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Downtown Investment Authority approves $25 million in taxpayer-backed development

Jacksonville, Fla. — This is a breaking news story. Action News Jax investigator Paige Kelton will have more on this story on FOX30 at 4

Here’s why this is important to you.

Of the 70-millions dollar total cost to revitalize the Laura Street Trio, taxpayers are fronting 36% of it.

The trio sits at the corner of Laura Street and Forsyth Downtown.

There will be a hotel, restaurants, and retail space.

The developer southeast Development Group LLC will get the 24.67 million in taxpayer backed incentives to renovate the buildings, that includes 19 million in forgivable loans. They won’t get the money until the project is done.

All the board members today talked about the importance of the Laura Street Trio in revitalizing and developing downtown.