Mayor Lenny Curry’s administration wants City Council to authorize borrowing $208.3 million of the city’s $218 million proposed investment in the Jacksonville Jaguars Lot J project.
Lot J is a $445 million proposed mixed-use development of offices, apartments, a hotel, retail and entertainment venues west of TIAA Bank Field Downtown.
The project is a joint venture of the city, Jacksonville Jaguars affiliate Gecko Investments and The Cordish Companies of Baltimore.
A draft version of Ordinance 2020-648 from Council President Tommy Hazouri’s Office would allow Curry’s staff to use fixed-rate debt and the city’s commercial paper program — a short-term liquidity loan option — to finance the city’s share.
Hazouri plans to introduce the bill at the Council’s Oct. 13 meeting.
An expanded version of this story that includes more detailed breakdown of the debt the city is being asked to take on is at JaxDailyRecord.com.
