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>> let's go ahead and start the

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year. There's a tv see member

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meeting going on this morning.

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and there's a

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so there's some cast members

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and that maybe 2 or 3. And then

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there's a waterways commission

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and there's maybe one or 2 in

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there

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and then

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and everybody else where

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they're happy, they everybody

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was invited.

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and

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what I'd like to do is just

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introduce everybody who's up

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here and just start with this

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trimmer. I want to thank

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council member palou so far.

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he's the co

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he's the co

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he's he's jointly doing this

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notice. Meeting with me is

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that's what I'm saying and I

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appreciate you.

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>> signature of the council for

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the deaths.

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>> prime all ceo of gateway

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jacks, 100 north flores street

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downtown.

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>> and my name is matt carlucci

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on the city councilman at large

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group for

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the police district 7.

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okay. Thank you. And I see we

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have a lot of members from the

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dia out in the audience won't

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solve all of your hands.

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okay.

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and we've got members of the

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administration are here.

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we under shells hands

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and we have

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some council aides here,

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asian games.

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I know you're out there.

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okay.

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and we have our council office

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of general counsel is

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represented here in a council

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auditors

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who I always like to be here,

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council auditors and the gc.

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you can't live with them and

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you can't live without him

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sometimes.

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but I always lean h*** o*

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and always wind up ending to

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their will

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because they're most always

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100% right.

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so I have some remarks and I

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will read my remarks because I

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want to make sure I see

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everything exactly the way I

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want to say them.

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and although we don't have

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my colleagues here, hopefully

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they'll get to just to the

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meeting somehow. I will

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probably send out my remarks to

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them and even if they hear or

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read them.

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but my remarks this morning,

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the purpose of this meeting is

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we'll be explained as I

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go through my remarks, I might

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take a little more than the

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average given time. But since I

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happen to have called this

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meeting, I think I can get away

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with it.

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are you okay with that? Can

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simply set of

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run with it, ok, they don't

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turn it over to you and then

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we'll

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turn it over the into the

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purposes, as will be explained.

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my remarks for this meetings

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about the in 7 publix and pearl

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square development here in

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jacksonville.

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and so the

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before I get into the in 7

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publix and pearl square

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remarks, I would like to share

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a few things that are on my

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heart this morning, perhaps on

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my mind as well.

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I want to apologize to the

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chairman of neighborhoods

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committee,

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chris miller, god blessing

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for my trying his patience the

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other day,

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which might have been somewhat

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on purpose. But that was not

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making it right.

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hello, john mooney,

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but writers patients the other

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day and I know I pushed the

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limits of my time at the end of

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the neighborhoods meeting for

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those of you might have been in

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attendance.

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I know

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I recognize the responsibility

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that he has to keep the meeting

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moving in, respecting

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and a respected physician

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holes. And most of all, I

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respect the rules that we

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operate under.

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so I want to get that said and

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say that sincerely

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and take full responsibility

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for and I do respect my

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colleague

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in his gavel,

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but also hope folks, including

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my colleagues.

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they understand that after so

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many years on this council

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and having seen so much of

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jackson's history unfold,

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sometimes it's difficult not to

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share everything. I'd like to

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share 3 minutes allotted.

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that's one reason I call this

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meeting today.

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there's so much to be said

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about how this project fits

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into jacksonville's history

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and where I believe it will

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take our city

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in the future.

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so with that said,

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I want to thank you all for

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being here. I want to thank the

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media for being here wherever

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they may be to the leave or

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they hear. Okay. Thank you for

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being here

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and for my

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council colleague who is the

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district councilman for

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participating.

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I call the meeting because as

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an at-large member, I also

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represent district 7 and I

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believe what is happening with

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the pearl square

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represents one of the most

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important opportunities for

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downtown jacksonville.

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perhaps one of the most

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important I've seen in my

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lifetime.

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some here I may be preaching to

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the choir. I get that.

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but to others, this narrative

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may answer some questions.

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particularly lot of my

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constituents who asked big

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questions about

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was this project so important.

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what is a needed sense and so

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forth

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and 7 and publix in particular

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is an important part of pearl

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square.

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it would bring 258 apartments

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in a full-time service, publix,

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grocery store or the pharmacy

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to downtown.

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it is also a part of a billion

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dollar plus investment that

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will transform 9 downtown

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blocks and help attract even

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more private development than

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just this group.

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what should not be lost on us

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in jacksonville? It's all very

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fortunate. We are to have a

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development group willing to

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invest more than a billion

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dollars in the heart of our

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central business district.

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I can't tell you how many prior

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mayors would have loved to have

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had that type of investment

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happening in our downtown

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investment. So the scale,

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we'll be transformational.

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no doubt that we all love our

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neighborhoods, right? We love

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our neighborhoods where we

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live.

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but as much as those

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neighborhoods mean to us,

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cities are known by their

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downtowns fight

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nodding of hands. Yeah.

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downtown's are known just

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cities are known by their

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downtowns in downtown's.

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downtown is jacksonville's own

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signature.

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yeah. I think about that.

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every time I travel out of town

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every time I travel out of

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town, I come home

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and then as I drive from the

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airport

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and cross the fuller warren

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bridge going back to my beloved

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neighborhood, san marco.

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I look out at the skyline of my

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hometown immediately

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and with our beautiful saint

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johns river

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flowing through the heart of

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our downtown. And I think,

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you know,

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we may not have the biggest

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skyline,

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but there are very few places.

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thank you. Match the beauty of

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our us.

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no doubt. I take great pride in

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that view.

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it welcomes me home every time

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he reminds me of what a special

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place and a special home

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jacksonville is

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what special downtown we

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already have

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and how that downtown is

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transforming

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for the greater before our

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eyes.

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and I got to tell you, frankly,

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I have never seen such an

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exciting time like this in my

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life

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in our downtown.

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I have great faith in the

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future.

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and I believe investments like

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pearl square for making that

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future a reality.

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and I have to tell you, there

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are more to come.

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they're going to be more to

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come. That are going to be so

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exciting.

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it's a great time to be a city

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council members. A great time

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to be a citizen to

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jacksonville.

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we should be celebrating

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in addition and importantly,

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there's an observation I would

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like to make

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and this is important for us to

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think about because as I go

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through social media

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in a neighborhood, social media

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where I live,

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this is some I like to I'd like

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to say, I think downtown's

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resurgence.

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it snuck up on a lot of our own

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citizens

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because for years

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they have heard about downtown

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struggles,

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thanking buildings, the

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challenges of tracking

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investment.

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but something important is

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happening downtown

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and we need to help our

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citizens see it and understand

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what it means to jacksonville's

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future.

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they're not just on negative

299
00:10:03,810 --> 00:10:05,870
people. It's just a couple of

300
00:10:05,870 --> 00:10:07,260
them. I think

301
00:10:07,260 --> 00:10:09,420
to a large degree

302
00:10:09,420 --> 00:10:10,800
more people now want to live

303
00:10:10,800 --> 00:10:12,400
downtown. We want to walk to

304
00:10:12,400 --> 00:10:13,600
restaurants, enjoy the

305
00:10:13,600 --> 00:10:14,440
riverfront

306
00:10:14,440 --> 00:10:15,700
and be a part of an active

307
00:10:15,700 --> 00:10:17,700
urban neighborhood.

308
00:10:17,760 --> 00:10:18,970
but a neighborhood needs more

309
00:10:18,970 --> 00:10:20,850
than apartment if these

310
00:10:20,850 --> 00:10:22,850
everyday services.

311
00:10:22,900 --> 00:10:24,320
that's why the public's is so

312
00:10:24,320 --> 00:10:26,200
important.

313
00:10:26,200 --> 00:10:27,930
the grocery store in a pharmacy

314
00:10:27,930 --> 00:10:29,100
make downtown living more

315
00:10:29,100 --> 00:10:30,210
practical

316
00:10:30,210 --> 00:10:31,780
and attractive.

317
00:10:31,780 --> 00:10:33,500
they helped turn a collection

318
00:10:33,500 --> 00:10:34,750
of buildings into a real

319
00:10:34,750 --> 00:10:36,750
neighborhood support nearby

320
00:10:37,190 --> 00:10:39,100
businesses and create the

321
00:10:39,100 --> 00:10:41,410
foundation for further growth.

322
00:10:43,500 --> 00:10:44,210
there's also important

323
00:10:44,210 --> 00:10:46,800
financial benefit

324
00:10:46,800 --> 00:10:47,510
downtown offers an

325
00:10:47,510 --> 00:10:49,510
extraordinary opportunity to

326
00:10:49,790 --> 00:10:52,790
create a new taxable value

327
00:10:53,280 --> 00:10:55,280
block by block

328
00:10:55,720 --> 00:10:58,300
that growth strengthens our tax

329
00:10:58,300 --> 00:10:59,450
base in creates additional

330
00:10:59,450 --> 00:11:01,750
revenue that can benefit our

331
00:11:01,750 --> 00:11:03,750
entire city.

332
00:11:04,600 --> 00:11:05,810
I often like to say no work and

333
00:11:05,810 --> 00:11:07,300
contribute to our tax base

334
00:11:07,300 --> 00:11:09,330
block by block more,

335
00:11:09,330 --> 00:11:11,730
then a vibrant downtown.

336
00:11:11,950 --> 00:11:14,350
so why are incentives needed if

337
00:11:14,350 --> 00:11:15,480
this is such a promising

338
00:11:15,480 --> 00:11:17,160
investment why they needed

339
00:11:17,160 --> 00:11:18,610
since met? I get asked all the

340
00:11:18,610 --> 00:11:19,970
time

341
00:11:19,970 --> 00:11:21,380
when I when I drive out of

342
00:11:21,380 --> 00:11:22,860
downtown jacksonville not get

343
00:11:22,860 --> 00:11:25,900
into the comfortable suburbs of

344
00:11:25,900 --> 00:11:26,410
jacksonville. What he'll need

345
00:11:26,410 --> 00:11:27,750
incentive is is such a great

346
00:11:27,750 --> 00:11:30,750
place. What you need it

347
00:11:32,300 --> 00:11:33,450
developing downtown is

348
00:11:33,450 --> 00:11:35,170
complicated.

349
00:11:35,170 --> 00:11:37,170
demolition aging utilities,

350
00:11:38,160 --> 00:11:39,610
there's you to if you take an

351
00:11:39,610 --> 00:11:41,610
x-ray machine

352
00:11:41,620 --> 00:11:43,480
and you get x ray underneath

353
00:11:43,480 --> 00:11:45,640
the ground of downtown,

354
00:11:45,640 --> 00:11:49,840
you would find a maze of pipes,

355
00:11:49,970 --> 00:11:51,970
the wires of

356
00:11:53,000 --> 00:11:54,650
enough stuff underneath there

357
00:11:54,650 --> 00:11:56,200
that if it was caught and you

358
00:11:56,200 --> 00:11:58,600
could need a sweater 100 times

359
00:11:58,600 --> 00:12:00,600
over

360
00:12:00,250 --> 00:12:02,250
demolition, aging utilities,

361
00:12:02,800 --> 00:12:04,490
infrastructure improvements in

362
00:12:04,490 --> 00:12:05,730
the challenges of working

363
00:12:05,730 --> 00:12:07,730
around existing buildings,

364
00:12:08,450 --> 00:12:10,450
redevelopment considerably more

365
00:12:10,670 --> 00:12:13,900
expensive than building on an

366
00:12:13,900 --> 00:12:14,640
just an undeveloped piece of

367
00:12:14,640 --> 00:12:16,700
land.

368
00:12:16,700 --> 00:12:18,510
those costs create a financing

369
00:12:18,510 --> 00:12:20,510
gap.

370
00:12:20,590 --> 00:12:23,600
even where the demand for the

371
00:12:23,600 --> 00:12:26,600
the finished project is there.

372
00:12:26,570 --> 00:12:28,330
and this is where I believe the

373
00:12:28,330 --> 00:12:30,720
public purpose comes in,

374
00:12:30,720 --> 00:12:32,200
that sometimes it's hard to

375
00:12:32,200 --> 00:12:33,570
understand

376
00:12:33,570 --> 00:12:35,410
as a regular citizen

377
00:12:35,410 --> 00:12:36,910
whose productive

378
00:12:36,910 --> 00:12:38,420
taking their kids to school to

379
00:12:38,420 --> 00:12:40,560
little league going to work,

380
00:12:40,560 --> 00:12:42,560
paying your taxes.

381
00:12:42,770 --> 00:12:44,360
they're not really paying

382
00:12:44,360 --> 00:12:45,790
attention to downtown that.

383
00:12:45,790 --> 00:12:46,920
we are down here and we have to

384
00:12:46,920 --> 00:12:48,920
understand

385
00:12:50,180 --> 00:12:51,460
public dollars are the

386
00:12:51,460 --> 00:12:53,460
requested not to simply help

387
00:12:53,460 --> 00:12:55,860
build one particular project,

388
00:12:56,670 --> 00:12:58,590
but to establish the energies,

389
00:12:58,590 --> 00:13:00,240
the activity and the vibrancy

390
00:13:00,240 --> 00:13:02,240
of our downtown.

391
00:13:02,350 --> 00:13:05,350
we need people living downtown

392
00:13:06,290 --> 00:13:08,160
businesses opening and

393
00:13:08,160 --> 00:13:09,970
investing in investment coming

394
00:13:09,970 --> 00:13:11,900
back into the heart of our

395
00:13:11,900 --> 00:13:13,900
city.

396
00:13:14,610 --> 00:13:16,750
when we do that successfully,

397
00:13:16,750 --> 00:13:19,150
we create new valuable

398
00:13:19,280 --> 00:13:20,960
properties that add to our tax

399
00:13:20,960 --> 00:13:22,210
base

400
00:13:22,210 --> 00:13:23,630
and generate revenue to help

401
00:13:23,630 --> 00:13:24,980
services

402
00:13:24,980 --> 00:13:26,980
throughout jacksonville

403
00:13:27,450 --> 00:13:29,850
and not just downtown

404
00:13:29,940 --> 00:13:31,960
and those services. Along with

405
00:13:31,960 --> 00:13:34,700
the struck a stronger tax base

406
00:13:34,700 --> 00:13:37,240
help improve quality of life

407
00:13:37,240 --> 00:13:39,240
for people throughout

408
00:13:39,420 --> 00:13:42,420
our entire city, all 870 some

409
00:13:42,910 --> 00:13:44,910
odd square miles.

410
00:13:45,960 --> 00:13:47,500
the benefits of a stronger

411
00:13:47,500 --> 00:13:48,820
downtown don't stop.

412
00:13:48,820 --> 00:13:50,860
and the downtown boundary

413
00:13:50,860 --> 00:13:53,450
they extend, as I said to the

414
00:13:53,450 --> 00:13:55,450
entire city.

415
00:13:55,660 --> 00:13:56,690
and that's why I believe

416
00:13:56,690 --> 00:13:57,800
responsible downtown

417
00:13:57,800 --> 00:14:00,570
development is important to all

418
00:14:00,570 --> 00:14:02,160
our citizens throughout

419
00:14:02,160 --> 00:14:04,160
jacksonville.

