Bill Type and Number: Ordinance 2007-255

Sponsor: The Council President at the request of the Mayor:

Date of Introduction: March 13, 2007

Committee(s) of Reference: F; ECID

Date of Analysis: March 16, 2007

Type of Action: Appropriation

Bill Summary: The bill appropriates $1,500,000 (a loan in the amount of $700,000 and a grant in the amount of $800,000) from the Northwest Jacksonville Economic Development Trust Fund account to K Mack, LLC to provide funding for the development of retail space at the corner of Soutel Drive and Norfolk Boulevard (The Shoppes at Norfolk), in the Enterprise/Empowerment Zones and the Metro North Neighborhood Action Plan area, as initiated by B.T. 07-114. Provision is made to carryover the funds into Fiscal Year 2007-2008. The development site is located in Council District 10.

Background Information: The revitalization of the businesses at The Shoppes at Norfolk that this legislation partly funds is anticipated to create 50 new full-time jobs and 25 new part-time jobs in Northwest Jacksonville. The developer is providing $4,349,525 in private capital investment. The developer anticipates contracting Bravo Grocery, Family Dollar, Simply Fashion, Subway and City Trends as the development’s major tenants. The revitalization project entails clearing out of the existing facility and building commercial spaces ranging from 3,000 to 28,000 square feet.

Policy Impact: Economic Development/Housing & Neighborhoods Department/Northwest Jacksonville Economic Development Trust Fund

Fiscal Impact: This bill appropriates $1,500,000 in a combined loan and grant.

Analyst: Jackson