Downtown Investment Authority and council members set schedule to debate land swap versus purchase for 801 West Bay Street

Laurie Boyer, chief executive officer of the Downtown Investment Authority, told the Jacksonville City Council Finance Committee on April 15 that DIA intends to file gateway legislation and the related redevelopment agreement in late April and May so the council can consider either a land swap or a purchase of property at 801 West Bay Street.

Boyer said the gateway legislation will be in substantially final form by April 28 and filed for council auditors to review; formal introduction was scheduled for May 13. She said the Committee of the Whole is being planned for May 27, a council day from 2 to 4 p.m., to present the pros and cons of a land swap and of a purchase and to allow amendments at committee. A final council vote was described as targeted for June 10; BOyer said any amendment to change from a swap to a purchase could be offered at Committee of the Whole and would not require re-noticing.

Council members asked when they would see the total financial request. Boyer and committee staff said that the full UF (University of Florida) package would be filed May 21 and available for review then, and that UF-related legislation would be introduced later in May with additional committee steps in June. Boyer said negotiations on the redevelopment agreement (RDA) were ongoing and that the RDA would be in substantially final form by the end of the week following the meeting.

Committee members pressed for details about how any additional requested financing would be funded. Council member Howland specifically said he expects detailed financing language in legislation for an anticipated additional $50 million for a semiconductor institute and urged the administration to consider reprioritizing other projects rather than relying on new discretionary dollars.

Boyer also noted a separately owned small parcel within the convention center site: a cutout parcel currently owned by Vescor that the University of Florida wants the city to acquire on UF's behalf. She said discussions about how the city would acquire that parcel may continue through July or August and that it should be included in council deliberations when the council evaluates the 'all-in' ask.

Multiple committee members and staff described a desire that council receive council auditor review and any proposed amendments in time to make an informed decision; staff noted the possibility of filing some items on an emergency basis so they could go to committee before a council public hearing, with council retaining the ability to deny emergency designation at the meeting.

No formal vote on the land-swap vs. purchase question was taken by the finance committee during this meeting. Instead the committee received the DIA's schedule and directed staff and DIA to continue drafting and to provide auditors time for review in advance of the May 27 Committee of the Whole and June final vote windows.

Ending: The DIA said its schedule is intended to allow a full committee debate and the opportunity for amendments; committee members said they want detailed financing language when the full package is filed and expect further briefings and documents from staff and DIA before the May 27 Committee of the Whole.