420
00:14:04,230 --> 00:14:05,620
and you know what? It's up to

421
00:14:05,620 --> 00:14:07,500
us

422
00:14:07,500 --> 00:14:10,400
to understand that we need to

423
00:14:10,400 --> 00:14:13,400
explain that to our citizens.

424
00:14:13,220 --> 00:14:15,770
we can't just assume they know

425
00:14:15,770 --> 00:14:17,770
we can't get

426
00:14:20,470 --> 00:14:22,260
they understand that.

427
00:14:22,260 --> 00:14:23,410
well, maybe just because we

428
00:14:23,410 --> 00:14:24,360
haven't explained it well

429
00:14:24,360 --> 00:14:26,360
enough.

430
00:14:27,720 --> 00:14:28,580
of course, we have a

431
00:14:28,580 --> 00:14:30,320
responsibility to make sure

432
00:14:30,320 --> 00:14:32,320
incentives are justified.

433
00:14:33,750 --> 00:14:34,680
a lot of people think we're

434
00:14:34,680 --> 00:14:37,680
just throwing out the money.

435
00:14:38,350 --> 00:14:39,810
you don't live. It just just go

436
00:14:39,810 --> 00:14:40,970
on the social media of your

437
00:14:40,970 --> 00:14:42,970
choosing.

438
00:14:43,570 --> 00:14:44,680
the private investment is

439
00:14:44,680 --> 00:14:46,340
substantial,

440
00:14:46,340 --> 00:14:48,620
but the public benefits warrant

441
00:14:48,620 --> 00:14:50,620
the cost.

442
00:14:51,180 --> 00:14:54,180
we must scrutinize the numbers

443
00:14:54,200 --> 00:14:56,600
to protect our taxpayers.

444
00:14:56,930 --> 00:14:59,800
and we when we explain the

445
00:14:59,800 --> 00:15:01,800
purposes

446
00:15:01,800 --> 00:15:02,500
and we're accountable for

447
00:15:02,500 --> 00:15:03,780
those,

448
00:15:03,780 --> 00:15:05,350
you know, we're doing

449
00:15:05,350 --> 00:15:07,400
we're helping bring the public

450
00:15:07,400 --> 00:15:09,400
along with this.

451
00:15:10,280 --> 00:15:11,290
make people feel like we're

452
00:15:11,290 --> 00:15:13,600
just ignoring them and leaving

453
00:15:13,600 --> 00:15:14,690
them behind

454
00:15:14,690 --> 00:15:15,720
in taking care of our own

455
00:15:15,720 --> 00:15:17,720
little pet projects.

456
00:15:19,230 --> 00:15:20,680
we've got to bring people along

457
00:15:20,680 --> 00:15:22,350
with us

458
00:15:22,350 --> 00:15:24,240
because jacksonville does best

459
00:15:24,240 --> 00:15:26,630
when we move together.

460
00:15:26,630 --> 00:15:28,710
and I know our mayor every time

461
00:15:28,710 --> 00:15:30,290
she goes to town meeting,

462
00:15:30,290 --> 00:15:32,470
she explains to us.

463
00:15:32,470 --> 00:15:33,710
but the mayor can only do so

464
00:15:33,710 --> 00:15:35,730
much. She has town meeting

465
00:15:35,730 --> 00:15:37,240
after town meeting after town

466
00:15:37,240 --> 00:15:38,540
meeting

467
00:15:38,540 --> 00:15:39,970
and I hear her explain these to

468
00:15:39,970 --> 00:15:43,700
the meetings that I go to.

469
00:15:43,700 --> 00:15:44,630
sometimes we go to town me

470
00:15:44,630 --> 00:15:45,560
think you're talking to the

471
00:15:45,560 --> 00:15:47,210
world.

472
00:15:47,210 --> 00:15:48,990
sometimes I feel like, you

473
00:15:48,990 --> 00:15:50,630
know, going out into the middle

474
00:15:50,630 --> 00:15:52,850
of james weldon johnson park

475
00:15:52,850 --> 00:15:54,690
with a megaphone, maybe all

476
00:15:54,690 --> 00:15:57,900
parra angie nixon's megaphone.

477
00:15:57,830 --> 00:16:00,680
it's a their jacksonville over

478
00:16:00,680 --> 00:16:01,830
do down here is really good.

479
00:16:01,830 --> 00:16:03,220
let me explain. But you know

480
00:16:03,220 --> 00:16:04,270
what?

481
00:16:04,270 --> 00:16:06,490
think about the people at the

482
00:16:06,490 --> 00:16:08,210
town center,

483
00:16:08,210 --> 00:16:10,190
the people way out and run

484
00:16:10,190 --> 00:16:12,200
the people on the west side,

485
00:16:12,200 --> 00:16:14,210
the people of the beaches,

486
00:16:14,210 --> 00:16:16,100
do they really?

487
00:16:16,100 --> 00:16:18,410
it's just message penetrating

488
00:16:19,610 --> 00:16:21,130
and that's why I hope that the

489
00:16:21,130 --> 00:16:22,810
media would be here. I we

490
00:16:22,810 --> 00:16:24,930
understood that if our cast

491
00:16:24,930 --> 00:16:26,730
members didn't show up, but I

492
00:16:26,730 --> 00:16:28,620
have to say, you know, all due

493
00:16:28,620 --> 00:16:31,210
respect to my council members,

494
00:16:31,210 --> 00:16:32,580
I'm not sure some of the

495
00:16:32,580 --> 00:16:33,950
council members really

496
00:16:33,950 --> 00:16:36,350
understand this that well,

497
00:16:36,730 --> 00:16:37,560
and I say that as a

498
00:16:37,560 --> 00:16:39,680
councilmember who in my first

499
00:16:39,680 --> 00:16:41,510
term,

500
00:16:41,510 --> 00:16:42,690
I really didn't understand

501
00:16:42,690 --> 00:16:44,170
that. Will

502
00:16:44,170 --> 00:16:46,170
it took

503
00:16:46,910 --> 00:16:48,870
it took

504
00:16:48,870 --> 00:16:50,870
preston haskell,

505
00:16:51,190 --> 00:16:52,730
jack diamond.

506
00:16:52,730 --> 00:16:53,950
it's mothers to get it through

507
00:16:53,950 --> 00:16:55,730
my thick skull.

508
00:16:55,730 --> 00:16:59,330
and then I began to understand,

509
00:16:59,980 --> 00:17:01,380
but we must scrutinize the

510
00:17:01,380 --> 00:17:02,960
numbers and protect our

511
00:17:02,960 --> 00:17:04,960
taxpayers.

512
00:17:07,220 --> 00:17:09,510
one thing also learn

513
00:17:09,510 --> 00:17:11,100
years and years and years ago

514
00:17:11,100 --> 00:17:13,410
in my first term,

515
00:17:13,630 --> 00:17:15,930
we must look to the long-term

516
00:17:15,930 --> 00:17:19,240
re to to the long-term return

517
00:17:19,240 --> 00:17:21,950
for jacksonville as a whole,

518
00:17:21,950 --> 00:17:23,860
not just the cost, what the

519
00:17:23,860 --> 00:17:25,860
incentive is today.

520
00:17:26,450 --> 00:17:29,150
and when it comes to a budget,

521
00:17:29,150 --> 00:17:31,800
we must look just beyond

522
00:17:31,800 --> 00:17:33,260
ourselves.

523
00:17:33,260 --> 00:17:34,540
we must look beyond our

524
00:17:34,540 --> 00:17:36,540
property tax bill

525
00:17:37,350 --> 00:17:38,750
because every dollar in a

526
00:17:38,750 --> 00:17:40,750
budget,

527
00:17:40,830 --> 00:17:42,580
there's a person

528
00:17:42,580 --> 00:17:44,270
that has affected.

529
00:17:44,270 --> 00:17:45,250
and that's why I wrote that

530
00:17:45,250 --> 00:17:48,250
editorial years or months ago,

531
00:17:48,440 --> 00:17:49,850
probably one years ago, 2

532
00:17:49,850 --> 00:17:51,600
months ago

533
00:17:51,600 --> 00:17:53,750
before we took it up, saying

534
00:17:53,750 --> 00:17:55,540
behind every dollar in a

535
00:17:55,540 --> 00:17:56,920
budget,

536
00:17:56,920 --> 00:17:58,370
there's somebody on the

537
00:17:58,370 --> 00:18:00,680
receiving end of that.

538
00:18:00,680 --> 00:18:01,870
maybe a senior citizen

539
00:18:01,870 --> 00:18:04,590
receiving a meals on wheels,

540
00:18:04,590 --> 00:18:06,260
maybe a veteran

541
00:18:06,260 --> 00:18:08,330
receiving a service or perhaps

542
00:18:08,330 --> 00:18:09,920
some recognition

543
00:18:09,920 --> 00:18:12,450
and a veterans day parade.

544
00:18:12,450 --> 00:18:13,640
the budget goes for so many

545
00:18:13,640 --> 00:18:15,240
things

546
00:18:15,240 --> 00:18:17,640
and it's so important.

547
00:18:21,240 --> 00:18:23,240
I'm almost done.

548
00:18:23,410 --> 00:18:24,830
they're me out. I don't get a

549
00:18:24,830 --> 00:18:26,690
chance to talk like this much

550
00:18:26,690 --> 00:18:28,290
and and and cut off and gavin

551
00:18:28,290 --> 00:18:30,290
overhead 5 times,

552
00:18:31,180 --> 00:18:33,180
5, 6, 7, minutes ago.

553
00:18:34,440 --> 00:18:35,810
I'll let david bear line have a

554
00:18:35,810 --> 00:18:36,960
remarks, but you won't get the

555
00:18:36,960 --> 00:18:39,360
all to couples albany.

556
00:18:42,200 --> 00:18:44,150
here's the gist of it.

557
00:18:44,150 --> 00:18:45,840
whether amendment 3 passes or

558
00:18:45,840 --> 00:18:47,840
not,

559
00:18:47,930 --> 00:18:49,600
I don't care if it passes will

560
00:18:49,600 --> 00:18:51,240
deal with it. You know, just

561
00:18:51,240 --> 00:18:53,640
have to do that.

562
00:18:54,130 --> 00:18:56,260
but whether it passes or not,

563
00:18:56,260 --> 00:18:58,950
in effect it to next year,

564
00:18:58,950 --> 00:19:01,310
we'll deal with them.

565
00:19:01,310 --> 00:19:03,220
but I believe is the parent of

566
00:19:03,220 --> 00:19:04,970
that. We pass this legislation

567
00:19:04,970 --> 00:19:07,370
before us in november.

568
00:19:07,390 --> 00:19:09,390
is that important?

569
00:19:10,390 --> 00:19:12,430
and I will tell you if we let

570
00:19:12,430 --> 00:19:14,340
this opportunity

571
00:19:14,340 --> 00:19:16,340
this legislation

572
00:19:16,480 --> 00:19:19,200
and this opportunity slip by,

573
00:19:19,200 --> 00:19:20,570
we fail to pass this

574
00:19:20,570 --> 00:19:22,200
legislation,

575
00:19:22,200 --> 00:19:23,740
I believe it will become one of

576
00:19:23,740 --> 00:19:24,710
the

577
00:19:24,710 --> 00:19:27,710
one of our greatest regrets.

578
00:19:29,150 --> 00:19:30,860
it will be an opportunity that

579
00:19:30,860 --> 00:19:35,600
we must not let slip past us.

580
00:19:35,810 --> 00:19:37,830
I believe pearl square

581
00:19:37,830 --> 00:19:39,830
and then 7

582
00:19:40,780 --> 00:19:42,170
and the public's.

583
00:19:42,170 --> 00:19:43,260
we'll make a real difference

584
00:19:43,260 --> 00:19:44,830
for downtown,

585
00:19:44,830 --> 00:19:47,280
but not just for downtown.

586
00:19:47,280 --> 00:19:48,340
but for all the reasons I

587
00:19:48,340 --> 00:19:49,960
stated prior

588
00:19:49,960 --> 00:19:52,360
for our entire city,

589
00:19:53,260 --> 00:19:55,160
this is an opportunity to build

590
00:19:55,160 --> 00:19:56,920
on the progress

591
00:19:56,920 --> 00:19:58,920
that's already underway.

592
00:19:59,180 --> 00:20:01,580
we will pass this.

593
00:20:02,130 --> 00:20:03,700
not sure what kind of

594
00:20:03,700 --> 00:20:04,800
credibility we're going to

595
00:20:04,800 --> 00:20:05,670
continue to hold

596
00:20:05,670 --> 00:20:07,620
with this development team and

597
00:20:07,620 --> 00:20:08,600
certainly with development

598
00:20:08,600 --> 00:20:10,600
teams to come.

599
00:20:18,970 --> 00:20:20,560
this will be an opportunity to

600
00:20:20,560 --> 00:20:22,670
attract more residents or

601
00:20:22,670 --> 00:20:24,470
businesses and make our

602
00:20:24,470 --> 00:20:26,470
downtown the signature

603
00:20:26,660 --> 00:20:28,660
the jacksonville deserves.

604
00:20:30,280 --> 00:20:32,460
so lets ask the hard questions,

605
00:20:32,460 --> 00:20:33,570
understand the financial

606
00:20:33,570 --> 00:20:35,310
commitments and get this

607
00:20:35,310 --> 00:20:36,810
opportunity. The serious

608
00:20:36,810 --> 00:20:39,210
consideration that it warrants,

609
00:20:40,200 --> 00:20:43,480
we still can vote yes or no.

610
00:20:43,480 --> 00:20:45,770
but with that, I have invited

611
00:20:45,770 --> 00:20:47,290
the development team. Let him

612
00:20:47,290 --> 00:20:49,210
sit up here

613
00:20:49,210 --> 00:20:50,340
just so they can look,

614
00:20:50,340 --> 00:20:52,740
everybody in the eye

615
00:20:55,220 --> 00:20:56,780
give us the justification for

616
00:20:56,780 --> 00:20:58,780
the requested incentives.

617
00:20:59,300 --> 00:21:00,250
look forward to hearing their

618
00:21:00,250 --> 00:21:02,230
presentation.

619
00:21:02,230 --> 00:21:04,340
I want the council auditors to

620
00:21:04,340 --> 00:21:07,580
have your your ears, your eyes

621
00:21:07,580 --> 00:21:09,710
open so that if there's any

622
00:21:09,710 --> 00:21:11,190
questions that

623
00:21:11,190 --> 00:21:12,390
you may have that you might

624
00:21:12,390 --> 00:21:14,270
want to pass along to me,

625
00:21:14,270 --> 00:21:15,710
want to hear him

626
00:21:15,710 --> 00:21:17,420
and at last come

627
00:21:17,420 --> 00:21:20,250
and they know I'll do that.

628
00:21:20,250 --> 00:21:23,170
I did that the other day.

629
00:21:23,170 --> 00:21:24,200
I look forward to hearing their

630
00:21:24,200 --> 00:21:26,100
presentation explanation from

631
00:21:26,100 --> 00:21:29,130
city staff that they may have

632
00:21:29,130 --> 00:21:30,260
from our office of general

633
00:21:30,260 --> 00:21:31,790
counsel.

