JACKSONVILLE, Fla. — Action News Jax has learned there is a new agreement in principle between the developer of the Laura Street Trio and the City of Jacksonville.
We told you last month that both sides were trying to resolve their financial differences after it appeared the city was ready to walk away from the deal.
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Sources close to the Laura Street Trio talks tell Action News Jax’s Ben Becker that the developer has dropped demands for a $22 million unconditional loan from the city that has been a roadblock in negotiations.
In addition to the $22 million unconditional loan being off the table, the city will commit approximately $75 million in grants and tax breaks toward the project.
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The project in all totals $175 million. The next step is a term sheet that has to go to the Downtown Investment Authority board for approval, and then the City Council.
We are also told the deal could be done by July.
The trio of historical buildings has become a symbol of the difficult efforts to revitalize downtown for two decades as development has suffered from many stops and starts.
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