Legislation to create the Downtown Investment Authority has been approved by City Council and awaits Mayor Alvin Brown’s signature. Here’s what you need to know about the new authority.
What’s the authority’s role?
The Downtown Investment Authority will handle the responsibilities of economic development within the Downtown area, and only the Downtown area. That includes attracting new businesses and jobs and retaining current businesses within the area. Brown has said increasing Downtown’s business and presence will benefit the rest of the city’s economic development efforts.
The new Office of Economic Development will handle the rest of Duval County.
Combined, both duties were the responsibility of the old Jacksonville Economic Development Commission.
Why was it created?
Brown has cited the need for a dedicated advocate and organization for Downtown development that would transcend administrations and City Councils. The authority, he has said, will accomplish that.
How will it function?
The authority’s board will consist of nine members, who will then hire an executive director for day-to-day operations. The board members will all be Council-confirmed, with five being selected by the mayor and the other four selected by the Council.
No board members have been selected.
After they are chosen and Council-confirmed, the board members will establish the qualifications for the authority’s first executive director. These qualifications will also be provided to Council for approval.
The executive director will not be Council-approved, but once hired, will work with board members to establish a Downtown business plan for economic development.
This plan must also be approved by Council.
What about Council oversight?
Council will appoint and confirm board members, in addition to the Downtown master plan. Its main oversight will come through the budget process, when it is able to approve – or not approve – the authority’s annual funding. Council has also established that the authority must present a biannual report in its first year to ensure the organization is making progress and staying on track with its mission.
What is its budget?
With budget hearings under way, that is to be determined. Due to legislation not being finalized in time for Brown’s proposed budget to Council, the authority’s funding is currently a part of the proposed $3.6 million for the Office of Economic Development. As for the executives director’s salary and benefits, $200,000 has been suggested by officials.
Where does Downtown Vision Inc. fit in with the authority?
The not-for-profit organization that promotes Downtown and administers funds from the Downtown Improvement District will still be independent, and officials have said they expect a “strong coordinating relationship” between the two.
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