Jacksonville City Councilman Bill Gulliford.met with other council members and consulting firms Wednesday to strategize different ways to attract development to 6.72 acres of Mayport waterfront property the city purchased from JAXPORT for $1.
“If you have somebody from Kansas come and visit here, the first thing they would say probably is ‘Where would I go to get good seafood?’ Just like when you go to Kansas, ‘Where could I get good corn?” said Gulliford.
With his term expiring next year, Gulliford might not see seafood restaurants, fishing boats, educational centers or even affordable housing pop up in the area while he’s still in office. Yet, he says he’s passionate about setting the momentum for the future of Mayport.
After his weekend trip to an investment conference in New Orleans, Mount Tabor Consultant Frederic Washington told Gulliford about a newly enacted federal program called “Opportunity Zone” that might be a viable financing option to apply for.
The city has had the Mayport project on hold for more than a year now, hoping that a federal tax credit called the New Market Tax Credit Program would attract private investors to Mayport.
“Opportunity Zone creates a much shorter but more streamlined process than the New Market Tax Credit deal, which takes a lot more steps to layer your financing,” Washington said.
Depending on how long developers are willing to invest and potentially profit from the property, Opportunity Zone rewards them with deferrals on capital gain taxes.
Gulliford agreed this is a great alternative as it also encompasses a way the city might be able to use public money to improve what he has previously said is a “destitute” area.
The city has $900,000 set aside for building docks and has more than $300,000 in state money for the project.
“I think (the investors) are out there. I don’t know if you’re going to get national developers. I think it’s going to be somebody with a certain amount of passion for what we want to do... also being able to have the vision to see what Mayport can end up being,” Gulliford said.
During the meeting, there were heated discussions about accountability and credibility.
Members debated how the city can strike a balance between keeping developers interested while regulating their projects with an eye toward more positive impacts on the community.
Councilman John Crescimbeni suggested putting out renewed requests for proposals.
They also discussed whether the city should get involved in helping market potential businesses - whether nonprofit or commercial - that might be lured to the area.
Wednesday evening the council group was scheduled to hear from the Office of Economic of Development about how to move forward with site controls, leasing and zoning as well as initial cost estimates of executing proposed master plans for Mayport.
Washington said during the conference in New Orleans, he’s talked with some large private investors who have shown interest in revitalizing a waterfront community known for its shrimp and ferry.
