Daily Record Financial News &
Wednesday, November 11, 2015
Vol. 102, No. 258 • Two Sections
35¢ www.jaxdailyrecord.com
Council compensation bill stalls Many concerned some employees’ pay cuts not yet restored
City Council members won’t receive their 2 percent salary restorations. They won’t receive an almost 6 percent compensation bump overall, either. At least not yet. Council members decided Tuesday evening to hold off on a decision about increasing their own compensation, possibly until all city employees receive their restorations.
Most city employees in 2010 took at least a 2 percent pay cut to help with shrinking revenue, but the latest budget includes more than $3 million to restore the losses. Of that, $2.3 million is intended for collective bargaining with various unions, while $737,000 is to restore non-union employees’ salaries. There are still more than 200 non-union and 1,200 collectively bargained employees who haven’t had restorations. Not put-
ting them first caused heartburn among some council members. “We set the leadership style,” said council member Jim Love, recalling his time in the Navy. “Our troops before us.” Initially, the bill was to spend $25,000 to restore the council’s 2 percent cut plus benefits. Members would each receive $900 to make them whole at $45,000 per year, while the council president would receive $1,200 to hit the $60,000 mark. However, the bill was amend-
ed at the Finance Committee after discussion led by John Crescimbeni. The amendment would increase their pay to the stateallowed level of $46,773 for members and $62,364 for the council president. Serving on council is considered part-time and those figures are half of what others across the state make. In all, more than $74,000 was needed to hit the state marks. Council member Danny Becton Council continued on Page A-2
Gene Jones believes his father would be pleased by the company’s merger with Watson Realty Corp.
Doing right by the family business
By Carole Hawkins Staff Writer After his father passed away 12 years ago, Gene Jones often went to visit Oaklawn Cemetery. Standing next to the grave, he would talk about how things were going. Sometimes a breeze would stir the leaves of the trees nearby in answer. He recently learned his stepmother, Sandra, was having the same type of conversations with her deceased husband. It’s how the two surviving owners of Dan Jones & Associates sensed that joining
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with Watson Realty Corp. would be pleasing to company’s late founder. Dan Jones & Associates, one of Jacksonville’s oldest real estate companies, announced the merger in July. Watson, already the largest realty in Northeast Florida, stands to benefit from Dan Jones’ extensive property management division. The companies are longtime competitors, but in life, Dan Jones and Bill Watson Jr. were friends. Watson said the work ethic and expertise of his friend’s firm would be “an enhancement to all.” Dan and Sandra Jones opened Dan Jones Jones continued on Page A-3
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Dan Jones opened his real estate firm in 1970. His son, Gene, joined when he was 21. The two worked together until Dan Jones died in 2003.
Special to the Daily Record
Son merges firm with Watson
Becton
Nearly 350 apartments planned by Town Center
Photo by Carole Hawkins
By David Chapman Staff Writer
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Houston-based Stanmore Partners is under contract to buy land near St. Johns Town Center for a 347-unit apartment community, sparking the first signs of development there for Preferred Growth Properties. The project, called Ravella at Town Center Apartment Homes, would be developed at northwest Town Center and Midtown parkways on land Stanmore would buy from Preferred Growth Properties. First, Birmingham, Ala.-based Preferred Growth Properties must complete its acquisition of 61.35 acres from the Arthur Chester Skinner III Trust. That deal is expected to close Jan. 28. Jason Schlanger, managing director of multifamily for Stanmore, said the group is under contract to purchase the land for development and anticipates completing the deal in the second quarter next year. He declined further details. Plans being reviewed by the city show a one-phase development on almost 6.6 acres between Town Center Parkway and Lake Meadowbrook. An entrance would be at the Midtown Parkway traffic light. The land is now wooded and vacant. Plans aren’t highly detailed yet, but they indicate a single, large building footprint with two courtyards and a seven-level parking garage within it. There also is a pool courtyard facing Lake Meadowbrook. The city is reviewing the plans for Planned Unit Development verification as well as the concurrency capacity. England, Thims & Miller is the project agent and engineer. Preferred Growth Properties would buy and own the land through PGP Jacksonville TC LLC. Preferred Growth is a subsidiary of Books-A-Million. In May, the Skinner family designated PGP Jacksonville TC LLC as its successor within a Transportation Management Area development agreement in December 1998. That allowed PGP to apply for a conditional capacity statement. PGP authorized Stanmore Partners and its agent to apply
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