The funds come from savings in refinancing the City’s more than $1 billion in bonds, Brown said.
Of the $11 million savings, $9 million will be designated for an economic development trust fund that the Downtown Investment Authority can use as capital to revitalize Downtown.
Brown said authority members will determine the projects and goals that require funding. He was noncommittal about specific projects.
The other $2 million will be allocated for a countywide economic development trust fund to be administered by the Office of Economic Development.
City Council must approve the proposal. An ordinance must be filed. The next Council meeting is Feb. 12.
Mayor Alvin Brown this morning announced a proposed $11 million in funds for economic development Downtown and throughout Duval County.