JACKSONVILLE, Fla. — Gateway Jax, the developer behind a project that would include a downtown Publix, will have to wait another month for a final answer on its request for nearly $50 million worth of city incentives.
The incentive bill was originally filed in June, before council members put it on pause and asked the developer and DIA to go back to the drawing board.
Council members had expressed concerns around the inclusion of a $28 million cash completion grant.
After failing to come up with an alternative package, the legislation was revived and was on track for a final vote next Tuesday.
But with the looming threat of Amendment 3 on the November ballot, which would cost the city nearly $200 million in property tax revenues starting in 2027, Council President Nick Howland (R-Group 2 At-Large) supported a motion to push the vote back by another month.
“You do this, you have a $228 million shortfall that you have to do. We’re only four weeks from knowing what kind of shortfall we might have,” said Howland.
Gateway Jax CEO Bryan Moll agreed to the delay, with an assurance that a final vote would still happen in early November.
But he indicated investors behind the project, which is considered integral to Gateway Jax’s billion-dollar Pearl Square development, are getting anxious.
“It seems like the ten-year goes up a quarter point every week at this point,” said Moll. ”So, there is a desire to get moving on this project as quickly as possible before that rate or any other economic issue changes.”
Council Finance Chair Will Lahnen (R-District 3) said whether or not Amendment 3 passes or fails, he plans to vote no on the incentive deal given the city already has $68 million worth of unbudgeted completion grants coming due in the coming years.
“And that is a significant amount of money to go into just one area, and increases the total liability for the city to close to $70 million on just what we owe Gateway if this is approved,” said Lahnen. ”So, that’s one developer we would have a significant amount of money tied up in cash completion grants.”
The incentive package will come back before the Finance Committee on November 4th, the day after the election.
From there, it will get a final vote before the full council on November 10th.
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