634
00:21:31,790 --> 00:21:33,790
any questions from

635
00:21:34,300 --> 00:21:35,000
any

636
00:21:35,000 --> 00:21:36,380
my council colleagues, this may

637
00:21:36,380 --> 00:21:38,380
be here

638
00:21:38,420 --> 00:21:40,240
gets here.

639
00:21:40,240 --> 00:21:42,960
and I want to hear from

640
00:21:42,960 --> 00:21:44,300
my brother from a different

641
00:21:44,300 --> 00:21:45,660
mother.

642
00:21:45,660 --> 00:21:47,310
he is italian

643
00:21:47,310 --> 00:21:48,600
councilmember palou. So I know

644
00:21:48,600 --> 00:21:49,880
I've taken a lot of time and

645
00:21:49,880 --> 00:21:51,880
apologized

646
00:21:52,300 --> 00:21:53,650
hope and I believe maybe those

647
00:21:53,650 --> 00:21:55,280
are words that were worth

648
00:21:55,280 --> 00:21:57,280
hearing.

649
00:21:57,500 --> 00:21:59,380
if you think they were unhappy

650
00:21:59,380 --> 00:22:01,510
and they weren't sure. Maybe

651
00:22:01,510 --> 00:22:03,590
feel-good saying appreciate it.

652
00:22:03,590 --> 00:22:05,590
thank you.

653
00:22:06,310 --> 00:22:08,250
>> thank you, chair. Thank you

654
00:22:08,250 --> 00:22:09,150
for letting me. Thank you for

655
00:22:09,150 --> 00:22:10,990
the kind words I'm gonna many

656
00:22:10,990 --> 00:22:12,410
of your sentiments. I think I

657
00:22:12,410 --> 00:22:16,550
can echo. I won't because I do

658
00:22:16,550 --> 00:22:18,360
have waterways at 11 and I do

659
00:22:18,360 --> 00:22:19,630
want to make sure that are

660
00:22:19,630 --> 00:22:22,200
smarter ways. I have a truck

661
00:22:22,200 --> 00:22:24,900
trying to make our meetings all

662
00:22:24,900 --> 00:22:26,420
that to say the as the district

663
00:22:26,420 --> 00:22:27,940
councilmember for the downtown

664
00:22:27,940 --> 00:22:29,510
area, which means a lot to me,

665
00:22:29,510 --> 00:22:30,380
by the way, for those of you

666
00:22:30,380 --> 00:22:31,910
don't know. I mean, I moved

667
00:22:31,910 --> 00:22:32,990
back home to jacksonville in

668
00:22:32,990 --> 00:22:34,990
2015

669
00:22:35,300 --> 00:22:36,400
because I live in so many

670
00:22:36,400 --> 00:22:37,350
different cities

671
00:22:37,350 --> 00:22:38,990
and out in san diego, the

672
00:22:38,990 --> 00:22:40,150
watching the sealed in

673
00:22:40,150 --> 00:22:40,990
philadelphia, knowledge in

674
00:22:40,990 --> 00:22:42,860
norfolk, virginia, and I saw

675
00:22:42,860 --> 00:22:44,430
with these other places look

676
00:22:44,430 --> 00:22:45,920
like and how they utilize their

677
00:22:45,920 --> 00:22:47,530
natural environment. Obviously,

678
00:22:47,530 --> 00:22:49,230
san diego's right there on the

679
00:22:49,230 --> 00:22:50,220
waterfront as well there

680
00:22:50,220 --> 00:22:52,120
downtown. It's kind of the same

681
00:22:52,120 --> 00:22:53,920
size as ours. I looked around.

682
00:22:53,920 --> 00:22:55,100
I thought

683
00:22:55,100 --> 00:22:55,880
san diego could be

684
00:22:55,880 --> 00:22:57,650
jacksonville. The biggest

685
00:22:57,650 --> 00:22:59,180
differences climate right is

686
00:22:59,180 --> 00:23:00,470
no. There's no humidity out

687
00:23:00,470 --> 00:23:01,820
there. That's really about it,

688
00:23:01,820 --> 00:23:03,260
though, like I just never

689
00:23:03,260 --> 00:23:05,400
understood why we can get our

690
00:23:05,400 --> 00:23:06,100
act together in the same way.

691
00:23:06,100 --> 00:23:08,150
that means our places did and

692
00:23:08,150 --> 00:23:09,710
then living in these other

693
00:23:09,710 --> 00:23:11,170
cities like like philly and d c

694
00:23:11,170 --> 00:23:12,430
you saw how difficult it is to

695
00:23:12,430 --> 00:23:13,670
get some things done later on.

696
00:23:13,670 --> 00:23:14,990
dec really got their act

697
00:23:14,990 --> 00:23:16,820
together. It took a long time.

698
00:23:16,820 --> 00:23:18,000
but in philly, just everything

699
00:23:18,000 --> 00:23:19,980
is the infrastructure is aging.

700
00:23:19,980 --> 00:23:21,570
I think it's grandchild's

701
00:23:21,570 --> 00:23:22,330
outside. I think it's one

702
00:23:22,330 --> 00:23:24,130
that's going to I didn't board

703
00:23:24,130 --> 00:23:25,180
him. I hope.

704
00:23:25,180 --> 00:23:27,220
but but the point is to come

705
00:23:27,220 --> 00:23:29,240
back home to jacksonville and

706
00:23:29,240 --> 00:23:30,400
to want to be a part of sort of

707
00:23:30,400 --> 00:23:32,200
this movement to 2, to bring

708
00:23:32,200 --> 00:23:33,720
young people back to the city,

709
00:23:33,720 --> 00:23:36,460
to have people who who've seen

710
00:23:36,460 --> 00:23:37,750
how it is in other places and

711
00:23:37,750 --> 00:23:39,250
how we can invest, you know,

712
00:23:39,250 --> 00:23:40,530
similar resources and our

713
00:23:40,530 --> 00:23:42,000
downtown. It meant a lot to me.

714
00:23:42,000 --> 00:23:43,300
so when I became the council

715
00:23:43,300 --> 00:23:45,700
member that included downtown,

716
00:23:45,740 --> 00:23:48,500
it meant more to me than I than

717
00:23:48,500 --> 00:23:49,700
I think

718
00:23:49,700 --> 00:23:51,620
I expected even then. And while

719
00:23:51,620 --> 00:23:53,250
I campaigned many of my

720
00:23:53,250 --> 00:23:54,850
constituents and I think many

721
00:23:54,850 --> 00:23:57,850
people throughout the city said

722
00:23:58,680 --> 00:24:00,400
weiser downtown like this,

723
00:24:00,400 --> 00:24:01,280
why can't it be different?

724
00:24:01,280 --> 00:24:02,430
we need to invest. We want to

725
00:24:02,430 --> 00:24:03,760
make sure that that my kid

726
00:24:03,760 --> 00:24:04,930
wants to move back here for

727
00:24:04,930 --> 00:24:05,910
one. Make sure that my you

728
00:24:05,910 --> 00:24:07,600
know, my brother, my son,

729
00:24:07,600 --> 00:24:09,730
my by my niece, my grandchild

730
00:24:09,730 --> 00:24:10,760
moves back here. We need to

731
00:24:10,760 --> 00:24:11,750
make sure we have a downtown

732
00:24:11,750 --> 00:24:13,470
the tracks. That kind of talent

733
00:24:13,470 --> 00:24:14,450
on top of the fact that we need

734
00:24:14,450 --> 00:24:16,850
businesses for more fortune 500

735
00:24:17,220 --> 00:24:18,650
businesses, more those emerging

736
00:24:18,650 --> 00:24:20,670
industries to to want to locate

737
00:24:20,670 --> 00:24:22,000
and relocate somewhere. And I

738
00:24:22,000 --> 00:24:23,180
think downtown is a great way

739
00:24:23,180 --> 00:24:24,770
to do it. That's what I what

740
00:24:24,770 --> 00:24:26,100
what we've literally seen in

741
00:24:26,100 --> 00:24:27,520
art, frankly, competitor,

742
00:24:27,520 --> 00:24:29,510
cities, competitor, cities in

743
00:24:29,510 --> 00:24:30,850
the southeast being kind of

744
00:24:30,850 --> 00:24:33,120
tampa, orlando, saint pete,

745
00:24:33,120 --> 00:24:36,120
charlotte's to a degree atlanta

746
00:24:36,430 --> 00:24:37,710
and even like savannah and

747
00:24:37,710 --> 00:24:39,610
charleston and maybe even

748
00:24:39,610 --> 00:24:41,380
huntsville, alabama, frankly,

749
00:24:41,380 --> 00:24:42,870
like some of these other places

750
00:24:42,870 --> 00:24:44,430
are investing heavily in their

751
00:24:44,430 --> 00:24:45,820
downtowns and making sure that

752
00:24:45,820 --> 00:24:47,150
they become an attractive place

753
00:24:47,150 --> 00:24:48,640
for businesses to go to.

754
00:24:48,640 --> 00:24:50,520
and when businesses go to them,

755
00:24:50,520 --> 00:24:52,560
young talent stays there.

756
00:24:52,560 --> 00:24:53,530
when that young talent stays

757
00:24:53,530 --> 00:24:54,990
there, they raise their

758
00:24:54,990 --> 00:24:56,550
families. It is about building

759
00:24:56,550 --> 00:24:58,590
a new tax base. It is about

760
00:24:58,590 --> 00:25:00,000
this next generation of

761
00:25:00,000 --> 00:25:01,370
jacksonville resident. I don't

762
00:25:01,370 --> 00:25:02,300
like

763
00:25:02,300 --> 00:25:04,340
I you port the poor kids.

764
00:25:04,340 --> 00:25:06,700
I'm sorry. A sigh a grandfather

765
00:25:06,700 --> 00:25:08,190
brought you out there to talk

766
00:25:08,190 --> 00:25:10,190
about downtown development.

767
00:25:11,800 --> 00:25:13,160
but but the point is, is that

768
00:25:13,160 --> 00:25:15,490
the numbers need to make sense.

769
00:25:15,490 --> 00:25:16,540
we have a downtown investment

770
00:25:16,540 --> 00:25:18,820
authority that that looks at

771
00:25:18,820 --> 00:25:21,300
these things. For reason,

772
00:25:21,300 --> 00:25:23,300
we have sophisticated

773
00:25:23,750 --> 00:25:25,340
developers that I believe are

774
00:25:25,340 --> 00:25:26,860
doing the right work and

775
00:25:26,860 --> 00:25:28,700
showing us what the our ally

776
00:25:28,700 --> 00:25:29,540
is. The return on investment is

777
00:25:29,540 --> 00:25:30,780
is pretty dramatic for the city

778
00:25:30,780 --> 00:25:32,240
of jacksonville for the

779
00:25:32,240 --> 00:25:33,470
taxpayer. And so we're not

780
00:25:33,470 --> 00:25:34,530
making way were decisions.

781
00:25:34,530 --> 00:25:36,910
that was adorable. We're not

782
00:25:36,910 --> 00:25:38,240
making way. We're decisions.

783
00:25:38,240 --> 00:25:39,330
we're investing in the future

784
00:25:39,330 --> 00:25:40,990
of our city. And if you allow

785
00:25:40,990 --> 00:25:42,370
for these opportunities to slip

786
00:25:42,370 --> 00:25:44,100
by,

787
00:25:44,100 --> 00:25:46,180
they go somewhere else, right?

788
00:25:46,180 --> 00:25:47,860
if you compete with other major

789
00:25:47,860 --> 00:25:49,300
municipalities, you've got to

790
00:25:49,300 --> 00:25:51,900
properly compete. Otherwise we

791
00:25:51,900 --> 00:25:52,130
shouldn't be a city. We should

792
00:25:52,130 --> 00:25:53,300
just be the suburb of

793
00:25:53,300 --> 00:25:54,520
jacksonville. And we're not

794
00:25:54,520 --> 00:25:55,530
that we are the city of

795
00:25:55,530 --> 00:25:57,550
jacksonville and we need double

796
00:25:57,550 --> 00:25:58,490
down on that, especially with

797
00:25:58,490 --> 00:25:59,390
the amount of investment we

798
00:25:59,390 --> 00:26:00,380
just put into a lot of our

799
00:26:00,380 --> 00:26:01,250
public amenities in our

800
00:26:01,250 --> 00:26:03,800
downtown area, including james

801
00:26:03,800 --> 00:26:04,280
weldon. Johnson are about to

802
00:26:04,280 --> 00:26:05,740
build a brand new marquee park

803
00:26:05,740 --> 00:26:07,130
right outside of the city hall.

804
00:26:07,130 --> 00:26:08,240
and we have these marquee parks

805
00:26:08,240 --> 00:26:09,340
were on the riverfront as well

806
00:26:09,340 --> 00:26:11,400
as a beautiful riverfront.

807
00:26:11,400 --> 00:26:13,310
if you have a walk to bridges

808
00:26:13,310 --> 00:26:14,800
like it's just kind of nothing

809
00:26:14,800 --> 00:26:16,270
better as ghana. Somebody has

810
00:26:16,270 --> 00:26:17,410
lived in other cities. There's

811
00:26:17,410 --> 00:26:18,480
a reason I came back home.

812
00:26:18,480 --> 00:26:19,940
it's because there's something

813
00:26:19,940 --> 00:26:21,540
special about jacksonville and

814
00:26:21,540 --> 00:26:23,110
we need to invest in that.

815
00:26:23,110 --> 00:26:23,870
timing is everything in

816
00:26:23,870 --> 00:26:25,110
development. We have an

817
00:26:25,110 --> 00:26:26,440
opportunity before us and we

818
00:26:26,440 --> 00:26:27,390
can't allow it to slip through

819
00:26:27,390 --> 00:26:28,260
our fingers because that

820
00:26:28,260 --> 00:26:30,640
that means that other projects

821
00:26:30,640 --> 00:26:32,680
and tertiary effects don't get

822
00:26:32,680 --> 00:26:34,140
done. And then we have more and

823
00:26:34,140 --> 00:26:36,140
more people saying

824
00:26:36,140 --> 00:26:37,170
how do we miss another

825
00:26:37,170 --> 00:26:38,500
opportunity? How come

826
00:26:38,500 --> 00:26:39,100
jacksonville's not growing the

827
00:26:39,100 --> 00:26:41,100
way it should?

828
00:26:41,200 --> 00:26:42,800
we can't. We can't allow

829
00:26:42,800 --> 00:26:44,800
ourselves to to

830
00:26:45,270 --> 00:26:46,740
be this one step forward.

831
00:26:46,740 --> 00:26:48,200
2 steps back. Like many people

832
00:26:48,200 --> 00:26:50,200
say that jacksonville,

833
00:26:50,450 --> 00:26:52,270
but I do want to pass it over

834
00:26:52,270 --> 00:26:53,940
to to the people. We all want

835
00:26:53,940 --> 00:26:57,700
to hear from to explain why

836
00:26:57,700 --> 00:26:58,410
this is a great project,

837
00:26:58,410 --> 00:26:59,540
but chair, I don't know if you

838
00:26:59,540 --> 00:27:00,500
want to do something next

839
00:27:00,500 --> 00:27:01,730
instead.

