Questions surround Lot J project as developer’s financial analysis is released

JACKSONVILLE, Fla. — Action News Jax obtained financial analysis on the development of Lot J. It shows a breakdown of the economic and fiscal impact.

The document was created by Johnson Consulting on behalf of Jaguars owner Shad Khan’s development group.

It said, “The impact of Lot J will be immense,” which is a sentiment echoed Thursday by Mayor Lenny Curry.

“It’s big, it’s bold, it’s visionary. It’s like nothing we’ve seen in downtown in decades,” Curry said.

The mayor’s office wants to commit more than $152 million as well as an interest-free $65.5 million loan to the developer.

Action News Jax asked Curry how he can assure taxpayers their money won’t be wasted.

“We’ve got protections,” he said. “They got to put money in a trust and certain metrics have to be met dollar for dollar investment and if for some reason the project starts, we have as part of the agreement, guarantees that the city will get money back from the developer.”

According to the Johnson Consulting financial analysis, the fiscal impact of the project is expected to total more than $400 million in tax revenues over a 30-year period.

But we’ve learned the city hasn’t done its own independent analysis. The city council auditor confirmed to Action News Jax Thursday, she’s asked for those numbers.

Council President Tommy Hazouri said he also has another concern regarding Khan and the Jags.

“I don’t think he will leave but if he left on his own and took the team with him, I don’t want to be left holding the bag. We need to be held harmless,” Hazouri said.

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