As work nears completion on the adaptive reuse of the Union Terminal Warehouse building, newly filed Jacksonville City Council legislation would provide a property tax break for the project.
Ordinance 2024-0844 would give the property owner, East Union Property Owner LLC, a 10-year, 100% exemption on the increase in assessed ad valorem tax value of the property resulting from the historic restoration of the building. The ordinance is scheduled to be introduced at the Nov. 12 City Council meeting.
The legislation was triggered by the adaptive reuse project being declared substantially complete by the Planning and Development Department, making it eligible for the Historic Rehabilitation Tax Exemption provision adopted by the city in 1994.