have septic tanks replaced with city sewers may face a significant delay because of funding.

About the Author:

Ashley Harding joined the Channel 4 news team in March 2013 and reports every weekday for The Morning Show.