Jacksonville Jaguars owner Shad Khan wants the Shipyards’ land as part of his proposal to redevelop the 48-acre site.
In term sheets filed with the city Monday afternoon, several points are laid out.
Iguana (Khan's development group) will be responsible for all costs associated with developing the site, though no estimate was provided.
The company also wants all Tax Increment Funding from the development and potentially state and federal funding for the project.
The city’s responsibilities would include environmental cleanup, improving parts of Bay Street, construction of mooring space for the USS Adams. Environmental cleanup from the city would not exceed $35 million — if it does go past that amount, Iguana can terminate the agreement.
The city will allocate the following land uses for the property:
The Shipyards property also would be exempt from the Downtown overlay.
SLIDESHOW: See Shad Khan's vision for the Shipyards.
The city would retain ownership of the Riverwalk and associated bulkheads and public spaces. It also would be liable for any current or future issues relating to existing environmental matters.
As for public space Iguana would create, such as a park that's in the plans, the company plans would form a not-for-profit corporation to manage the space. Another Downtown development, Unity Plaza in Riverside, has a similar setup.
After Iguana recoups its initial due diligence costs and infrastructure development, it would retain 80 percent of all net land sale proceeds. The city would receive the other 20 percent.
The project is on the agenda for Tuesday’s DIA meeting, which starts at 3 p.m.
The first zone to be constructed would be the western end, dubbed the “live” zone that would incorporate apartments and condominiums. Recreational water and park landscapes, along with a marina, also are envisioned for that area.
Moving east would be a “work” zone with office buildings, followed by a “stay” zone anchored by a signature hotel. The bookend on the eastern side would be a “play” zone featuring multilevel community football fields where the Jaguars would practice, an amphitheater and a public park.
Khan said last week he hoped for city approval within 30-60 days and after environmental site remediation, would like to proceed. The city has set aside $13 million for the environmental work.
The engineering and consulting company hired to do the analysis submitted a site assessment work plan and would like to begin field work the first week of March.
In terms of action on the Shipyards site, Khan last week said “the sooner the better.”
“You’ve got to start moving forward and making it as soon as possible,” he said.
According to a statement from Mayor Alvin Brown's office, “Redeveloping the Shipyards with a 21st Century vision is a top priority of Mayor Brown. We look forward to working with the Downtown Investment Authority as it begins its process to review proposals to reactivate the Shipyards.”
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