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DIA defends land-swap and $20M cap for LaVilla UF site as commissioners and public press for more transparency
Summary
The Downtown Investment Authority said a proposed land swap and capped $20 million completion grant tied to a University of Florida LaVilla campus would generate a modest positive return, while a public commenter raised ethics and tenant-treatment concerns about Gateway/JWB and questioned published revenue estimates.
Lori Boyer, chief executive officer of the Downtown Investment Authority, explained the agency’s rationale for negotiating a land exchange and capped completion grant with Gateway LLC (an entity including JWB and other investors) to facilitate University of Florida’s selection of the LaVilla site for a semiconductor institute campus.
Boyer said Gateway owned an office building (referred to in the briefing as the interline/Inner Line Brands building) that the city could acquire via negotiation. She outlined competing site appraisals and constraints on alternative parcels, saying appraisals for available city parcels and physical easements produced an estimated combined value "about $5.07 million," which she contrasted with Gateway’s appraisal of the building. To bridge the gap and avoid a large cash purchase, the DIA proposed a property exchange and a capped financial incentive.…
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