840
00:27:01,730 --> 00:27:04,360
>> what we have to be here.

841
00:27:04,360 --> 00:27:05,460
well, we have the meeting here

842
00:27:05,460 --> 00:27:06,620
real quick.

843
00:27:06,620 --> 00:27:08,160
>> I'd like to ask if there's

844
00:27:08,160 --> 00:27:09,590
anybody from the media that has

845
00:27:09,590 --> 00:27:12,200
the questions before I let the

846
00:27:12,200 --> 00:27:14,360
development team roll into

847
00:27:14,360 --> 00:27:16,350
other presentation. If you have

848
00:27:16,350 --> 00:27:17,550
the questions real quick,

849
00:27:17,550 --> 00:27:18,690
if you want to wait till after

850
00:27:18,690 --> 00:27:20,610
they get through and you can

851
00:27:20,610 --> 00:27:21,880
asked him questions now.

852
00:27:21,880 --> 00:27:24,480
but one of the things I wanted

853
00:27:24,480 --> 00:27:25,820
to do is get the

854
00:27:25,820 --> 00:27:28,860
information out so to see body

855
00:27:28,860 --> 00:27:30,860
with me,

856
00:27:31,590 --> 00:27:34,230
mr. Mearns and mr. Ball will

857
00:27:34,230 --> 00:27:37,500
turn it over to you. And thank

858
00:27:37,500 --> 00:27:38,600
you for being here for me.

859
00:27:38,600 --> 00:27:41,420
ready in the way that you've

860
00:27:41,420 --> 00:27:42,920
you've worked with our

861
00:27:42,920 --> 00:27:44,170
community and our council on

862
00:27:44,170 --> 00:27:45,370
this so years. Thank you.

863
00:27:45,370 --> 00:27:46,340
>> thank you, councilman.

864
00:27:46,340 --> 00:27:48,180
we really appreciate it

865
00:27:48,180 --> 00:27:49,720
and everyone for being here.

866
00:27:49,720 --> 00:27:52,310
so I am a proud resident of

867
00:27:52,310 --> 00:27:54,630
mandarin and one of the people

868
00:27:54,630 --> 00:27:56,960
that is really passionate about

869
00:27:56,960 --> 00:27:58,780
what's happening downtown.

870
00:27:58,780 --> 00:28:00,400
but I realized over the last

871
00:28:00,400 --> 00:28:01,590
several months and the coverage

872
00:28:01,590 --> 00:28:02,420
and the questions that have

873
00:28:02,420 --> 00:28:03,960
come up, that there really is a

874
00:28:03,960 --> 00:28:05,640
disconnect. And I think that

875
00:28:05,640 --> 00:28:06,780
part of that is I get to live

876
00:28:06,780 --> 00:28:08,390
and breathe this every day and

877
00:28:08,390 --> 00:28:10,260
live in the mine asia and in

878
00:28:10,260 --> 00:28:12,380
privy to all of these details

879
00:28:12,380 --> 00:28:14,290
about the big picture and

880
00:28:14,290 --> 00:28:16,240
what's coming. And I think when

881
00:28:16,240 --> 00:28:17,210
we're in these individual

882
00:28:17,210 --> 00:28:18,370
hearings, we don't really get

883
00:28:18,370 --> 00:28:19,490
an opportunity to tell that

884
00:28:19,490 --> 00:28:20,580
story

885
00:28:20,580 --> 00:28:22,800
and give everybody else the

886
00:28:22,800 --> 00:28:23,880
opportunity to really see what

887
00:28:23,880 --> 00:28:26,480
we know is in the works.

888
00:28:26,480 --> 00:28:28,200
so I want to kind of back up

889
00:28:28,200 --> 00:28:30,110
and talk about the fact that we

890
00:28:30,110 --> 00:28:32,140
started this journey back in

891
00:28:32,140 --> 00:28:35,130
2023 when the first phase of

892
00:28:35,130 --> 00:28:38,130
pearl square came through dna

893
00:28:38,630 --> 00:28:41,560
and that first phase had a

894
00:28:41,560 --> 00:28:43,970
handful of blocks, 4 of them

895
00:28:43,970 --> 00:28:45,380
that al had mixed use

896
00:28:45,380 --> 00:28:46,820
components.

897
00:28:46,820 --> 00:28:48,200
but being able to get to where

898
00:28:48,200 --> 00:28:49,910
we are today,

899
00:28:49,910 --> 00:28:51,770
where we have been able with

900
00:28:51,770 --> 00:28:53,350
the investment the city has

901
00:28:53,350 --> 00:28:54,740
made

902
00:28:54,740 --> 00:28:57,330
to recruit a grocer to look at

903
00:28:57,330 --> 00:28:59,330
downtown jacksonville.

904
00:28:59,690 --> 00:29:01,000
that is something that when I

905
00:29:01,000 --> 00:29:02,520
started this job a decade ago

906
00:29:02,520 --> 00:29:04,520
was unthinkable.

907
00:29:05,140 --> 00:29:06,660
but that investment really did

908
00:29:06,660 --> 00:29:08,680
get the attention of the

909
00:29:08,680 --> 00:29:09,770
development community, the

910
00:29:09,770 --> 00:29:11,640
hospitality community, retail

911
00:29:11,640 --> 00:29:13,640
restaurants,

912
00:29:13,940 --> 00:29:15,940
this particular block

913
00:29:16,330 --> 00:29:19,180
really is the center of what

914
00:29:19,180 --> 00:29:20,640
we're trying to create in pearl

915
00:29:20,640 --> 00:29:22,230
square

916
00:29:22,230 --> 00:29:23,740
and 7. We all have these

917
00:29:23,740 --> 00:29:25,640
nomenclature that the bloc that

918
00:29:25,640 --> 00:29:26,640
we're talking about today is

919
00:29:26,640 --> 00:29:28,100
and 7

920
00:29:28,100 --> 00:29:30,200
came before de I in december of

921
00:29:30,200 --> 00:29:32,200
25

922
00:29:32,330 --> 00:29:33,950
and went through the full

923
00:29:33,950 --> 00:29:35,870
underwriting process,

924
00:29:35,870 --> 00:29:37,210
determined that there was the

925
00:29:37,210 --> 00:29:38,210
appropriate return on

926
00:29:38,210 --> 00:29:39,860
investment to the city. And I

927
00:29:39,860 --> 00:29:40,770
know we're going to talk about

928
00:29:40,770 --> 00:29:42,890
that and I hope we do because

929
00:29:42,890 --> 00:29:44,670
that's really key to this

930
00:29:44,670 --> 00:29:46,670
project

931
00:29:46,840 --> 00:29:48,660
when through working with the

932
00:29:48,660 --> 00:29:50,250
city on the contract and got

933
00:29:50,250 --> 00:29:52,650
introduced in june of 26.

934
00:29:53,600 --> 00:29:55,440
so this project's been pending

935
00:29:55,440 --> 00:29:57,400
in the public forum

936
00:29:57,400 --> 00:29:59,380
since june.

937
00:29:59,380 --> 00:30:01,290
and when that was filed,

938
00:30:01,290 --> 00:30:02,590
we got a lot of questions from

939
00:30:02,590 --> 00:30:04,540
different council members,

940
00:30:04,540 --> 00:30:06,460
understanding the pressures the

941
00:30:06,460 --> 00:30:09,800
city's facing and wanting to

942
00:30:09,800 --> 00:30:10,830
look at how do we incentivize

943
00:30:10,830 --> 00:30:11,670
things and are there

944
00:30:11,670 --> 00:30:12,650
alternatives that aren't

945
00:30:12,650 --> 00:30:14,470
completion grants?

946
00:30:14,470 --> 00:30:18,700
so we pushed pause on phase 2

947
00:30:18,130 --> 00:30:19,720
and worked for the last several

948
00:30:19,720 --> 00:30:21,770
months with the council members

949
00:30:21,770 --> 00:30:23,210
with the administration with d

950
00:30:23,210 --> 00:30:24,350
I a

951
00:30:24,350 --> 00:30:26,510
to really dig in to the phase 2

952
00:30:26,510 --> 00:30:28,790
projects and see what's on the

953
00:30:28,790 --> 00:30:30,720
table globally. How can we

954
00:30:30,720 --> 00:30:32,500
address them? Where are there

955
00:30:32,500 --> 00:30:33,950
ways to do things that maybe

956
00:30:33,950 --> 00:30:35,950
weren't completion grants?

957
00:30:37,200 --> 00:30:39,210
we've been able to do a lot

958
00:30:39,210 --> 00:30:40,850
with what we still have in

959
00:30:40,850 --> 00:30:42,600
terms of looking at alternate

960
00:30:42,600 --> 00:30:45,140
funding for the investor hotel,

961
00:30:45,140 --> 00:30:46,710
for example, which was

962
00:30:46,710 --> 00:30:48,400
originally proposed as

963
00:30:48,400 --> 00:30:50,300
completion grants and went back

964
00:30:50,300 --> 00:30:52,100
through underwriting and back 3

965
00:30:52,100 --> 00:30:54,110
d I a and is now proposed is a

966
00:30:54,110 --> 00:30:56,460
loan that will fully paid back

967
00:30:56,460 --> 00:30:58,760
the city with interest over

968
00:30:58,760 --> 00:31:00,570
time.

969
00:31:00,570 --> 00:31:02,280
but when we looked at this

970
00:31:02,280 --> 00:31:04,280
specific block,

971
00:31:05,100 --> 00:31:06,860
it really didn't work to

972
00:31:06,860 --> 00:31:08,350
underwrite a different way.

973
00:31:08,350 --> 00:31:09,510
and we went through more than

974
00:31:09,510 --> 00:31:11,510
12 different permutations to

975
00:31:12,210 --> 00:31:14,700
try to look at options. But

976
00:31:14,700 --> 00:31:16,670
what is before the city today

977
00:31:16,670 --> 00:31:18,680
after all of that exercise over

978
00:31:18,680 --> 00:31:21,800
7 months was determined to

979
00:31:21,900 --> 00:31:22,870
really get the most bang for

980
00:31:22,870 --> 00:31:25,160
the buck on the investment and

981
00:31:25,160 --> 00:31:27,630
make sense for the city.

982
00:31:27,630 --> 00:31:28,620
but again, I live in the

983
00:31:28,620 --> 00:31:29,780
minutiae

984
00:31:29,780 --> 00:31:31,190
and we don't get to tell the

985
00:31:31,190 --> 00:31:33,780
story. So I want to pause there

986
00:31:33,780 --> 00:31:35,660
and give brian the opportunity

987
00:31:35,660 --> 00:31:37,210
to really speak big picture

988
00:31:37,210 --> 00:31:38,720
because you have to look at

989
00:31:38,720 --> 00:31:41,240
this block in context and what

990
00:31:41,240 --> 00:31:43,240
it unlocks.

991
00:31:44,990 --> 00:31:46,430
>> thank you, cindy, and thank

992
00:31:46,430 --> 00:31:48,900
you to both of the council

993
00:31:48,900 --> 00:31:50,580
members for for having us here

994
00:31:50,580 --> 00:31:53,580
today. We really appreciate it.

995
00:31:55,400 --> 00:31:56,800
>> you hear a lot of

996
00:31:56,800 --> 00:31:57,770
nomenclature when we're talking

997
00:31:57,770 --> 00:32:00,640
about our blocks and aidan 4 in

998
00:32:00,640 --> 00:32:01,850
11

999
00:32:01,850 --> 00:32:03,000
and they all are going to have

1000
00:32:03,000 --> 00:32:06,340
names at some point, I promise.

1001
00:32:06,340 --> 00:32:09,650
but but in 7 is just one block

1002
00:32:09,650 --> 00:32:12,160
of many in pearl square and

1003
00:32:12,160 --> 00:32:15,900
then also with an gateway jax's

1004
00:32:15,900 --> 00:32:17,900
larger portfolio and within a

1005
00:32:17,900 --> 00:32:20,300
very large downtown 4 square

1006
00:32:21,320 --> 00:32:22,930
miles. I believe something like

1007
00:32:22,930 --> 00:32:24,720
that.

1008
00:32:24,720 --> 00:32:26,860
and and what we're doing in

1009
00:32:26,860 --> 00:32:29,750
pearl square not only impacts

1010
00:32:29,750 --> 00:32:31,690
that immediate area, the

1011
00:32:31,690 --> 00:32:32,800
project itself in that

1012
00:32:32,800 --> 00:32:34,470
immediate area impacts all of

1013
00:32:34,470 --> 00:32:36,700
downtown. It impacts the city

1014
00:32:36,700 --> 00:32:38,600
impact spring, the adjoining

1015
00:32:38,600 --> 00:32:40,600
neighborhoods, springfield

1016
00:32:40,580 --> 00:32:41,700
being, you know, being the

1017
00:32:41,700 --> 00:32:42,740
immediate one just to the

1018
00:32:42,740 --> 00:32:46,300
north, is it out east? And

1019
00:32:46,300 --> 00:32:46,860
then, of course, all of the

1020
00:32:46,860 --> 00:32:47,820
neighborhoods that are within

1021
00:32:47,820 --> 00:32:49,870
downtown, including with on

1022
00:32:49,870 --> 00:32:52,270
cathedral heights and others.

1023
00:32:53,130 --> 00:32:55,550
so this is not just a request

1024
00:32:55,550 --> 00:32:57,550
that we're making.

1025
00:32:57,610 --> 00:32:59,700
you know, I for one block.

1026
00:32:59,700 --> 00:33:01,620
it's really for downtown and

1027
00:33:01,620 --> 00:33:03,620
the entire city.

1028
00:33:03,850 --> 00:33:05,270
I'd like to start really

1029
00:33:05,270 --> 00:33:06,650
quickly just by giving some

1030
00:33:06,650 --> 00:33:09,500
high-level information on what

1031
00:33:09,110 --> 00:33:11,610
prospere is. It is 9 city

1032
00:33:11,610 --> 00:33:14,230
blocks. It is over a billion

1033
00:33:14,230 --> 00:33:16,630
dollars worth of investment

1034
00:33:19,200 --> 00:33:21,500
within that billion dollars.

1035
00:33:21,500 --> 00:33:24,350
there have been there have been

1036
00:33:24,350 --> 00:33:26,690
request and granted requests

1037
00:33:26,690 --> 00:33:27,940
from the city

1038
00:33:27,940 --> 00:33:29,630
as participating in a few of

1039
00:33:29,630 --> 00:33:31,300
them, not all of them. But if

1040
00:33:31,300 --> 00:33:32,690
you have them

1041
00:33:32,690 --> 00:33:34,720
about 7% of the total

1042
00:33:34,720 --> 00:33:36,720
development costs

1043
00:33:36,980 --> 00:33:38,880
and this project would not be

1044
00:33:38,880 --> 00:33:40,870
possible without that

1045
00:33:40,870 --> 00:33:42,740
investment and may not seem

1046
00:33:42,740 --> 00:33:43,820
like a lot when you're talking

1047
00:33:43,820 --> 00:33:44,790
about a billion dollars and

1048
00:33:44,790 --> 00:33:46,920
it's 7%, but that 7% is

1049
00:33:46,920 --> 00:33:48,920
incredibly meaningful.

