1. MARCH 11, 2019
BERKMAN II REDEVELOPMENT LUNCH & LEARN

2. ON OUR RIVER SINCE 2007

3. OVER 2,000,000 PEOPLE SAW THIS LAST YEAR ALONE
Jacksonville Jaguars, 2018 Total Home Game Attendance: Jumbo Shrimp, 2018 Total Home Game Attendance: Jacksonville Icemen, 2018 Average Home Game Attendance: Florida – Georgia Game, 2018 Attendance:
Daily’s Place First Year Concert Attendance:
Veteran’s Memorial Arena, 2018 Concert Attendance:
Over 550,0001
Over 317,0002
Over 5,7003
Over 84,0004
165,0005
Over 556,0006
Source: Weekly League Attendance, pro-football-reference.com
Source: Southern League Attendance, milb.com
Source: The Internet Hockey Database, hockeyDB.com
Source: foxsports.com
Source: Forbes, 2018/05/28
Source: SMG
OVER 2,000,000
PEOPLE SAW THIS
LAST YEAR ALONE

4. LEARNING FROM THE PAST
Source: jacksonville.com
Seven Seas Navigator cruise ship was one of several needed to provide lodging.

5. “The research has shown that Jacksonville will need to plan for
WE NEED HOTEL ROOMS AND DESTINATION DEVELOPMENT IF WE’RE GOING TO ADVANCE AS A CITY C
“The research has shown that Jacksonville will need to plan for
additional full service hotel rooms.”
New Convention Center Feasibility Analysis, Strategic Advisory Group
“The opportunity to develop a Convention Center and reap the benefits of a successful effort to establish Jacksonville as a premier meetings and convention destination is an integral part of a comprehensive long term economic development plan.”
New Convention Center Feasibility Analysis, Strategic Advisory Group

6. DEVELOPMENT TEAM
PRESENTATION

7. ALL PUBLIC PARTICIPATION FUNDS ARE PERFORMANCE OR COMPLETION BASED.
THE PARTNERSHIP
CAPITAL INVESTMENT: $122,000,000
PUBLIC PARTICIPATION: $36,000,000
ALL PUBLIC PARTICIPATION FUNDS ARE PERFORMANCE OR COMPLETION BASED.
CITY’S/ DIA’S
RETURN ON INVESTMENT
1.22

8. Recaptured Enhanced Value Grant: $20,000,000
THE PARTNERSHIP
Recaptured Enhanced Value Grant: $20,000,000
20 75%
Maximum amount reduced to $15,000,000 if capital investment does not exceed
$92,000,000.
If the minimum private capital investment is less than $90,000,000, the REV Grant is
terminated.
Operational Performance Grant: $8,250,000
15 at 5% of the annual Lodging Revenue.

9. THE PARTNERSHIP Redevelopment Completion Grant: $3,250,000.
Paid only upon Project completion and only if Performance Schedule requirements are met.
Parking Garage Grant: $3,500,000.
Paid only if 200 spaces are dedicated for public use (24-hours day), enforced via Restrictive Covenants and paid only upon Project completion and only if Performance Schedule requirements are met.
Land Purchase Price Offset: $1,000,000
The City will convey approximately 2.8 Acres of the land to the Developer for
$1,635,200 less the Land Purchase Price Offset.

10. THE PARTNERSHIP Commencement of Construction:
PERFORMANCE SCHEDULE
Commencement of Construction:
a) Within 6 months from Effective Date of Agreement; or
a) Within 2 months of receipt of environmental approvals
In any event no later than 18 months from Effective Date of the Agreement
Completion of Construction:
Within 24 months after the Commencement of Construction Date
If Performance Schedule is not met, the City and DIA are not obligated to fund the REV Grant, Redevelopment Completion Grant, Operational Grant, or Parking Grant.

11. THE PARTNERSHIP
Riverwalk: The Developer will design and construct approximately 400’ of new Riverwalk at 25’ in width. The City/DIA will reimburse the Developer.
The Developer is providing 5 additional feet of land on their property at no cost to increase the Riverwalk to 25’.
Public Parking: 200 permanent, public parking spaces within the
Developer’s garage, open 24-7

12. RECAP
Abandoned riverfront building since 2007 seen by over 2,000,000 visitors to
Downtown in 2018 alone
A $122,000,000 Capital Investment
A 1.22 Return on Investment to the City/DIA
JSEB: 20% of the City’s / DIA’s funds = $7,000,000
An extension of the Riverwalk
Additional 200 spaces of 24-7 public parking
Need for destination and hotel development supported by Convention Center Study