Daily Record Financial News &
THURSDAY, SEPTEMBER 29, 2016
Vol. 103, No. 229 • oNe SectioN
35¢ www.jaxdailyrecord.com
Stein Mart CEO resigns after 6 months
Hawkins says rapid pace of new strategies has been ‘challenging’ By Mark Basch Contributing Writer After just six months on the job, Stein Mart Inc. announced Thursday that CEO Dawn Robertson tendered her resignation. The company gave no reason for her resignation. President and Chief Operating Officer D. Hunt Hawkins was named interim CEO to replace her.
The company did say in a news release that comparable-store sales have dropped 4 percent in the first two months of the third quarter. Comparable-store sales are sales at stores open for more than one year and are considered a key indicator of a retailer’s performance. “Some of the sales initiatives that have been developed under Dawn’s leadership are important for our future and we will contin-
ue to cultivate them to drive sales in this challenging retail environment,” Chairman Jay Stein said in the news release. “Hunt has been a valued leader at Stein Mart for over 20 years. The Board and I are confident in his ability to guide our associates and to continue implementing our strong sales strategies,” he said. Hawkins said in the release, “We believe that several of the
There was still plenty of work to be done after two days of dismantling the canopy over the Metropolitan Park stage. By Wednesday afternoon, workers had managed to take off most of one side of the canopy. City leaders made the decision that tearing down — not repairing the structure for close to $2 million — was the best option.
Crews set up Monday to begin dismantling the well-worn overhead structure that has been in place for more than 30 years. The city shut the stage down last year due to safety concerns.
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Photos by David Chapman
Canopy coming down at Met Park
A two-man crew meticulously began taking part of the canopy’s side down using a lift Tuesday. Realco Recycling Co. Inc. is doing the work for a cost of more than $107,000.
new merchandising strategies that have been developed this year will positively impact our future sales. However, implementation has been too rapid and has been challenging for our customers. “It is important that we remain focused on meeting the needs of our existing customers as we drive change,” he said. mbasch@baileypub.com
Robertson
By David Chapman Staff Writer
tract management going on,” said Council Auditor Kirk Sherman.
For more than a decade, the city has had a deal with Loblolly Mitigation Preserve to manage a lucrative wetlands mitigation bank that’s brought in millions of dollars for both parties. The bank allows the city to pull credits from its own source rather than acquire them on the open market at higher prices during a time when construction projects were rolling with the Better Jacksonville Plan. Although both sides benefited, an audit released Wednesday reveals the city should have benefited more. The Council Auditor’s Office determined the city is entitled to at least $3.1 million from its wetlands partner due to the company operating outside the use agreement with the city. However, the audit said, both sides didn’t always comply with the agreement reached in 2003. “It’s just the same old story about not having enough con-
A lucrative partnership
By Max Marbut Staff Writer
Northbank Riverwalk. Regency will bear the cost of constructing the parking lot — estimated at $160,000 — as well as for long-term maintenance. Authority CEO Aundre Wallace said the property is not on the ad valorem tax roll and Regency was the sole respondent to a Notice of Disposition. He also said the appraised value of the city’s property involved in the transfer is about $700,000. Regency’s property is appraised at “just under $1 million,” he said. Authority board member Marc Padgett pointed out that in addition to the city getting more appraised value in the swap than it is transferring, the parking lot will be added to the tax roll. DIA CONTINUED ON PAGE A-4
Audit: City out at least $3.1M in wetlands deals The wetlands mitigation bank started in 2003 when Loblolly Mitigation Preserve bought land from a developer for $12.3 million. The same day, the city bought the land from Loblolly for $17.4 million and entered into an agreement with the company for credits to offset roadway and drainage projects that were underway. Mitigation banks are authorized by permits issued by a water management district and the U.S. Army Corps of Engineers. As of June, there are 87 in Florida. The local bank has served its purpose and more — it’s produced the credits the city used for projects and excess credits the city could sell to developers. The city’s portion of sales goes into a trust fund dedicated to park improvements. AUDIT
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Land swap means more parking for Brooklyn
The city will lose 0.1 acre of surplus property, but gain a 30-space public parking lot developed and maintained by a private entity. The Downtown Investment Authority on Wednesday approved transfer of a 0.63-acre parcel along Riverside Avenue to Regency Realty Group Inc. in exchange for five parcels of land totaling 0.53 acre along Magnolia Street in Brooklyn. The Magnolia Street parcels, along with two parcels owned by the city, will be developed into a 30-space public parking lot that will serve the retail center anchored by The Fresh Market and provide additional parking for people who wish to utilize the
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