Daily Record Financial News &
Tuesday, June 7, 2016
Vol. 103, No. 147 • One Section
35¢ www.jaxdailyrecord.com
A storm of a different kind
‘Financial crisis’ likely to bring few additions to city budget While Mayor Lenny Curry spent time Tuesday afternoon preparing Jacksonville for Tropical Storm Colin, his senior staff was hunkered down talking about a brewing storm of a different kind. It’s hurricane season. It’s also budget season, a time when the mayor’s team starts sifting through line items, department requests and the like as it puts
together a spending plan for City Council to review this summer. That plan will have more than $280 million going toward pension obligations after sapping more than $260 million this year. The rise will wipe out a projected $22 million increase in expected property tax revenues. It’s not enough to fill in the gaps for other expected increases, such as insurance. “We’re facing a financial crisis,” Curry said Tuesday afternoon. The budget his team is assem-
bling likely will reflect that. At the head of the table are City Hall veterans Sam Mousa, Curry’s chief administrative officer, and Mike Weinstein, chief financial officer. On Tuesday, the committee began an overview of the budget, with the two questioning line items. The local business tax is down more than $500,000. Mousa wants to know why. Tax deed purchases went up $50,000. Why?
There were a lot of those inquiries in what’s considered the early part of the team’s efforts. While there are still a lot of numbers and unknowns to sift through, there are some early priorities. Curry wants to set aside $5 million owed as an additional pension payment for next year in this year’s budget. That’s on top of the $5 million extra owed this year. “It would be irresponsible to deny that money,” said Curry. Budget
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One Spark was shortened to a one-day festival in April, with more focus on connecting entrepreneurs with resources. The format of the 2017 event is in the planning stages, but likely will be scheduled in spring.
It’ s a go for One Spark 2017 Format, date and related events still being reviewed It’s not certain when it will be — or precisely what it will be — but One Spark 2017 will be on the calendar. Based on the success of the one-day festival in April, followed by a conference for entrepreneurs and an opportunity for some to present ideas to venture capitalists, organizers are in the early planning stages for the festival’s fifth year. “We had great immediate feedback and great post-event feedback,” said Michael Munz, One Spark board member and Dalton Agency executive. The festival element, called Spark Walk this year, was shortened from five days in the streets of Downtown to nine hours, in conjunction with First Wednesday Art Walk on April 6. In addition to the cadre of artists at Art Walk, more than 60 Spark Walk entrepre-
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By Max Marbut Staff Writer
Adding more focus on innovation was wildly accepted. It was a roll of the dice for us. Michael Munz One Spark board member about the success of changes to this year’s festival
neurs had exhibits there. “It really supercharges Art Walk,” said Jake Gordon, CEO of Downtown Vision Inc., presenters of the monthly event. While the opportunity for people to show their ideas to the public was abbreviated, it was augmented by “Spark Tank” on Thursday, when a select group of creators presented their ideas and products to potential investors. While that was going on, more than
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400 people attended “Innovation Day,” a conference for people who have started, or want to start, a small business. Having less party and more purpose was a hit with those who regard the festival as potential business development. “Adding more focus on innovation was wildly accepted,” said Munz, admitting One Spark organizers knew they were taking a chance with such a major format One Spark continued on Page A-3
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By David Chapman Staff Writer
Mousa
Plans for T-U site may take 3 years
Times-Union Media President Mark Nusbaum said Monday it could be three years before a decision is made and there is “a shovel in the ground” at the company’s 18.8-acre Riverside Avenue riverfront property. Morris Publishing Group, the parent company of The Florida Times-Union, announced Saturday it was putting its property at 1 Riverside Ave. on the market for possible sale or redevelopment. The company could consider partnerships to develop the site for mixed-use, including offices, a hotel or multifamily housing, the release said. Nusbaum said after his keynote address at the JAXUSA Partnership lunch it would take six months or more to gather information. Executing a sale or redesign would take two to five years, he said, leading to his three-year estimate. He told reporters after the event he had been thinking about the property’s use since he came to Jacksonville in Nusbaum March 2012. He first “wanted to make sure our house was in order.” In February 2010, a federal judge cleared the way for Morris Publishing Group to emerge from bankruptcy protection less than a month after it filed for Chapter 11. Nusbaum told the audience the company has no debt. “That wasn’t always the case,” he said to the more than 500 people attending the lunch at the Hyatt Regency Jacksonville Riverfront. He emphasized to reporters the company was solid financially.
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