Daily Record Financial News &
Wednesday, December 9, 2015
Vol. 103, No. 018 • Three Sections
35¢ www.jaxdailyrecord.com
Council OKs EverBank plan $90M improvements add amphitheater, practice facility
By David Chapman Staff Writer
hotel rooms and a portion only can be used for tourism-related improvements — not for uses like public safety, libraries and roads. Heading into Tuesday’s vote, it appeared there might not be unanimous support. Council member Danny Becton raised concern last week about trying to receive a better deal for the city when it came to splits for costs, revenue and usage opportunities on the venues. He voted against the bill in two committees and was the only council member
to do so. Becton joined his peers in approval Tuesday, explaining afterward he still wanted a better deal, but knows the venues are good economic drivers for the city. He said he wasn’t pressured by Mayor Lenny Curry’s administration or Jaguars officials to swap his vote and that he knew he’d vote for the improvements last week. Other council members weighed in on the issue, explain-
Seeing eye-to-eye with Santa Claus After receiving a new doll, 6-year-old Melanie warms up quickly to Santa Claus and his helpers, Jaguars quarterbacks Blake Bortles and Chad Henne. Patients at Wolfson Children’s Hospital received surprise visits from Santa and several football players through Tom Coughlin’s Jay Fund charity. See more photos on Page A-6.
JEA wants a few changes to plan Utility OK with $114M contribution to city By Max Marbut Staff Writer Responding to proposed changes in JEA’s annual contribution to the city, JEA CEO Paul McElroy said Tuesday the public utility would be willing to accept a minimum annual contribution of $114.2 million. The independent authority also is prepared to make a one-time $15 million payment to the city for sewer system expansion and septic tank mitigation. The City Council JEA Agreement Special Committee submitted its amendment proposals to JEA on Nov. 17. McElroy said
Public
when the committee convened a week later he needed time for staff to evaluate the plan. McElroy has since presented the proposal to the utility’s board members in one-onone meetings and submitted Tuesday what he called “a few modifications.” The city proposed a 10-year agreement with a minimum annual contribution from JEA of $114.2 million based on a millage formula and annual increases not to exceed 1.75 percent, based on the Consumer Price Index. McElroy said a millage-based contribution would work and accepted the min-
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ing their rationale for support. John Crescimbeni said the city would own $90 million worth of assets after only contributing half. “That’s a deal I find difficult to walk away from,” he said. “That is a tremendous value for the city of Jacksonville.” Katrina Brown said she initially would have voted against it when she first heard of the proposal. But after listening to facts from other council members, the auditors and Curry’s administration, Council continued on Page A-3
Insetta gets back Bay Street building
Photo by Fran Ruchalski
Tommy Hazouri referred to it as a Christmas gift for the city. If that’s the case, it’s an expensive one. There isn’t a receipt for returns. And it can’t be opened until next fall. City Council members Tuesday unanimously approved $90 million in upgrades at EverBank Field, improvements that will bring new club level seating, an amphitheater and a multipurpose
outdoor practice facility. The 19-0 vote comes a week after detailed reviews at four committees, where council members learned more about the facts and figures behind the latest improvements to the city-owned facility. The city and Jacksonville Jaguars are each putting up $45 million for the investments. The city portion will be borrowed and paid back via the tourism-driven bed tax. The 6 percent tax is applied to
imum contribution, but said the utility favors a five-year agreement and annual increases of 1 percent per year. Within five years, he said, JEA will be faced with new environmental rules being adopted by the federal government and also evaluating the impact on the utility’s financial position of using different fuels as well as nuclear and solar power to generate electricity. JEA is “fairly uncomfortable” with predicting what will happen in the utility industry in the 5- to 10-year timeframe, said McElroy. JEA
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Restaurateur Jonathan Insetta, who operates two high-profile neighborhood restaurants with another in progress Downtown, now has another building available on the Northbank. Retired NFL wide receiver Laveranues Coles Jr. conveyed the Downtown building he bought from the Insettas back to the family. Coles had planned the Levels Nightclub at the 323-325 E. Bay St. structure, but stopped work on it. He declined comment Tuesday, but said he could share information later. Insetta said Tuesday he doesn’t have immediate plans for the structure and might put it back on the market. “We’ve always liked the building,” he said. “It’s in great condition. Bay Street is kind of coming into its own.” Coles, through Past Trouble LLC, bought the building in October 2013 for $750,000 from 325 East Bay Street LLC, whose manager is Insetta Family Properties LLC. Insetta Family Properties issued a $640,000 mortgage the day of the purchase to Past Trouble LLC. The almost 16,000-square-foot building, of which about 10,500 square feet is heated, was developed in 1904. It was renovated in 1982. Coles planned the nightclub among the building’s two floors and basement and sought approvals and permits. The Downtown Development Review Board approved the design with conditions in February 2014. Work was suspended at the site by late 2014. Past Trouble LLC granted the property back to Insetta Family Properties LLC on Nov. 18 for consideration of $634,724, which is the balance of the loan Insetta made to Coles. “We wanted to give him an opportunity to succeed, but he felt it wasn’t in his
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