Mayor Signs Downtown Investment Bill
Jacksonville Mayor Alvin Brown has signed into law legislation to reinvest 11-million dollars for economic projects.
Nine-million will be allocated for development in the downtown area.
The other two million will be used for projects elsewhere in the city.
The money comes from savings after refinancing bonds.
Brown says the dollars will be used to encourage private investment in Jacksonville.
The Downtown Investment Authority will be responsible for the downtown projects.
Until it comes up with a strategic plan and hires an Executive Director any downtown redevelopment deals will have to be approved by the city council.
DIA Board Vice-Chairman Oliver Barakat (BARE-uh-kat) says the board will look into how much of the money should go to incentive plans and what can be used for capital improvement projects.
The DIA Executive Director is expected to be on board in a couple of months. Board Chair Donald
Harris says the strategic plan should be ready before October.