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Finance committee advances $2 million DPRP grant for 225 North Laura historic rehab
Summary
The Finance Committee voted to advance a Downtown Preservation and Rehabilitation Program (DPRP) grant for a three‑story rehabilitation at 225 North Laura Street after extended discussion about finance, community benefit and project oversight.
The Jacksonville City Council Finance Committee voted in committee on March 20 to advance bill 20‑25‑1‑83, a DPRP (Downtown Preservation and Rehabilitation Program) grant request for a three‑story rehabilitation at 225 North Laura Street.
The project sponsor, contractor Alan Cottrell of Avant Construction, told the committee the $5.8 million redevelopment includes a $2 million forgivable grant from the Downtown Investment Authority (DIA) and a $500,000 repayable component. Cottrell said the developer will cover more than $3 million in cash and loans and that DPRP funds are paid only after the project is fully complete and inspected. “We have over $3,000,000 that you either put in cash or combination of cash and loans that we in fact are guaranteeing,” Cottrell said.
The DIA’s Steve Kelly told the committee the property sits in the focused Laura/Hogan corridor the authority has prioritized for reinvestment and that the project…
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