Sources: City of Jacksonville, developer reach $75M agreement in principle on Laura Street Trio

JACKSONVILLE, Fla. — Action News Jax has learned there is a new agreement in principle between the developer of the Laura Street Trio and the City of Jacksonville.

We told you last month that both sides were trying to resolve their financial differences after it appeared the city was ready to walk away from the deal.

>>> STREAM ACTION NEWS JAX LIVE <<<

Sources close to the Laura Street Trio talks tell Action News Jax’s Ben Becker that the developer has dropped demands for a $22 million unconditional loan from the city that has been a roadblock in negotiations.

In addition to the $22 million unconditional loan being off the table, the city will commit approximately $75 million in grants and tax breaks toward the project.

[DOWNLOAD: Free Action News Jax app for alerts as news breaks]

The project in all totals $175 million. The next step is a term sheet that has to go to the Downtown Investment Authority board for approval, and then the City Council.

We are also told the deal could be done by July.

The trio of historical buildings has become a symbol of the difficult efforts to revitalize downtown for two decades as development has suffered from many stops and starts.

[SIGN UP: Action News Jax Daily Headlines Newsletter]

RELATED STORIES:

Laura Street Trio proposal still a possibility after amended DIA resolution passes

Laura Street Trio owner plans to move forward despite DIA resolution finding project ‘untenable’

Laura Street Trio development faces setback; Jacksonville mayor says restoration is ‘priority one’

Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.