Trio, Barnett incentives up for approval

City Council can OK $9.8 million package that’s part of a deal to renovate the historic Downtown buildings.


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  • | 9:35 a.m. June 27, 2017
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The Laura Street Trio comprises the Florida Life Building, the Bisbee Building and the old Marble Bank building,
The Laura Street Trio comprises the Florida Life Building, the Bisbee Building and the old Marble Bank building,
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City Council ends its 2016-17 meetings today with a full agenda that includes one of the highest profile projects planned in years in the Downtown core.

The Molasky Group and SouthEast Development Group are seeking $9.8 million in city incentives for a $90 million renovation of the Laura Street Trio structures and the adjacent Barnett Bank building on North Laura Street.

Ordinance 2017-403 authorizes the incentives package and economic development agreement between the city, the Downtown Investment Authority and the development group. 

It also authorizes a lease agreement between the city and BLT Parking LLC, and a parking sublease agreement between the city and the parking company for construction and use of a parking deck.

Council would need to approve two $4 million redevelopment grants from the Downtown Historic Preservation and Revitalization Trust Fund, which would be paid after the projects are completed. 

That is in addition to a Recapture Enhanced Value grant of up to $1.8 million to be paid over 20 years.

The Trio structures, comprising the Florida Life Building, the Bisbee Building and the old Marble Bank building, include about 72,000 square feet of general office space and 10,000 square feet of commercial and retail space.

Plans include a Courtyard by Marriott hotel, bodega market, café, restaurant, rooftop bar and retail office space.

The Barnett Bank building will be converted into 50,000 square feet of office space and 100 apartments.

A 550-space, $11 million parking garage also is part of the project and will be built by the developers on property the city owns at Adams and Laura streets.

The DIA would make lease payments of up to $660,000 per year for 20 years for the use of the garage, with the developer leasing spaces back from the DIA, producing estimated revenue of $300,000 per year.

Council approval would represent a major milestone for developer Steve Atkins, who has been working on a plan to restore the buildings for the better part of a decade. 

The group will have 60 months to complete the projects if council gives the OK.

9th and Main

In Springfield, Scott Adeeb is seeking to finalize a deal to purchase a vacant restaurant. 

If approved, Adeeb Properties LLC will buy the former Henrietta’s restaurant at 1850 N. Main St. and convert the space into a brewery and gastropub called 9th and Main.   

According to ordinance 2017-377, Adeeb proposes to buy the property from the city for $1,000, plus $90,000 to cover back taxes that have accrued since the former restaurant was foreclosed in December 2009. 

Adeeb said he is prepared to pay as much as $100,000 for environmental cleanup of the property, which was once an auto repair shop, gas station and tire store. 

That’s in addition to construction costs, which Adeeb estimates will climb past $300,000. 

Adeeb plans to brew his own beer and offer “pub-style favorites with a unique twist.”

He said he hopes to open next year, with the goal of providing about 28 full- and part-time jobs.

SMG deal on the agenda

SMG and the city are seeking to finalize a deal that would keep the management company in stewardship of city-owned entertainment venues. 

According to the legislative fact sheet for ordinance 2017-375, the Pennsylvania-based company will agree to a new five-year contract through March 2022, with two one-year options to extend the agreement.

The contract replaces the current agreement, which expires in February.

The city would receive 5.5 percent of revenue from annual food and beverage sales, not to exceed $500,000 a year.

SMG agrees to reserve $250,000 for the Event Development Fund, as well as a $100,000 contribution to upgrade food and service equipment and operations at some of the venues. 

The threshold to perform capital improvements using SMG’s procurement policies will increase from $100,000 to $250,000 with the threshold for extraordinary repairs remaining from the previous contract. 

The facility management fixed fee and incentive fees will remain, while the concession service fixed fee will be eliminated. 

SMG manages the Baseball Grounds of Jacksonville, EverBank Field, the Prime F. Osborn III Convention Center, the Ritz Theatre and Museum, the Times-Union Center for the Performing Arts and Jacksonville Veterans Memorial Arena.

Leadership shift 

Today’s council meeting is the last under President Lori Boyer and Vice President John Crescimbeni. 

Anna Brosche and Aaron Bowman will lead the council as president and vice president for the 2017-18 fiscal year. 

The new council year begins July 1, but council members won’t take up any business until after a two-week hiatus. 

Standing committees will return the week of July 17, with the next full council meeting scheduled July 27. 
 

 

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