Augustine Development Group’s request for a $3 million Historic Preservation Trust Fund grant to redevelop the Independent Life Building will move to the full Downtown Investment Authority board for final approval.
DIA’s Strategic Implementation Committee voted unanimously June 11 to approve the term sheet for the grant, according to WJCT News partner the Jacksonville Daily Record.
DIA board members Ron Moody, Steve Ward, Bill Adams and Oliver Barakat serve on the committee.
The grant covers 10% of the proposed $30 million project. The development agreement requires the developer to begin construction within six months of receiving the grant and the project must be completed within 18 months of starting construction.
DIA CEO Lori Boyer could extend the schedule six months and the developer can request a three-month extension to account for unforeseen circumstances.
Rest the rest of this story at JaxDailyRecord.com.