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Committee clears $8 million appropriation to buy GatewayJax property for UF campus talks; JEA funding to replenish reserves discussed
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Summary
The Finance Committee approved an $8 million appropriation (Bill 20 25 1 30 5) to acquire a property for a proposed University of Florida campus; the auditors said the $8 million would come from operating reserves with intent to replenish those reserves with JEA contributions in the FY26 budget. Committee voted 6-0.
The Finance Committee voted 6-0 to approve Bill 20 25 1 30 5, which increases the appropriation to $8 million to acquire a property that proponents say will support a proposed University of Florida campus.
Funding source and replenishment: the Council Auditor explained the $8 million would be taken from the city’s operating reserves. Committee members and the auditor said the intent is to replenish that reserve in the FY26 budget using an increased JEA (Jacksonville Electric Authority) contribution; the auditor described that replenishment as aspirational and subject to later council budget action.
Why it matters: supporters said purchasing the GatewayJax property would advance the UF campus plans and downtown redevelopment goals. Opponents and some speakers raised concerns about using JEA-generated revenue to backfill the reserves, arguing that if JEA rates are held high to generate the contribution, ratepayers ultimately bear the cost.
JEA remarks and context: Curt Wilson of JEA told the committee the recent one-time $40 million increase in the city contribution resulted from debt restructuring savings and is not directly taken from rate increases. He also said the ongoing city contribution percentage is consistent with practices among municipal owners and that a state bill under consideration would cap city transfers at 10% of net revenues; JEA’s current contribution is under that level.
Process and options: council members noted that the Gateway property owner could decline to sell; the committee discussed appraisal timing and allowed the GatewayJax owner more time to finalize appraisals before the next committee meeting.
Vote: the committee approved the bill 6-0. Staff and advocates said the appraisal update expected in the days before the next meeting could shift negotiations, and the final sale would remain a mutual agreement between buyer and seller.
