January 04, 2024
9:00 a.m. -1:00 p.m.
City Hall
Council Chamber
117 W. Duval Street
Jacksonville, Florida 32202
9:00 a.m. -1:00 p.m.
Notice is hereby given that the City Council Committee of the Whole will meet on Thursday, January 4, 2024, from 9:00 a.m. to 1:00 p.m. in the Council Chamber, 1st Floor, City Hall, St. James Building, located at 117 West Duval Street, Jacksonville, Florida. The purpose of this Committee of the Whole meeting is to address pending legislation 2023-876.
2023-876: ORD Approp $22,000,000 to Prov the Initial Funding for a City Participation Loan to Laura Trio, LLC (Developer) in Connection With the Laura Street Trio Proj, to Prov the Initial Funding for the Replenishment Guaranty for Developer’s Construction Loan, in Accordance With & as Further Detailed in the Redev Agrmt Auth Hereby; Apv & Auth the CEO of the DIA, or Her Desig, & the Mayor, or Her Desig, to Execute, as Applicable: (1) a Redev Agrmt Among the City, the DIA & the Developer, to Support the Renovation & Rehabilitation by Developer of the Bldgs Known Generally as the Florida National Bank Bldg, Bisbee Bldg, & Florida Life Insurance Bldg, Located Generally at the Corner of Laura & Forsyth Streets, & the Construction of 2 New 11 Story Bldgs, Which Will Have a Min of 140 Hotel Rooms & a Min of 165 Multi-family Units (as Further Detailed in the Redev Agrmt, Collectively, the “Proj”); (2) a Replenishment Guaranty btwn the City & Capital One Public Funding, LLC (Guaranty) for the City to Serve as the Guarantor of Developer’s Construction Loan for the Proj; & (3) Related Loan Docs for the City Participation Loan & Forgivable Loan; Waiving Conflicting Provs of Ch 500 (Community Development - Policies & Procedures), Ord Code, to Allow City Council to Apv the Legislation & Auth the Redev Agrmt, Guaranty & Related Loan Docs; Waiving Provs of Sec 55.108 (2), (4), (8), (9), & (14) (Powers & Duties), Ch 55 (Downtown Investment Authority), Ord Code, to Allow City Council to Exercise Those Powers for the Redev Agrmt & Related Agrmts Referenced Therein & Functions of this Ord; Waiving Sec 106.331(a) (Indebtedness in Excess of or Contrary to Appropriations Prohibited) Subpt C (Indebtedness, Liability or Expenditure in Excess of or Contrary to Appropriations) Pt 3 (Appropriations) Ch 106 (Budget & Accounting Code), to Auth Future Expenditures by the City Pursuant to the Guaranty for Which No Current Approp Has Been Made, & Waiving the Requirement to Specify a Total Max Monetary Indebtedness Under the Redev Agrmt; Waiving Requirements of the DIA Business Investment & Development Plan Inclusive of the Community Redev Area Plan, to Auth the Redev Agrmt & Related Docs; Auth 3 Downtown Preservation & Revitalization Program (DPRP) Loans, in an Aggregate Amt Not to Exceed $16,010,300, to the Developer in Connection With the Historic Element of the Hotel Component, to be Approp by Subsequent Legislation; Auth 3 DPRP Loans, in an
Aggregate Amt Not to Exceed $6,024,300, to the Developer in Connection with the Historic Element of
the Multifamily Component, to be Approp by Subsequent Legislation; Auth a 75%, 20-Yr Targeted Hotel
REV Grant in the Max Amount Not to Exceed $5,670,400 (Targeted Hotel REV Grant); Auth a 75%, 20-
Yr Multi-Family Housing REV Grant in the Max Amt Not to Exceed $8,853,600 (Multi-Family Housing
REV Grant); Auth a City Participation Loan in the Initial Principal Amt of $22,000,000 for a Max 25-Yr
Term; Auth a $2,000,000 Forgivable Loan to the Developer, as Previously Auth & Approp by Ord 2021-
453-E, in Accordance with the Terms of the Redev Agrmt Auth Hereby; Desig the DIA as Contract
Monitor for the Agrmt; Prov for Oversight of the Proj by the DIA; Auth the Execution of All Docs Relating
to the Above Agrmt & Transactions, & Auth Technical Changes to the Docs; Waiving That Portion of the
Public Investment Policy Adopted by Ord 2016-382-E, as Amended, to Auth the Forgivable Loan & City
Participation Loan that Are Not Currently Auth by the Investment Policy; Waiving the DPRP Guidelines
Adopted by Ord 2020-527-E; Waiving Sec 91.113(a)(Settlement &/or Compromise of Fines & Liens
Imposed by the Municipal Code Enforcement Brd or Special Magistrate), Ord Code, to Waive the City's
Policy Regarding Settlement of Fines & Liens Imposed by the Municipal Code Enforcement Brd or
Special Magistrate; Req 1-Cycle Emergency Passage (Sawyer) (Introduced by CMs Carlucci, Boylan,
Arias, J. Carlucci & Amaro) (Co-Sponsor CM White)
12/12/23 CO Introduced: Committee of the Whole (1/4/24 at 9:00 a.m.)
Public Hearing Pursuant to Ch 166, F.S. & CR 3.601 - 1/9/24