Three downtown parking garages that have been money pits for Jacksonville taxpayers will be taken over by the city's Downtown Investment Authority in a complex legal settlement with their owner.
The city and Metropolitan Parking Solutions tentatively reached the new arrangement during court-ordered mediation after each accused the other of defaulting on terms of a 2004 deal.
The city and MPS originally touted the venture as a win-win brand of public-private partnership, but it turned into a cautionary tale about relying on overly optimistic financial assumptions that came back to bite the city.
Read the rest of this story at WJCT News partner The Florida Times-Union.