1050
00:33:49,100 --> 00:33:51,150
it moves the needle. First of

1051
00:33:51,150 --> 00:33:54,110
all shows investors. It shows

1052
00:33:54,110 --> 00:33:55,890
banks. It shows the people that

1053
00:33:55,890 --> 00:33:57,600
actually to finance these

1054
00:33:57,600 --> 00:33:59,380
projects to make them happen.

1055
00:33:59,380 --> 00:34:01,570
it shows them that there is

1056
00:34:01,570 --> 00:34:03,600
confidence from the city.

1057
00:34:03,600 --> 00:34:05,400
it shows that the city is

1058
00:34:05,400 --> 00:34:06,640
backstopping are dot back

1059
00:34:06,640 --> 00:34:08,450
something but providing the

1060
00:34:08,450 --> 00:34:10,470
ability for the for the

1061
00:34:10,470 --> 00:34:12,500
development to happen. But I do

1062
00:34:12,500 --> 00:34:13,700
want to make one point very

1063
00:34:13,700 --> 00:34:16,100
clear because I think this this

1064
00:34:16,100 --> 00:34:17,960
does get lost once a while.

1065
00:34:17,960 --> 00:34:20,560
we have not received a dime of

1066
00:34:20,560 --> 00:34:22,770
any of that city investment and

1067
00:34:22,770 --> 00:34:25,460
we want until we actually start

1068
00:34:25,460 --> 00:34:26,580
building and completing

1069
00:34:26,580 --> 00:34:27,750
buildings. The first one,

1070
00:34:27,750 --> 00:34:28,610
which will be done here in

1071
00:34:28,610 --> 00:34:29,990
about 3 weeks as I was telling

1072
00:34:29,990 --> 00:34:32,000
time, the cap councilmember

1073
00:34:32,000 --> 00:34:33,720
van der veer formally and 11.

1074
00:34:33,720 --> 00:34:36,430
so there's your name. But but

1075
00:34:36,430 --> 00:34:38,300
that that's very important

1076
00:34:38,300 --> 00:34:40,520
because we did when we first

1077
00:34:40,520 --> 00:34:42,320
approached the city with this

1078
00:34:42,320 --> 00:34:45,190
big idea and the da and a

1079
00:34:45,190 --> 00:34:47,000
number of years ago, it was

1080
00:34:47,000 --> 00:34:49,340
important to us to make sure

1081
00:34:49,340 --> 00:34:51,800
that we could be trust in that

1082
00:34:51,800 --> 00:34:52,560
the city was able to trust us,

1083
00:34:52,560 --> 00:34:54,000
not just on one project but

1084
00:34:54,000 --> 00:34:55,230
over time.

1085
00:34:55,230 --> 00:34:58,360
and so what we're putting our

1086
00:34:58,360 --> 00:35:00,550
money where our mouth is and

1087
00:35:00,550 --> 00:35:02,500
then the city, when they have a

1088
00:35:02,500 --> 00:35:04,290
completed project that is on

1089
00:35:04,290 --> 00:35:05,560
the tax rolls that is

1090
00:35:05,560 --> 00:35:07,180
generating revenue back to the

1091
00:35:07,180 --> 00:35:08,220
city

1092
00:35:08,220 --> 00:35:10,220
provides these these

1093
00:35:10,240 --> 00:35:12,160
incentives.

1094
00:35:12,160 --> 00:35:13,290
so what is pearl square?

1095
00:35:13,290 --> 00:35:15,740
pearl square very simply at a

1096
00:35:15,740 --> 00:35:17,360
high level. It's 9 blocks.

1097
00:35:17,360 --> 00:35:19,360
it is 2 million square feet of

1098
00:35:19,360 --> 00:35:21,170
density. What does that mean?

1099
00:35:21,170 --> 00:35:23,570
it means over 1250 new

1100
00:35:23,980 --> 00:35:26,220
residential units. It likely

1101
00:35:26,220 --> 00:35:28,560
will grow to about 1500 and

1102
00:35:28,560 --> 00:35:29,940
that means something about like

1103
00:35:29,940 --> 00:35:32,340
25 new are 2500 to 3,000 new

1104
00:35:33,670 --> 00:35:34,780
residents that are going to be

1105
00:35:34,780 --> 00:35:37,430
living 2 blocks away from city

1106
00:35:37,430 --> 00:35:38,250
hall.

1107
00:35:38,250 --> 00:35:41,110
it will an entirely change the

1108
00:35:41,110 --> 00:35:42,620
dynamic of this area of

1109
00:35:42,620 --> 00:35:45,000
downtown. And that's just on 9

1110
00:35:45,000 --> 00:35:47,270
blocks of the 26 city blocks

1111
00:35:47,270 --> 00:35:49,160
that gateway jax has not to

1112
00:35:49,160 --> 00:35:50,680
mention the other blocs that kp

1113
00:35:50,680 --> 00:35:51,930
text does not control that

1114
00:35:51,930 --> 00:35:53,320
could develop into additional

1115
00:35:53,320 --> 00:35:54,440
residential.

1116
00:35:54,440 --> 00:35:56,840
the really the the opportunity

1117
00:35:56,840 --> 00:35:58,520
in downtown for people living

1118
00:35:58,520 --> 00:36:00,870
walking, working and shopping

1119
00:36:00,870 --> 00:36:03,270
is is off the charts.

1120
00:36:03,270 --> 00:36:05,300
there is 200,000 square feet of

1121
00:36:05,300 --> 00:36:07,600
retail that is either built

1122
00:36:07,600 --> 00:36:09,300
under construction or planned

1123
00:36:09,300 --> 00:36:11,430
200,000 square feet of retail

1124
00:36:11,750 --> 00:36:13,290
might seem amorphous. But what

1125
00:36:13,290 --> 00:36:16,290
that means is I 35,000 square

1126
00:36:16,910 --> 00:36:17,940
feet of that is the public.

1127
00:36:17,940 --> 00:36:20,100
so that means that 100 that

1128
00:36:20,100 --> 00:36:22,280
publix is a small, relatively

1129
00:36:22,280 --> 00:36:23,760
portion of the amount of retail

1130
00:36:23,760 --> 00:36:25,450
that we're delivering. It means

1131
00:36:25,450 --> 00:36:28,450
20 new restaurants. It means a

1132
00:36:29,600 --> 00:36:31,980
soft goods and means services.

1133
00:36:31,980 --> 00:36:33,820
cindy loves over. There's going

1134
00:36:33,820 --> 00:36:35,130
to be a nail salon delivering

1135
00:36:35,130 --> 00:36:38,000
and the first project and means

1136
00:36:38,000 --> 00:36:39,460
places where you can you can

1137
00:36:39,460 --> 00:36:40,740
go. You can meet up. You can

1138
00:36:40,740 --> 00:36:42,680
work out.

1139
00:36:42,680 --> 00:36:44,430
it's what we're doing is really

1140
00:36:44,430 --> 00:36:45,950
building community. And that is

1141
00:36:45,950 --> 00:36:47,730
centered around the retail in

1142
00:36:47,730 --> 00:36:49,730
the public space.

1143
00:36:49,860 --> 00:36:51,170
in 100,000 square feet of

1144
00:36:51,170 --> 00:36:52,820
office. There hasn't been a

1145
00:36:52,820 --> 00:36:54,480
brand new office building built

1146
00:36:54,480 --> 00:36:56,740
outside of what the jaguars did

1147
00:36:56,740 --> 00:36:59,740
near the stadium and 40 years.

1148
00:37:00,640 --> 00:37:02,780
and the office stock downtown

1149
00:37:02,780 --> 00:37:05,200
is aging. And that is really at

1150
00:37:05,200 --> 00:37:06,610
that prevents new companies

1151
00:37:06,610 --> 00:37:07,960
from wanting to come downtown

1152
00:37:07,960 --> 00:37:10,360
and fast and downtown.

1153
00:37:10,460 --> 00:37:11,910
so we're building an office

1154
00:37:11,910 --> 00:37:12,990
building. A plan to build more

1155
00:37:12,990 --> 00:37:14,800
eventually were building at

1156
00:37:14,800 --> 00:37:17,600
least one hotel, if not too

1157
00:37:17,600 --> 00:37:19,820
likely over 200 keys when we're

1158
00:37:19,820 --> 00:37:20,950
when we're finished, hotel

1159
00:37:20,950 --> 00:37:22,280
married, which we've announced

1160
00:37:22,280 --> 00:37:24,780
before, which is a a mary,

1161
00:37:24,780 --> 00:37:27,780
a tribute collection of 100 and

1162
00:37:27,810 --> 00:37:30,800
the former ambassador say about

1163
00:37:30,800 --> 00:37:32,830
110 keys alone. And that's just

1164
00:37:32,830 --> 00:37:34,200
the first phase of what we hope

1165
00:37:34,200 --> 00:37:35,950
will be many faces of at that

1166
00:37:35,950 --> 00:37:37,870
hotel and then others in the

1167
00:37:37,870 --> 00:37:39,630
future and mentioned the open

1168
00:37:39,630 --> 00:37:41,270
space, an acre of open space,

1169
00:37:41,270 --> 00:37:42,460
private open space that we're

1170
00:37:42,460 --> 00:37:44,130
providing to the city and of

1171
00:37:44,130 --> 00:37:45,810
course, parking spaces. We will

1172
00:37:45,810 --> 00:37:48,130
have over 2500 parking spaces

1173
00:37:48,130 --> 00:37:49,290
to make sure everybody has a

1174
00:37:49,290 --> 00:37:51,270
spot. But you may

1175
00:37:51,270 --> 00:37:53,270
how many people

1176
00:37:54,290 --> 00:37:55,780
the people here.

1177
00:37:55,780 --> 00:37:57,610
>> it's probably a few but many

1178
00:37:57,610 --> 00:38:00,800
people here have seen the old

1179
00:38:00,800 --> 00:38:01,910
ambassador which is now the

1180
00:38:01,910 --> 00:38:03,910
maryville.

1181
00:38:07,600 --> 00:38:08,970
it is how many people have not

1182
00:38:08,970 --> 00:38:10,970
seen it.

1183
00:38:11,800 --> 00:38:14,150
jans. Joe, I think you see that

1184
00:38:14,150 --> 00:38:16,140
joe back there. Okay. All

1185
00:38:16,140 --> 00:38:17,540
right. How many people have not

1186
00:38:17,540 --> 00:38:20,500
seen it? I want to say,

1187
00:38:20,500 --> 00:38:22,920
well, ok, if there was a it was

1188
00:38:22,920 --> 00:38:25,640
mostly of folks that were in

1189
00:38:25,640 --> 00:38:26,640
the know like most of these

1190
00:38:26,640 --> 00:38:28,210
folks are known to be a lot of

1191
00:38:28,210 --> 00:38:31,600
hands raise that. That is

1192
00:38:31,600 --> 00:38:32,750
that is a beautiful, historic

1193
00:38:32,750 --> 00:38:34,670
hotel.

1194
00:38:34,670 --> 00:38:37,940
and it's been on the listing of

1195
00:38:37,940 --> 00:38:39,600
historic buildings to be

1196
00:38:39,600 --> 00:38:40,920
restored for a long time.

1197
00:38:40,920 --> 00:38:42,620
so go ahead.

1198
00:38:42,620 --> 00:38:43,630
actually, I do kind of want to

1199
00:38:43,630 --> 00:38:44,680
check their as well noted to

1200
00:38:44,680 --> 00:38:45,980
that. And by the way of former

1201
00:38:45,980 --> 00:38:47,370
developer couldn't get that

1202
00:38:47,370 --> 00:38:48,650
project done, right?

1203
00:38:48,650 --> 00:38:50,330
>> multiple development deals

1204
00:38:50,330 --> 00:38:51,440
have been approved by city

1205
00:38:51,440 --> 00:38:52,520
council and the development

1206
00:38:52,520 --> 00:38:54,500
deals did not get done. His

1207
00:38:54,500 --> 00:38:54,950
developers do not have the

1208
00:38:54,950 --> 00:38:56,120
sophistication that we've seen

1209
00:38:56,120 --> 00:38:57,270
at a gateway, right. The fact

1210
00:38:57,270 --> 00:38:58,770
that you're doing a new

1211
00:38:58,770 --> 00:38:59,600
construction that's completed

1212
00:38:59,600 --> 00:39:01,600
in 3 weeks is

1213
00:39:02,400 --> 00:39:04,130
exactly what the downtown needs

1214
00:39:04,130 --> 00:39:05,180
and certain that if you don't

1215
00:39:05,180 --> 00:39:07,300
mind and then the fact you

1216
00:39:07,300 --> 00:39:08,520
bring up all the retailers and

1217
00:39:08,520 --> 00:39:09,840
many coming here,

1218
00:39:09,840 --> 00:39:12,840
all I heard was how in the 80's

1219
00:39:12,840 --> 00:39:14,330
in the 90's, when all the

1220
00:39:14,330 --> 00:39:16,360
downtown department store is

1221
00:39:16,360 --> 00:39:17,480
left

1222
00:39:17,480 --> 00:39:19,200
and when to reach the square

1223
00:39:19,200 --> 00:39:20,480
mall and now eventually town

1224
00:39:20,480 --> 00:39:22,170
center, how that really

1225
00:39:22,170 --> 00:39:24,600
eviscerated kind of what the

1226
00:39:24,600 --> 00:39:25,860
downtown feel was and obviously

1227
00:39:25,860 --> 00:39:27,730
feel like a ghost town here by

1228
00:39:27,730 --> 00:39:29,600
investing in these retail

1229
00:39:29,600 --> 00:39:31,300
operators in new office,

1230
00:39:31,300 --> 00:39:33,300
we're literally creating

1231
00:39:33,450 --> 00:39:34,850
that's exactly what we need to

1232
00:39:34,850 --> 00:39:36,440
bring more foot traffic and

1233
00:39:36,440 --> 00:39:37,990
more people in our downtown.

1234
00:39:37,990 --> 00:39:40,650
so so and that invest. I mean,

1235
00:39:40,650 --> 00:39:42,220
the top of the fact you

1236
00:39:42,220 --> 00:39:43,280
consistently talk about future

1237
00:39:43,280 --> 00:39:44,740
phases,

1238
00:39:44,740 --> 00:39:46,300
the city, the city is not here

1239
00:39:46,300 --> 00:39:48,230
to say that we're we're

1240
00:39:48,230 --> 00:39:50,000
financing. Every darn funny is

1241
00:39:50,000 --> 00:39:51,730
in fact, we won't need to once

1242
00:39:51,730 --> 00:39:53,120
phase one is complete. And once

1243
00:39:53,120 --> 00:39:55,180
people start seeing the value

1244
00:39:55,180 --> 00:39:56,900
of this, the taxable income and

1245
00:39:56,900 --> 00:39:57,750
maybe you can speak to that.

