by J. Brooks Terry
Staff Writer
LB Jax Development managing partner Mike Langton agreed to purchase the old Barnett Bank Building less than two weeks ago, but the developer said Thursday he won’t close on the deal before he has the encouragement and, more importantly, an indication that’s he’ll receive some financial backing from the City.
Langton, who has four months to make a decision, has previously said City dollars will be “critical” in moving forward with the Barnett project.
“[The Barnett Building] is a beautiful historical building that is significant to downtown,” said Langton. “But right now it only has 13 tenants and will be virtually abandoned in six months.”
Once empty, Langton said the property stands to “rapidly deteriorate.”
“We don’t need a study to know that something should be done about it,” he said. “We don’t have a choice. The current owners won’t do anything, but I’m willing to step up.”
To do that, Langton is asking the City to serve as a silent financial partner in the project.
“Historical projects are unique in that there are expenses you don’t usually encounter in a new development,” said Langton. “This would be expensive for me to do it alone.”
Of the new agreement, Langton said the City stands to “share in the profits, not the ownership.”
Langton originally proposed the City take more of a tangible role, though that offer ruffled some feathers, most notably those of City Council president Lad Daniels.
“I just feel the City should stay out of being in direct competition with the private sector,” said Daniels of the initial agreement. “The lesser role we take in it, the better.”
Daniels did say Langton stood a healthy chance in getting a grant from the Historic Trust Fund, with $1 million the maximum amount awarded. Any additional money from the City — no figure has been decided upon yet — would come in the form of a low interest loan.
“In the future, we’ll have to look and see where we are with the residential market downtown,” said Daniels. “You would hope that we are getting to the point of reaching a critical mass when we can reevaluate our incentive policies. Right now, I’m not sure how close we are to that.”
Council members Jerry Holland and Elaine Brown said they would need more information — Daniels said talks have remained superficial — before standing completely behind the project.
“His plan has merit,” said Holland, who favored Langton’s vision for a mixed-use property. “But it will have to go through the usual steps, starting at the JEDC, that all projects go through. Funds are limited so we have to be absolutely sure that we go with the best ones.”
Brown agreed, saying Langton’s proposal would endure “heavy scrutiny” before any money was awarded.
“However, I truly believe we don’t want the building to deteriorate and I’m definitely interested in seeing it restored,” said Brown.
Council member Suzanne Jenkins, who said the project is “worthy of City assistance,” said she’s awaiting Langton’s request for help.
“Others have asked and there’s no harm in that,” said Jenkins. “You may not get exactly what you want, but you may get something.”
“If we’re going to promote downtown housing, we can’t do it halfway. Retail won’t follow if we don’t. We should be prepared to be partners on this.”