JACKSONVILLE, Fla. — The future of the historical set of buildings in downtown Jacksonville known as the Laura Street Trio is once again in jeopardy.
Action News Jax has learned the Downtown Investment Authority is recommending the city end negotiations with the developer of the Trio.
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A DIA resolution that will be presented to the board on Friday is asking the board to stop talks.
DIA wants Southeast Development Group to bring in an equity partner into the deal.
Action News Jax obtained an email that Southeast sent to the city. It says the board is being provided with “downright false information” in regards to why developer Steve Atkins needs more money.
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In a proposal sent June 17 to DIA, Southeast Group said the total development cost is about $194 million. It requested $89 million from the city.
The crux of the issue is that almost all of the money would be cash grants paid out before and during construction instead of after construction.
Action News Jax reached out to DIA and is waiting to hear back. See the draft of the resolution below:
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