1246
00:39:57,750 --> 00:40:00,470
but yeah, I can. And and I am

1247
00:40:00,470 --> 00:40:01,750
you know, I'm I'm here to say

1248
00:40:01,750 --> 00:40:03,940
this will be the last

1249
00:40:03,940 --> 00:40:05,580
completion grant that we will

1250
00:40:05,580 --> 00:40:08,000
be asking for from the general

1251
00:40:08,000 --> 00:40:10,830
fund in the city. This is we

1252
00:40:10,830 --> 00:40:12,470
really believe this is such an

1253
00:40:12,470 --> 00:40:14,980
you don't move or that it will

1254
00:40:14,980 --> 00:40:16,240
help sustain and

1255
00:40:16,240 --> 00:40:17,420
self-sustaining future

1256
00:40:17,420 --> 00:40:19,600
development,

1257
00:40:19,600 --> 00:40:20,160
you know, doesn't doesn't

1258
00:40:20,160 --> 00:40:21,730
necessarily mean that the there

1259
00:40:21,730 --> 00:40:23,580
won't be a need for red grants

1260
00:40:23,580 --> 00:40:25,160
or something like that in the

1261
00:40:25,160 --> 00:40:27,560
future. But we really believe

1262
00:40:27,560 --> 00:40:30,120
that this this completion grant

1263
00:40:30,120 --> 00:40:33,400
is is the key to unlocking

1264
00:40:33,400 --> 00:40:34,250
future development, not just

1265
00:40:34,250 --> 00:40:36,610
for gateway jacks, but for

1266
00:40:36,610 --> 00:40:38,910
other developers and to help

1267
00:40:38,910 --> 00:40:39,780
sustain.

1268
00:40:39,780 --> 00:40:41,450
>> if I were john month for a

1269
00:40:41,450 --> 00:40:42,480
second great there, since

1270
00:40:42,480 --> 00:40:43,790
you've said those words,

1271
00:40:43,790 --> 00:40:45,160
which are important and I hope

1272
00:40:45,160 --> 00:40:46,570
folks have heard because that

1273
00:40:46,570 --> 00:40:47,620
is a commitment that we have

1274
00:40:47,620 --> 00:40:49,500
made to the city that we really

1275
00:40:49,500 --> 00:40:51,250
do believe that this one is

1276
00:40:51,250 --> 00:40:53,590
what will get us over the line.

1277
00:40:53,590 --> 00:40:55,370
but I I get a lot of questions

1278
00:40:55,370 --> 00:40:57,150
and I see it covered. So I

1279
00:40:57,150 --> 00:40:58,900
think it's one of the things

1280
00:40:58,900 --> 00:40:59,190
that people need to hear and

1281
00:40:59,190 --> 00:41:00,460
understand

1282
00:41:00,460 --> 00:41:02,300
is we've already given all of

1283
00:41:02,300 --> 00:41:04,400
these completion grants out.

1284
00:41:04,400 --> 00:41:05,530
why isn't that enough? Why

1285
00:41:05,530 --> 00:41:07,180
hasn't that done it? Why are we

1286
00:41:07,180 --> 00:41:08,620
done?

1287
00:41:08,620 --> 00:41:09,570
and that's important question

1288
00:41:09,570 --> 00:41:10,880
to ask because we have made

1289
00:41:10,880 --> 00:41:12,450
strategic investments in the

1290
00:41:12,450 --> 00:41:14,250
first phase because of the

1291
00:41:14,250 --> 00:41:16,340
first 4 blocks and there's been

1292
00:41:16,340 --> 00:41:17,680
some others downtown that have

1293
00:41:17,680 --> 00:41:18,870
been very strategic and

1294
00:41:18,870 --> 00:41:20,870
important.

1295
00:41:21,200 --> 00:41:23,130
what I think gets lost in that

1296
00:41:23,130 --> 00:41:24,900
narrative is the fact that,

1297
00:41:24,900 --> 00:41:27,310
yes, we have awarded those

1298
00:41:27,310 --> 00:41:29,200
completion grants

1299
00:41:29,200 --> 00:41:31,700
but their completion grants and

1300
00:41:31,700 --> 00:41:32,220
nothing is paid out until

1301
00:41:32,220 --> 00:41:33,890
buildings are done. None of

1302
00:41:33,890 --> 00:41:35,640
these buildings

1303
00:41:35,640 --> 00:41:38,120
are done. We do not have

1304
00:41:38,120 --> 00:41:40,520
anything that is online

1305
00:41:41,400 --> 00:41:44,340
and stabilized. That tells the

1306
00:41:44,340 --> 00:41:45,710
development community

1307
00:41:45,710 --> 00:41:48,110
investors, lenders what is

1308
00:41:48,270 --> 00:41:50,270
possible in jacksonville.

1309
00:41:50,460 --> 00:41:52,340
and that's really kind of the

1310
00:41:52,340 --> 00:41:53,850
purgatory that we're in right

1311
00:41:53,850 --> 00:41:55,850
now is

1312
00:41:55,880 --> 00:41:58,200
thank god with the credibility

1313
00:41:58,200 --> 00:41:59,270
that brian and his team bring

1314
00:41:59,270 --> 00:42:00,600
to the table. They've been able

1315
00:42:00,600 --> 00:42:02,910
to recruit some investors and

1316
00:42:02,910 --> 00:42:04,870
lenders that historically would

1317
00:42:04,870 --> 00:42:05,900
not look at downtown

1318
00:42:05,900 --> 00:42:07,370
jacksonville because the

1319
00:42:07,370 --> 00:42:08,780
numbers that we can show on a

1320
00:42:08,780 --> 00:42:11,200
pro forma don't justify the

1321
00:42:11,200 --> 00:42:12,620
investment

1322
00:42:12,620 --> 00:42:14,100
and we still don't have

1323
00:42:14,100 --> 00:42:16,410
anything in operation that

1324
00:42:16,470 --> 00:42:18,460
shows them that they've made a

1325
00:42:18,460 --> 00:42:20,470
good bet on jacksonville.

1326
00:42:20,470 --> 00:42:21,590
it's going to take getting

1327
00:42:21,590 --> 00:42:22,620
these first things out of the

1328
00:42:22,620 --> 00:42:23,950
ground and people living in

1329
00:42:23,950 --> 00:42:25,130
them and seeing how they live

1330
00:42:25,130 --> 00:42:26,540
and operate

1331
00:42:26,540 --> 00:42:28,700
before. That's proven not so

1332
00:42:28,700 --> 00:42:31,150
we're almost there, but we're

1333
00:42:31,150 --> 00:42:33,900
still in that period where we

1334
00:42:33,900 --> 00:42:36,220
really need the city investment

1335
00:42:36,220 --> 00:42:37,960
to get other folks to come to

1336
00:42:37,960 --> 00:42:39,880
the table to take the risk on

1337
00:42:39,880 --> 00:42:41,880
downtown jacksonville.

1338
00:42:43,140 --> 00:42:44,470
>> but I for I should have

1339
00:42:44,470 --> 00:42:45,730
mentioned earlier, just some of

1340
00:42:45,730 --> 00:42:46,930
the some of the names that

1341
00:42:46,930 --> 00:42:48,340
we've announced for for new

1342
00:42:48,340 --> 00:42:50,560
retail collette, which is an

1343
00:42:50,560 --> 00:42:52,960
italian restaurant by steve

1344
00:42:52,990 --> 00:42:54,560
palmer is based out of

1345
00:42:54,560 --> 00:42:56,560
charleston. You feeling of the

1346
00:42:56,560 --> 00:42:58,440
2 italians appear and that's

1347
00:42:58,440 --> 00:43:01,440
why star. Yeah, that's got

1348
00:43:02,370 --> 00:43:03,730
yeah. You did. Actually has got

1349
00:43:03,730 --> 00:43:05,630
a really great the

1350
00:43:05,630 --> 00:43:06,850
old-fashioned spaghetti.

1351
00:43:06,850 --> 00:43:08,720
none of us like cancels getting

1352
00:43:08,720 --> 00:43:11,000
want to have it on this on top

1353
00:43:11,000 --> 00:43:13,400
of the past. All. Yeah.

1354
00:43:13,400 --> 00:43:14,870
I caught of the time restaurant

1355
00:43:14,870 --> 00:43:16,360
bar such which is based out of

1356
00:43:16,360 --> 00:43:17,620
saint augustine. It's a

1357
00:43:17,620 --> 00:43:19,510
michelin bib gourmand winner

1358
00:43:19,510 --> 00:43:20,680
and saint augustine. They're

1359
00:43:20,680 --> 00:43:21,580
going to open their second

1360
00:43:21,580 --> 00:43:23,820
location one and a half blocks

1361
00:43:23,820 --> 00:43:25,360
from where we're at right now.

1362
00:43:25,360 --> 00:43:27,300
>> go greek, which is a a

1363
00:43:27,300 --> 00:43:28,670
breakfast in yogurt, great pace

1364
00:43:28,670 --> 00:43:31,700
place buckner's beer garden,

1365
00:43:31,210 --> 00:43:33,390
which will be opening in

1366
00:43:33,390 --> 00:43:35,380
november. So only a couple

1367
00:43:35,380 --> 00:43:36,810
couple weeks away.

1368
00:43:36,810 --> 00:43:39,200
pop-up bagels, which is already

1369
00:43:39,200 --> 00:43:40,690
open. I believe that the town

1370
00:43:40,690 --> 00:43:42,800
center, there's a location and

1371
00:43:42,800 --> 00:43:43,870
it's one of the best bagels

1372
00:43:43,870 --> 00:43:44,960
I've ever had. You can only

1373
00:43:44,960 --> 00:43:46,890
order 3 at a time. So be

1374
00:43:46,890 --> 00:43:47,960
prepared to have a lot of

1375
00:43:47,960 --> 00:43:49,820
vehicles, jets at pla these.

1376
00:43:49,820 --> 00:43:51,320
they're going to be opening

1377
00:43:51,320 --> 00:43:52,720
very soon. They're building out

1378
00:43:52,720 --> 00:43:53,960
right now and then pro pro

1379
00:43:53,960 --> 00:43:55,690
street nails. And there are

1380
00:43:55,690 --> 00:43:57,520
also in advanced negotiations

1381
00:43:57,520 --> 00:44:01,120
with a mexican restaurant to go

1382
00:44:01,310 --> 00:44:03,140
alongside of all that retail.

1383
00:44:03,140 --> 00:44:04,610
in addition to that, that's one

1384
00:44:04,610 --> 00:44:06,700
building that's one building

1385
00:44:06,700 --> 00:44:08,130
out of 9 and all those tenants

1386
00:44:08,130 --> 00:44:10,880
are going into one building.

1387
00:44:10,880 --> 00:44:11,880
there are some buildings to

1388
00:44:11,880 --> 00:44:13,910
have even more retail. Some of

1389
00:44:13,910 --> 00:44:15,600
the retail that we're building

1390
00:44:15,600 --> 00:44:16,150
will be more soft goods

1391
00:44:16,150 --> 00:44:17,430
oriented. See, can think of

1392
00:44:17,430 --> 00:44:19,360
furniture stores, places to go

1393
00:44:19,360 --> 00:44:21,360
get clothing,

1394
00:44:22,160 --> 00:44:23,690
athletic, wear that type of

1395
00:44:23,690 --> 00:44:26,290
thing. So I if you know,

1396
00:44:26,290 --> 00:44:27,220
there was a mention of

1397
00:44:27,220 --> 00:44:28,580
department stores earlier and

1398
00:44:28,580 --> 00:44:29,430
that's one of my favorite

1399
00:44:29,430 --> 00:44:30,480
stories to hear about the

1400
00:44:30,480 --> 00:44:31,370
department's or is that we're

1401
00:44:31,370 --> 00:44:33,280
downtown. The world of shopping

1402
00:44:33,280 --> 00:44:34,970
has changed a lot. There aren't

1403
00:44:34,970 --> 00:44:36,430
necessarily traditional

1404
00:44:36,430 --> 00:44:37,590
department stores anymore.

1405
00:44:37,590 --> 00:44:40,000
but the types of things that

1406
00:44:40,000 --> 00:44:41,800
were in those departments

1407
00:44:41,800 --> 00:44:42,560
stories that we're downtown

1408
00:44:42,560 --> 00:44:44,380
will be coming back to

1409
00:44:44,380 --> 00:44:46,600
downtown.

1410
00:44:46,600 --> 00:44:47,950
but they're doing it because of

1411
00:44:47,950 --> 00:44:49,470
the belief that publix is going

1412
00:44:49,470 --> 00:44:51,500
to get built there

1413
00:44:51,500 --> 00:44:52,340
and they would not be

1414
00:44:52,340 --> 00:44:54,280
interested in coming downtown

1415
00:44:54,280 --> 00:44:56,280
without that.

1416
00:44:59,680 --> 00:45:00,940
>> really quick, if it is it,

1417
00:45:00,940 --> 00:45:02,400
okay, if we talk about the

1418
00:45:02,400 --> 00:45:04,330
incentive return on investment,

1419
00:45:04,330 --> 00:45:05,760
yes, really quick ok to do

1420
00:45:05,760 --> 00:45:07,180
that? I'm just going to that

1421
00:45:07,180 --> 00:45:09,580
through some some numbers.

1422
00:45:10,500 --> 00:45:13,100
I've we have mentioned this a

1423
00:45:13,100 --> 00:45:14,520
couple of times. I cannot

1424
00:45:14,520 --> 00:45:15,630
recall fun mentioned in a

1425
00:45:15,630 --> 00:45:18,250
public venue or not, but

1426
00:45:18,250 --> 00:45:21,150
we the da typically under

1427
00:45:21,150 --> 00:45:22,850
rights deals when it goes to

1428
00:45:22,850 --> 00:45:23,990
its board and then eventually

1429
00:45:23,990 --> 00:45:25,760
the city council,

1430
00:45:25,760 --> 00:45:27,510
those the underwriting for

1431
00:45:27,510 --> 00:45:29,750
those projects, I think almost

1432
00:45:29,750 --> 00:45:31,950
always, if not always, is

1433
00:45:31,950 --> 00:45:34,530
isolated to the weather request

1434
00:45:34,530 --> 00:45:36,530
is being asked

1435
00:45:36,980 --> 00:45:38,900
and just the property tax and

1436
00:45:38,900 --> 00:45:40,890
just the property tax

1437
00:45:40,890 --> 00:45:43,250
based on that, the da has

1438
00:45:43,250 --> 00:45:45,360
projected just just this.

1439
00:45:45,360 --> 00:45:47,900
the walk alone with the

1440
00:45:47,900 --> 00:45:48,720
public's will pay back the

1441
00:45:48,720 --> 00:45:50,720
city. 1.1 to 1.0, 4, 5, times.

1442
00:45:54,550 --> 00:45:58,750
>> we commissioned we did a a a

1443
00:45:58,840 --> 00:46:01,840
very large search of very

1444
00:46:02,240 --> 00:46:04,240
highly respective respected

1445
00:46:04,830 --> 00:46:06,600
studies that have been done

1446
00:46:06,600 --> 00:46:07,230
throughout the united states

1447
00:46:07,230 --> 00:46:09,880
over about the past 10 years on

1448
00:46:09,880 --> 00:46:11,910
how grocery stores impact

1449
00:46:11,910 --> 00:46:14,220
property values in urban

1450
00:46:14,220 --> 00:46:15,880
walkable areas.

