City Council Finance Chair Matt Carlucci, Member-At-Large, is asking local citizens and taxpayers for their input on the proposed $250 – $300 million taxpayer subsidy to help Cordish Companies develop Lot J into an entertainment zone, together with office space, a hotel, restaurants, and luxury apartments.
According to news reports in the Florida Times-Union, the complex financial agreement would include the city selling bonds, a favorable tax-payer financed interest free loan, and reduced property taxes. You may link to the the TU story here: https://www.jacksonville.com/story/news/local/2020/10/05/city-jaguars-unveil-latest-lot-j-development-plans/3621450001/
And TU columnist Nate Monroe (October 8 column) claims that, “the subsidy package . . . is roughly the equivalent of what the city budgeted to spend on infrastructure improvements across the entire city this year.” You may link to Monroe’s column here: https://www.jacksonville.com/story/news/columns/nate-monroe/2020/10/08/shad-khan-rolls-jacksonville-city-hall/5909591002/
An excerpt from Carlucci’s monthly newsletter is listed here:
A Message from Matt
As I write this, I am praying that you and your loved ones are safe and healthy.
There are many reasons this is a momentous time for Jacksonville.
Concern over the City’s commitment to Lot J
The recent announcement of the Lot J development is of particular concern to
me. Lot J will require an unparalleled investment of tax money. I want to know
your thoughts and concerns about the City borrowing up to $300 million to
underwrite the development. Please email me at [email protected].
You can also reach out to my Executive Council Aide, Alyson Lee, at [email protected]
or call her at 255-5159.
We want to hear from you!