Newspaper article The Florida Times Union

SHIPYARDS; A Prudent Move

Newspaper article The Florida Times Union

SHIPYARDS; A Prudent Move

Article excerpt

City Council members on two committees used good judgment Monday in taking up to two more weeks to ponder a complicated deal designed to boost downtown investment and recast the waterfront's future.

The LandMar Group is offering to make more than $36 million in public improvements on the Shipyards property to include a riverwalk, pier and other park space. It would also take roughly $3.2 million a year in property bond payments off the city's hands. In return, the developer eventually could build condominiums, offices, shops and possibly a hotel on the site.

Had the council committees approved Monday, the deal would have been before the full council tonight for final approval -- simply too soon to resolve a variety of key issues.

The delay also enhances the chance the council will have the benefit of a state grand jury report expected soon on a previous developer agreement on the same property. LandMar replaced TriLegacy as the Shipyards developer after the city paid it $36. …

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