1451
00:46:15,880 --> 00:46:19,480
and there was a general finding

1452
00:46:19,520 --> 00:46:21,260
probably not coincidentally,

1453
00:46:21,260 --> 00:46:22,750
because the it's the numbers

1454
00:46:22,750 --> 00:46:24,980
are saying the same thing that

1455
00:46:24,980 --> 00:46:26,610
there is an increase within

1456
00:46:26,610 --> 00:46:27,980
half a mile, which is generally

1457
00:46:27,980 --> 00:46:30,980
considered to be a a

1458
00:46:30,980 --> 00:46:32,980
comfortable walking distance

1459
00:46:33,570 --> 00:46:35,490
and increase in property values

1460
00:46:35,490 --> 00:46:37,890
between 4 and 7% with the

1461
00:46:38,890 --> 00:46:41,000
addition of a grocery store.

1462
00:46:41,000 --> 00:46:42,310
and so that's not an increase

1463
00:46:42,310 --> 00:46:44,480
in the amount of escalation

1464
00:46:44,480 --> 00:46:46,830
that is just over a baseline.

1465
00:46:46,830 --> 00:46:49,660
a grocery store like a publix

1466
00:46:49,660 --> 00:46:51,480
opens up and property values,

1467
00:46:51,480 --> 00:46:53,000
taxable, property values

1468
00:46:53,000 --> 00:46:55,000
increased. 47 1%.

1469
00:46:56,940 --> 00:46:58,640
if you were to add that up over

1470
00:46:58,640 --> 00:47:00,100
30 years

1471
00:47:00,100 --> 00:47:02,200
in downtown, which currently

1472
00:47:02,200 --> 00:47:04,510
has a base of 900 million

1473
00:47:04,510 --> 00:47:05,820
dollars of taxable value or

1474
00:47:05,820 --> 00:47:07,810
about 16 million dollars a year

1475
00:47:07,810 --> 00:47:10,460
that is tax. That is property

1476
00:47:10,460 --> 00:47:11,970
tax per year.

1477
00:47:11,970 --> 00:47:13,600
there would be an increase

1478
00:47:13,600 --> 00:47:16,000
every 30 years of 335 million

1479
00:47:17,130 --> 00:47:18,920
dollars that would go back to

1480
00:47:18,920 --> 00:47:20,280
the city because of the opening

1481
00:47:20,280 --> 00:47:22,680
of this grocery store.

1482
00:47:22,700 --> 00:47:24,650
if you escalate that,

1483
00:47:24,650 --> 00:47:25,790
that turns into about

1484
00:47:25,790 --> 00:47:28,280
500 million and that is across

1485
00:47:28,280 --> 00:47:29,570
the board property taxes in

1486
00:47:29,570 --> 00:47:31,200
downtown. That includes an

1487
00:47:31,200 --> 00:47:32,860
additional school tax. Have the

1488
00:47:32,860 --> 00:47:34,820
numbers here. 11 million

1489
00:47:34,820 --> 00:47:37,350
dollars a year in new public

1490
00:47:37,350 --> 00:47:39,750
revenue alone. 7.3 million for

1491
00:47:39,920 --> 00:47:41,740
duval county public schools.

1492
00:47:41,740 --> 00:47:43,910
3.6 million for the city county

1493
00:47:43,910 --> 00:47:46,500
city and county. That is also

1494
00:47:46,500 --> 00:47:47,720
not arrived grants. So that

1495
00:47:47,720 --> 00:47:49,500
does not include the ref grants

1496
00:47:49,500 --> 00:47:50,100
that have been that have been

1497
00:47:50,100 --> 00:47:51,540
issued. And if I could just

1498
00:47:51,540 --> 00:47:52,960
interject for a quick second or

1499
00:47:52,960 --> 00:47:54,750
for those that are kind of

1500
00:47:54,750 --> 00:47:55,670
crunch numbers in their head,

1501
00:47:55,670 --> 00:47:57,560
I mean, we have a lot of people

1502
00:47:57,560 --> 00:47:59,610
in this city and this state

1503
00:47:59,610 --> 00:48:01,410
that are always concerned about

1504
00:48:01,410 --> 00:48:02,820
property taxes if the millage

1505
00:48:02,820 --> 00:48:04,770
rate goes up.

1506
00:48:04,770 --> 00:48:06,440
>> if you are a city council

1507
00:48:06,440 --> 00:48:08,350
member, if you are someone

1508
00:48:08,350 --> 00:48:09,750
looking at this from a of

1509
00:48:09,750 --> 00:48:11,750
financial perspective,

1510
00:48:12,200 --> 00:48:13,200
investing in downtown and

1511
00:48:13,200 --> 00:48:14,940
seeing these values go up to

1512
00:48:14,940 --> 00:48:16,220
the level you're explaining

1513
00:48:16,220 --> 00:48:17,810
helps ensure that taxes stay

1514
00:48:17,810 --> 00:48:19,280
low mileage rate stays low

1515
00:48:19,280 --> 00:48:20,810
within duval county

1516
00:48:20,810 --> 00:48:21,850
and there are times where

1517
00:48:21,850 --> 00:48:24,850
consolidation can be a real.

1518
00:48:25,590 --> 00:48:27,590
>> for overall.

1519
00:48:27,970 --> 00:48:28,950
>> you know, downtown

1520
00:48:28,950 --> 00:48:30,440
development and what's in the

1521
00:48:30,440 --> 00:48:31,910
best interest of the taxpayer.

1522
00:48:31,910 --> 00:48:33,160
but in this case, it's a it's a

1523
00:48:33,160 --> 00:48:35,560
hugely from my perspective.

1524
00:48:36,260 --> 00:48:37,440
and I think I think others do

1525
00:48:37,440 --> 00:48:39,120
you see it that way, that if

1526
00:48:39,120 --> 00:48:40,140
downtown really gets to the

1527
00:48:40,140 --> 00:48:41,980
level that they can and I

1528
00:48:41,980 --> 00:48:43,700
believe will in the years to

1529
00:48:43,700 --> 00:48:44,990
come, the amount of revenue

1530
00:48:44,990 --> 00:48:45,840
that it's going to bring the

1531
00:48:45,840 --> 00:48:47,160
city coffers to help make sure

1532
00:48:47,160 --> 00:48:48,810
that we don't have to

1533
00:48:48,810 --> 00:48:50,400
had additional taxes later on

1534
00:48:50,400 --> 00:48:51,380
in the north side of the west

1535
00:48:51,380 --> 00:48:53,290
side of the beach is is it's a

1536
00:48:53,290 --> 00:48:55,540
home run. Thank you. And it

1537
00:48:55,540 --> 00:48:57,940
into 2 quick quick things.

1538
00:48:59,660 --> 00:49:01,810
>> and then I will turn it over

1539
00:49:01,810 --> 00:49:03,230
back to the chair.

1540
00:49:03,230 --> 00:49:04,770
>> but

1541
00:49:04,770 --> 00:49:06,200
>> the first first one is

1542
00:49:06,200 --> 00:49:07,180
these, you know, don't take it

1543
00:49:07,180 --> 00:49:09,350
from from me. So to speak on

1544
00:49:09,350 --> 00:49:11,300
these numbers. We had one of

1545
00:49:11,300 --> 00:49:12,220
the leading economists for the

1546
00:49:12,220 --> 00:49:13,570
university of north florida

1547
00:49:13,570 --> 00:49:15,900
review our work

1548
00:49:15,900 --> 00:49:16,990
and he confirmed it. And we

1549
00:49:16,990 --> 00:49:18,820
have we have a written

1550
00:49:18,820 --> 00:49:20,170
confirmation of that that we'd

1551
00:49:20,170 --> 00:49:22,570
be happy to share.

1552
00:49:26,680 --> 00:49:27,980
we'll get it right. A great

1553
00:49:27,980 --> 00:49:30,550
comments that we got it.

1554
00:49:30,550 --> 00:49:32,700
doctor gallo, dr. Gallop,

1555
00:49:32,700 --> 00:49:34,700
thank you.

1556
00:49:35,160 --> 00:49:36,360
but dave, is it? You know,

1557
00:49:36,360 --> 00:49:38,650
he certified in the studies

1558
00:49:38,650 --> 00:49:40,770
were from cambridge. There are

1559
00:49:40,770 --> 00:49:43,240
some some well respected real

1560
00:49:43,240 --> 00:49:44,790
estate consulting groups that

1561
00:49:44,790 --> 00:49:46,370
did the sets of thing. So it's,

1562
00:49:46,370 --> 00:49:47,640
you know, it's from a broadside

1563
00:49:47,640 --> 00:49:50,660
cross section of of I of data.

1564
00:49:50,660 --> 00:49:51,800
the cambridge study in

1565
00:49:51,800 --> 00:49:53,520
particular is a little dance.

1566
00:49:53,520 --> 00:49:54,510
you're looking for some fun

1567
00:49:54,510 --> 00:49:56,910
weekend reading. But but,

1568
00:49:57,200 --> 00:49:58,240
you know, so again, don't take

1569
00:49:58,240 --> 00:49:59,250
our word for it. And the other

1570
00:49:59,250 --> 00:50:00,250
thing I would just say that

1571
00:50:00,250 --> 00:50:01,590
kind of rounded out on the

1572
00:50:01,590 --> 00:50:03,960
investment side of things is,

1573
00:50:03,960 --> 00:50:06,190
you know, we do believe

1574
00:50:06,190 --> 00:50:09,190
that regard because almost all

1575
00:50:09,430 --> 00:50:11,300
this doesn't include

1576
00:50:11,300 --> 00:50:12,180
springfield. This is this is

1577
00:50:12,180 --> 00:50:14,890
all of the cia tax ball area

1578
00:50:14,890 --> 00:50:15,970
and the northbank within a

1579
00:50:15,970 --> 00:50:16,970
half-mile.

1580
00:50:16,970 --> 00:50:18,500
>> the site's essentially

1581
00:50:18,500 --> 00:50:19,810
everything south to the river.

1582
00:50:19,810 --> 00:50:21,360
and I'm glad you brought up

1583
00:50:21,360 --> 00:50:22,530
springfield because so many of

1584
00:50:22,530 --> 00:50:23,500
my residents and constituents

1585
00:50:23,500 --> 00:50:25,160
who live there are equally as

1586
00:50:25,160 --> 00:50:26,560
excited about having a publix

1587
00:50:26,560 --> 00:50:28,370
and a pharmacy so close as well

1588
00:50:28,370 --> 00:50:29,210
as the different retail

1589
00:50:29,210 --> 00:50:30,350
opportunities and options that

1590
00:50:30,350 --> 00:50:32,830
you are discussing to mention

1591
00:50:32,830 --> 00:50:34,730
it could help from main street

1592
00:50:34,730 --> 00:50:36,310
springfield to allow for them

1593
00:50:36,310 --> 00:50:37,460
to continue to develop their

1594
00:50:37,460 --> 00:50:39,170
retail and commercial corridor.

1595
00:50:39,170 --> 00:50:40,360
I do have this after an have to

1596
00:50:40,360 --> 00:50:41,860
go to my next waterways

1597
00:50:41,860 --> 00:50:43,600
commission meeting. But I will

1598
00:50:43,600 --> 00:50:44,520
say this is not, you know,

1599
00:50:44,520 --> 00:50:46,940
a clown car, random developer

1600
00:50:46,940 --> 00:50:48,230
who showed up and is just

1601
00:50:48,230 --> 00:50:49,700
putting their hand out. You're

1602
00:50:49,700 --> 00:50:50,500
hearing the amount of effort

1603
00:50:50,500 --> 00:50:51,790
and work that kate was put into

1604
00:50:51,790 --> 00:50:53,520
this to help make sure that

1605
00:50:53,520 --> 00:50:54,360
it's appropriate for the

1606
00:50:54,360 --> 00:50:55,300
taxpayer for the city of

1607
00:50:55,300 --> 00:50:56,390
jacksonville. This is an

1608
00:50:56,390 --> 00:50:58,500
investment in our future and

1609
00:50:58,500 --> 00:50:59,960
I'm very excited for for for

1610
00:50:59,960 --> 00:51:02,310
this future. I know that in the

1611
00:51:02,310 --> 00:51:03,930
years to come, this people are

1612
00:51:03,930 --> 00:51:05,570
gonna look back at me like I

1613
00:51:05,570 --> 00:51:06,710
can't imagine why anyone cared

1614
00:51:06,710 --> 00:51:08,180
about this. That's genuinely

1615
00:51:08,180 --> 00:51:10,570
what I believe. People want

1616
00:51:10,570 --> 00:51:11,930
this kind of stuff downtown and

1617
00:51:11,930 --> 00:51:13,970
it's it's coming if we allow it

1618
00:51:13,970 --> 00:51:15,540
and vote accordingly. Thank

1619
00:51:15,540 --> 00:51:17,780
you, chair and thanks for all

1620
00:51:17,780 --> 00:51:19,810
right, jeremy, thank you for

1621
00:51:19,810 --> 00:51:21,810
being here, sir.

1622
00:51:22,840 --> 00:51:24,560
>> final thing. I don't know if

1623
00:51:24,560 --> 00:51:26,400
that's alright. I think that if

1624
00:51:26,400 --> 00:51:27,590
it's am

1625
00:51:27,590 --> 00:51:29,400
if amendment 3 does pass,

1626
00:51:29,400 --> 00:51:32,230
this type of property tax

1627
00:51:32,230 --> 00:51:33,930
becomes all the more important.

1628
00:51:33,930 --> 00:51:35,780
it is a commercial talk

1629
00:51:35,780 --> 00:51:37,630
commercial property tax,

1630
00:51:37,630 --> 00:51:39,730
not residential. So I know

1631
00:51:39,730 --> 00:51:41,820
there's been some some comments

1632
00:51:41,820 --> 00:51:43,600
from council members about,

1633
00:51:43,600 --> 00:51:44,570
well, let's wait and see what

1634
00:51:44,570 --> 00:51:46,570
happens with amendment 3.

1635
00:51:46,630 --> 00:51:47,660
we think it's even more

1636
00:51:47,660 --> 00:51:50,600
important if amendment 3 passes

1637
00:51:50,160 --> 00:51:52,560
that this get approved.

1638
00:51:52,940 --> 00:51:54,340
>> thank you for being here.

1639
00:51:54,340 --> 00:51:56,740
appreciate it. And following

1640
00:51:57,640 --> 00:51:58,800
other, you've got a meeting

1641
00:51:58,800 --> 00:52:01,120
after this column have a few

1642
00:52:01,120 --> 00:52:04,120
comments and what he's done.

1643
00:52:04,200 --> 00:52:05,720
I'm like, well, that's it.

1644
00:52:05,720 --> 00:52:07,970
the comments from the public

1645
00:52:07,970 --> 00:52:09,590
and I'll stay here till the end

1646
00:52:09,590 --> 00:52:11,200
of that. But also want to make

1647
00:52:11,200 --> 00:52:12,640
time for anybody from the media

1648
00:52:12,640 --> 00:52:14,920
that they like to ask questions

1649
00:52:14,920 --> 00:52:16,490
because that way the word is

1650
00:52:16,490 --> 00:52:19,480
out to the public. So go ahead,

1651
00:52:19,480 --> 00:52:20,840
sir.

