Newspaper article The Florida Times Union

Cecil Commerce Center Topic of Special JEDC Meeting

Newspaper article The Florida Times Union

Cecil Commerce Center Topic of Special JEDC Meeting

Article excerpt

Cecil Commerce Center dominates a special Jacksonville Economic Development Commission meeting tomorrow, while an expected Northside project remains on the back burner.

The commission is scheduled to meet at 9 a.m. tomorrow in City Council chambers at City Hall at St. James Place.

So far, the only action item is the city's application to take control of 8,312 acres at the former Cecil Field Naval Air Station in West Jacksonville.

That application closes out the conveyance of the station's property. Of the former air station's 17,224 acres, Clay County received 641 acres, the Jacksonville Port Authority now controls 6,081 acres and the city applied for 2,190 acres for parks and recreation.

Tomorrow, the commission will consider a resolution requesting that City Council enact a resolution approving the application for a no-cost economic development conveyance of the remaining property.

A project summary estimates that infrastructure costs covering electrical systems, stormwater systems, roadways, demolition and other services will cost $120 million over 15 years.

It says the city "will face maximum exposure" of about $30 million to support that development as other sources cover the bulk of the funding.

The summary "projects a positive cash flow as high as $80 million" over 20 years, based on land sales and activity at the center. It also reports that a 20-year business and operations plan projects a potential 25,000 jobs at a $875 million payroll.

As for the North Jacksonville project, commission Executive Director Mike Weinstein said early this month that a Jacksonville company was interested in tax increment financing for a $12 million, 400,000-square-foot project that would provide more than 100 jobs, and the deal might be presented at the special meeting.

According to commission staff, which would not identify the project, the deal in question has not been finalized.

Industry speculation focused on Laney & Duke Terminal Warehouse Co. …

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