JEA and the city will negotiate a land swap for the site of a new Downtown campus for the utility.
A term sheet that will be discussed at JEA’s board meeting Tuesday shows that the utility wants a 1.52-acre site next to the Duval County Courthouse that is being used for parking.
The assessed value is about $1.66 million.
JEA would swap its 1.84-acre site at 21 W. Church St., where it owns a 19-story headquarters tower and customer care center. The assessed value is $1.63 million.
Negotiations would begin within 60 days of executing the terms. JEA would have 270 days from the execution of the agreement to study the property for suitability of development.
After governmental approvals for construction of the campus, the city would have 30 days to transfer the site.
After JEA relocates to the campus, the utility would market the West Church Street campus and attempt to sell it. The city would be compensated from the net proceeds of the sale.
If the property is not sold, JEA will demolish the structures and transfer the parcel to the city.
JEA hired a consultant last year to determine what to do about its half-century-old headquarters properties, which it said are in disrepair and inefficient.
JEA bought the tower and the next-door customer service building in 1989 for $8 million. They were built in 1962.
At the time of the consultant’s study, JEA had 758 employees, 530 parking spaces and 337,600 square feet of space.
It said it needed space for 800 employees and 800 parking spots and would require 220,000 square feet of office and operational space.
A published report in January said the options would cost from $53 million to $78 million.
JEA has said the 55-year-old building’s systems need replacement, including elevators, plumbing, electrical, heating and air conditioning. It said the basement, which contains the backup generator, floods.