1652
00:52:20,840 --> 00:52:21,810
>> thank you for being here.

1653
00:52:21,810 --> 00:52:23,230
thank you, mr. Chairman for

1654
00:52:23,230 --> 00:52:24,730
pulling together this important

1655
00:52:24,730 --> 00:52:26,600
public dialogue for the record,

1656
00:52:26,600 --> 00:52:28,310
colin tiber ceo, the downtown

1657
00:52:28,310 --> 00:52:30,710
investment authority. And I

1658
00:52:30,720 --> 00:52:31,650
think from day one, I've been

1659
00:52:31,650 --> 00:52:34,130
here just over a year in this

1660
00:52:34,130 --> 00:52:37,350
role, I think from from dale on

1661
00:52:37,350 --> 00:52:39,870
and 7 has been the priority for

1662
00:52:39,870 --> 00:52:41,330
downtown in terms of driving.

1663
00:52:41,330 --> 00:52:43,610
what I see is future

1664
00:52:43,610 --> 00:52:45,610
investment.

1665
00:52:46,160 --> 00:52:47,730
I think I concur with

1666
00:52:47,730 --> 00:52:48,850
everything that has been said

1667
00:52:48,850 --> 00:52:51,120
here before. Dia has done the

1668
00:52:51,120 --> 00:52:53,480
underwriting review for this.

1669
00:52:53,480 --> 00:52:54,890
so we go through and in great

1670
00:52:54,890 --> 00:52:56,340
detail. We've actually brought

1671
00:52:56,340 --> 00:52:58,900
this to our board twice.

1672
00:52:58,900 --> 00:53:00,170
and each time it was a

1673
00:53:00,170 --> 00:53:02,170
approved.

1674
00:53:02,730 --> 00:53:04,360
and so this project really is

1675
00:53:04,360 --> 00:53:06,400
the kind of the linchpin of

1676
00:53:06,400 --> 00:53:07,940
what we are working with

1677
00:53:07,940 --> 00:53:09,300
gateway to do, which is created

1678
00:53:09,300 --> 00:53:11,300
downtown neighborhood. I've

1679
00:53:11,880 --> 00:53:13,500
seen it in my 20 years and

1680
00:53:13,500 --> 00:53:16,250
working in on the public side

1681
00:53:16,250 --> 00:53:18,650
on urban revitalization that

1682
00:53:19,160 --> 00:53:21,140
the downtown of the past is not

1683
00:53:21,140 --> 00:53:23,880
coming back office is not going

1684
00:53:23,880 --> 00:53:25,180
to drive the future of

1685
00:53:25,180 --> 00:53:26,540
downtown. It's really going to

1686
00:53:26,540 --> 00:53:28,810
be residential and residents

1687
00:53:28,810 --> 00:53:30,490
need a place to shop just like

1688
00:53:30,490 --> 00:53:33,000
any other neighborhood. And so

1689
00:53:33,000 --> 00:53:34,100
the grocery anchored

1690
00:53:34,100 --> 00:53:37,100
development is key to unlocking

1691
00:53:37,170 --> 00:53:38,500
all of that. And so we

1692
00:53:38,500 --> 00:53:39,170
certainly saw that from a

1693
00:53:39,170 --> 00:53:40,470
downtown investment authority

1694
00:53:40,470 --> 00:53:42,650
standpoint. We think it's a

1695
00:53:42,650 --> 00:53:45,440
very prudent investment that is

1696
00:53:45,440 --> 00:53:47,660
going to raise the value of the

1697
00:53:47,660 --> 00:53:49,790
real estate across the whole

1698
00:53:49,790 --> 00:53:51,790
downtown.

1699
00:53:52,800 --> 00:53:55,290
we also rated very we're 8

1700
00:53:55,290 --> 00:53:56,860
under 8 these very

1701
00:53:56,860 --> 00:53:57,890
conservatively in terms of

1702
00:53:57,890 --> 00:53:58,790
public benefit. So while we had

1703
00:53:58,790 --> 00:54:01,570
to have our a way of doing it,

1704
00:54:01,570 --> 00:54:02,760
that doesn't mean that we

1705
00:54:02,760 --> 00:54:04,320
disagree with the developers

1706
00:54:04,320 --> 00:54:05,540
comments here. I think those

1707
00:54:05,540 --> 00:54:07,200
are those are very fair and

1708
00:54:07,200 --> 00:54:08,830
accurate. We just have a way of

1709
00:54:08,830 --> 00:54:10,750
doing it.

1710
00:54:10,750 --> 00:54:12,500
I also want to underscore the

1711
00:54:12,500 --> 00:54:13,700
points that have been made here

1712
00:54:13,700 --> 00:54:16,560
from my vantage point coming at

1713
00:54:16,560 --> 00:54:18,120
this from an economic

1714
00:54:18,120 --> 00:54:18,940
development standpoint. You

1715
00:54:18,940 --> 00:54:20,820
know, our goal is not to give

1716
00:54:20,820 --> 00:54:22,820
away public money. And our goal

1717
00:54:22,820 --> 00:54:24,440
is to direct very strategic

1718
00:54:24,440 --> 00:54:25,820
investments that had a return

1719
00:54:25,820 --> 00:54:27,990
on investment for the public.

1720
00:54:27,990 --> 00:54:30,550
and I think the chairman said

1721
00:54:30,550 --> 00:54:32,120
it

1722
00:54:32,120 --> 00:54:33,780
very simply earlier that

1723
00:54:33,780 --> 00:54:35,780
downtown

1724
00:54:35,950 --> 00:54:37,370
is the best opportunity to

1725
00:54:37,370 --> 00:54:39,430
generate that economic impact

1726
00:54:39,430 --> 00:54:41,200
per block.

1727
00:54:41,200 --> 00:54:43,600
it's one of the few areas in

1728
00:54:43,600 --> 00:54:44,720
duval county in the city of

1729
00:54:44,720 --> 00:54:46,470
jacksonville where we welcome

1730
00:54:46,470 --> 00:54:49,310
in want density. We welcome

1731
00:54:49,310 --> 00:54:50,830
population increase. We want to

1732
00:54:50,830 --> 00:54:52,820
see residents. We want to see

1733
00:54:52,820 --> 00:54:54,860
traffic. Those are all really

1734
00:54:54,860 --> 00:54:57,760
good things for us. And we have

1735
00:54:57,760 --> 00:54:59,760
an underperforming downtown,

1736
00:55:00,150 --> 00:55:01,750
as I say, to underperforming,

1737
00:55:01,750 --> 00:55:03,330
know, waterfront asset that,

1738
00:55:03,330 --> 00:55:04,950
you know, as we see developers

1739
00:55:04,950 --> 00:55:06,170
are coming in. But us as a

1740
00:55:06,170 --> 00:55:08,570
public entity representing the

1741
00:55:08,980 --> 00:55:10,420
the public side of this,

1742
00:55:10,420 --> 00:55:11,340
you know, we we need to

1743
00:55:11,340 --> 00:55:13,450
capitalize on what we have,

1744
00:55:13,450 --> 00:55:14,620
which is an amazing asset

1745
00:55:14,620 --> 00:55:15,740
that's not producing the

1746
00:55:15,740 --> 00:55:17,760
revenue that it should. And as

1747
00:55:17,760 --> 00:55:19,200
these projects come online and

1748
00:55:19,200 --> 00:55:20,970
as da moves forward with our

1749
00:55:20,970 --> 00:55:23,470
plans and vision for downtown

1750
00:55:23,470 --> 00:55:25,960
with with everyone, it will

1751
00:55:25,960 --> 00:55:28,500
become the economic engine of

1752
00:55:28,500 --> 00:55:30,180
duval county. And it should be

1753
00:55:30,180 --> 00:55:31,750
and it's not right now and it

1754
00:55:31,750 --> 00:55:33,380
absolutely can be. And if you

1755
00:55:33,380 --> 00:55:34,690
look at any other city, we

1756
00:55:34,690 --> 00:55:36,190
mentioned a bunch earlier

1757
00:55:36,190 --> 00:55:37,490
there. Downtown is the economic

1758
00:55:37,490 --> 00:55:39,380
engine. It's outperforming the

1759
00:55:39,380 --> 00:55:40,330
rest of the area. It's

1760
00:55:40,330 --> 00:55:42,640
supporting the neighborhoods in

1761
00:55:42,640 --> 00:55:45,420
terms of tax revenue and job

1762
00:55:45,420 --> 00:55:47,690
creation, et cetera. And so we

1763
00:55:47,690 --> 00:55:49,380
are on the way of doing that.

1764
00:55:49,380 --> 00:55:51,290
but I think was also remarks by

1765
00:55:51,290 --> 00:55:52,610
mr are like we're also at the

1766
00:55:52,610 --> 00:55:55,100
beginning phase of that.

1767
00:55:55,700 --> 00:55:56,340
but

1768
00:55:56,340 --> 00:55:58,360
unlike a year ago, I got here

1769
00:55:58,360 --> 00:55:59,630
now I can walk out the door and

1770
00:55:59,630 --> 00:56:01,290
you can see the vision. I was

1771
00:56:01,290 --> 00:56:03,240
reading the rain yesterday and

1772
00:56:03,240 --> 00:56:05,330
prop 2 in seeing the buildings

1773
00:56:05,330 --> 00:56:06,420
at the finish level that they

1774
00:56:06,420 --> 00:56:07,520
are.

1775
00:56:07,520 --> 00:56:09,570
I think if you we're a downer

1776
00:56:09,570 --> 00:56:10,470
in terms of downtown

1777
00:56:10,470 --> 00:56:12,150
revitalization now you can come

1778
00:56:12,150 --> 00:56:13,300
down down and see if you're

1779
00:56:13,300 --> 00:56:14,490
not, you know, architecture

1780
00:56:14,490 --> 00:56:15,850
developer and you'll quickly

1781
00:56:15,850 --> 00:56:18,850
understand the impact that this

1782
00:56:19,490 --> 00:56:21,000
is going to have for for many,

1783
00:56:21,000 --> 00:56:23,900
many years. So with that,

1784
00:56:23,900 --> 00:56:23,900
I'm happy to answer any

1785
00:56:23,900 --> 00:56:24,870
questions from the chair.

1786
00:56:24,870 --> 00:56:26,430
but

1787
00:56:26,430 --> 00:56:28,430
question inside the

1788
00:56:28,950 --> 00:56:30,950
>> to you.

1789
00:56:31,770 --> 00:56:33,770
it's just that

1790
00:56:35,300 --> 00:56:37,730
lane's little bit of the laura

1791
00:56:37,730 --> 00:56:39,380
street trio. I know a lot of

1792
00:56:39,380 --> 00:56:41,780
activity going on there.

1793
00:56:42,980 --> 00:56:45,380
any the doing so

1794
00:56:45,830 --> 00:56:47,830
ration work there.

1795
00:56:49,630 --> 00:56:52,320
it was like something that

1796
00:56:52,320 --> 00:56:54,490
could you see anything coming

1797
00:56:54,490 --> 00:56:57,950
in the eye that you next year?

1798
00:56:57,950 --> 00:56:59,270
>> hope so. We actually have

1799
00:56:59,270 --> 00:57:01,240
the first kind of formal

1800
00:57:01,240 --> 00:57:03,640
meeting with the development

1801
00:57:03,670 --> 00:57:05,420
ownership today to learn a

1802
00:57:05,420 --> 00:57:06,490
little bit more about what

1803
00:57:06,490 --> 00:57:09,490
they're planning for the trio.

1804
00:57:09,610 --> 00:57:10,820
I think the meeting or is that

1805
00:57:10,820 --> 00:57:13,780
just the just the the meeting,

1806
00:57:13,780 --> 00:57:14,680
just

1807
00:57:14,680 --> 00:57:15,970
an internal phone call with

1808
00:57:15,970 --> 00:57:17,610
with them. So, yeah, just with

1809
00:57:17,610 --> 00:57:18,680
just with the staff to learn a

1810
00:57:18,680 --> 00:57:21,680
little bit more is beginning.

1811
00:57:23,180 --> 00:57:25,180
I think given

1812
00:57:25,250 --> 00:57:27,200
this developers approach in

1813
00:57:27,200 --> 00:57:29,580
terms of not just buying one

1814
00:57:29,580 --> 00:57:31,130
building but similar to what

1815
00:57:31,130 --> 00:57:33,580
gateways done as you know,

1816
00:57:33,580 --> 00:57:35,000
but connecticut is are the

1817
00:57:35,000 --> 00:57:37,710
covid is becoming the covid

1818
00:57:37,710 --> 00:57:39,390
that covid behind it because

1819
00:57:39,390 --> 00:57:40,630
the guys, let's say it

1820
00:57:40,630 --> 00:57:41,870
incorrectly. But the barnett

1821
00:57:41,870 --> 00:57:42,930
building which they're making

1822
00:57:42,930 --> 00:57:44,780
investments in already and then

1823
00:57:44,780 --> 00:57:47,400
they book carlisle 11 e and the

1824
00:57:47,400 --> 00:57:49,720
tree. So very similar in the

1825
00:57:49,720 --> 00:57:51,520
sense that they're placing a

1826
00:57:51,520 --> 00:57:54,510
very large bet on downtown

1827
00:57:54,510 --> 00:57:57,460
jacksonville. And I think that

1828
00:57:57,460 --> 00:57:59,670
will help them improve their

1829
00:57:59,670 --> 00:58:00,620
investment in terms of the

1830
00:58:00,620 --> 00:58:01,620
trio, which will be a very

1831
00:58:01,620 --> 00:58:03,420
expensive, complicated project.

1832
00:58:03,420 --> 00:58:04,570
obviously, that's another one

1833
00:58:04,570 --> 00:58:05,390
has been sitting around for

1834
00:58:05,390 --> 00:58:06,960
decades. That hasn't been done

1835
00:58:06,960 --> 00:58:08,410
a very optimistic that the new

1836
00:58:08,410 --> 00:58:09,590
ownership will have the vision

1837
00:58:09,590 --> 00:58:10,940
and the capabilities to pull it

1838
00:58:10,940 --> 00:58:12,360
off. I'm sure there will be

1839
00:58:12,360 --> 00:58:14,760
some need from from the and the

1840
00:58:14,760 --> 00:58:17,630
city to help do that. But I

1841
00:58:17,630 --> 00:58:19,150
think that would be a another

1842
00:58:19,150 --> 00:58:20,940
very strong investment for

1843
00:58:20,940 --> 00:58:22,350
downtown.

1844
00:58:22,350 --> 00:58:24,750
we will make it.

1845
00:58:24,860 --> 00:58:26,210
it's going to happen in the red

1846
00:58:26,210 --> 00:58:29,210
today to meet with them.

1847
00:58:29,280 --> 00:58:30,370
>> so thank you for being here.

1848
00:58:30,370 --> 00:58:32,150
thank you. Appreciate creating

1849
00:58:32,150 --> 00:58:34,150
it.