Daily Record Financial News &
Thursday, October 29, 2015
Vol. 102, No. 249 • One Section
35¢ www.jaxdailyrecord.com
Google Fiber looking at city
Photo by Max Marbut
Faster service brings prestige and ‘coolness’ factor
Located Downtown, the Police and Fire Pension Fund has come under intense scrutiny from a city-funded forensic investigation released Wednesday.
status ‘Code Red’ for pension fund Lack of transparency, oversight questioned in city-funded report By David Chapman Staff Writer It’s a report Bill Gulliford said will cause many to become angry. At this point, his emotions have shifted. A 143-page forensic dive into the Police and Fire Pension Fund makes the City Council member sad. “With all the needs in this city I have witnessed in my over four years on the City Council, the revelations in this report are reprehensible,” he said. The public safety pension fund has potentially underperformed by more
than $370 million, the report said. Additionally, there’s been poor investment choices and even poorer oversight. Overall, it’s bad enough that a forensic investigation released Wednesday suggests Gov. Rick Scott reconsider investigating the fund and possibly involving the FBI, Florida Bar and U.S. Department of Justice. Scott previously declined, calling the matter a local issue. The full extent of the problems highlighted in the 143-page report completed by Edward “Ted” Siedle isn’t Pension fund continued on Page A-4
Investigation’s findings • Poor decision-making led to at least $370 million in underperformance losses • Failure to scrutinize management fees resulted in excess fees of $36 million over the past six year • Lack of transparency of board members generally and during the investigation amounts to a “red flag” • Fund administrator John Keane, right, and two others were enrolled in a pension plan deemed illegal • Settled with former investment consultant for $273,696 after failing to heed warnings of conflicts of interest, which may have cost the pension $300 million to $500 million over two decades • City Council may ask Gov. Rick Scott to reconsider investigating the pension fund
By David Chapman Staff Writer It’s a decision techies have pined about. A scenario speed enthusiasts have dreamed. Jacksonville is poised to join rarefied air with Wednesday’s announcement that Google Fiber is considering bringing its ultra-fast broadband network to town. Google Fiber could bring up to 1,000 megabits per second compared to typical broadband speeds of about 11 megabits per second. That means faster downloads for TV shows, movies and music and quicker speeds for businesses to work. And the competition could lower its prices. What’s that mean for a city? A lot, actually. “The No. 1 thing is sort of the ‘coolness’ factor,” said Wayne Parker, chief administrative officer for Provo, Utah. “A major technology company wants to invest in your city.” Provo is one of three cities in the U.S. that has the service up and running, joining Kansas City and Austin, Texas. For Provo, having Google Fiber in town means more than just “cool,” though, explains Parker. The city long had a budding entrepreneur scene, Parker said, but it’s become much more vibrant since Google Fiber began in late 2013. Instead of using incentives to bring business, he thinks entrepreneurs will stay in the city and it will organically grow. Some small businesses there couldn’t afford traditional high-speed until Google Google continued on Page A-2
Baymeadows Winn-Dixie at least $3M project
By Karen Brune Mathis Managing Editor Southeastern Grocers appears to be moving quickly on re-opening its Baymeadows Road WinnDixie store as it also files plans for the interior demolition for its new Baymeadows area headquarters. The Jacksonville-based company, the holding company for Winn-Dixie and two other banners, submitted plans to the city for a $3 million remodel of the store at 10915 Baymeadows Road. Southeastern Grocers has little comment on the plans. “At this time, no final decision has been
Public
made for the redevelopment of this space,” spokesman Zack Bingham said late Wednesday. The interior recently was demolished, taking the store bare to the walls. It was a Winn-Dixie from 2003 to 2010, but was closed during a cost-cutting move. Southeastern Grocers said previously more than 30 years remain in its lease agreement, which includes extension options. Plans do not indicate if the remodeled store is a prototype, although companies typically design new locations with their latest features and newest designs.
legal notices begin on page
A-9
Plans show “Winn-Dixie” and “Pharmacy” on the front of the building, which is in the Point Meadows shopping center at Baymeadows Road and Interstate 295. The store is almost 46,000 square feet. Plans indicate the general sales area and restrooms will total 33,000 square feet. Uses for the remaining space include offices, an employee lounge, storage, freezers and deli, bakery, meat and produce prep areas. No contractor is listed on the application, although Williams & Winn-Dixie continued on Page A-2
Photo from Crocker Partners
Southeastern Grocers files plans for new HQ
Southeastern Grocers will lease Building 200 in Prominence office park for its headquarters. It will move from West Jacksonville.
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