JACKSONVILLE, Fla. – Jacksonville’s Downtown Investment Authority on Wednesday voted to pass a report on to the City Council, which recommends the Lot J project with changes.
The DIA was asked a week ago to weigh-in on the $445 million partnership. It would develop Lot J outside TIAA Bank Field in a deal between the city and the Jaguars owner, using a developer named The Cordish Companies.
Mark Lamping, the Jaguars president, has asked for at least a yes or no vote from council as soon as their next regular meeting Dec. 8.
“We’ve spent millions of dollars to get to where we are right now,” Lamping said. “And when you go through that process, the expectation is you know where the goalposts are. Doesn’t mean you’re going to score but you know where the goalposts are, and to have the threat of moving the goalposts, I just, I think that’s the wrong message.”
Board members Wednesday debated which of the DIA recommendations needed to go to City Council for a special Committee of the Whole meeting Thursday.
The biggest issue seemed to be what’s called a breadbox loan of up to $65.5 million. Lamping stopped just short of calling it a deal breaker.
“The dollars are fungible as far as we’re concerned as long as they get into the project. But if the ask is, we want you to reduce the public investment by $65 million, than the project doesn’t go forward,” he said. “If there is a renegotiation on the public investment and it says that the public investment is going to be decreased by $65 million, the project is no longer viable.”