City and Downtown Investment Authority officials can spend $32.9 million to buy three parking garages owned and operated by Metropolitan Parking Solutions should the 4th Judicial Circuit Court find the company in default of its 2004 city contract.
The Jacksonville City Council approved Ordinance 2021-0179 on April 27 to authorize short-term or fixed-rate debt funding and to allow the DIA to exercise its contract option to buy the MPS parking garages at the Duval County Courthouse and VyStar Veterans Memorial Arena.
The vote was 18-0.
The 17-year-old redevelopment agreement has cost the city millions.
When the garages were built, the city agreed to make the payments in the form of development loans to cover MPS operating losses and to ensure a 6.75% annual return on the company’s $3 million required investment.