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05:10 AM EST Share The city could purchase the three Downtown structures if the court rules the operator is in default of its contract. The Downtown Investment Authority board is scheduled vote March 17 on moving toward a $32.9 million purchase of three parking garages owned and managed by Metropolitan Parking Solutions. The step comes as the DIA, city and MPS are in a legal fight over the DIA withholding development loan payments to the Jacksonville-based parking operator. Also at issue is whether MPS is meeting financial reporting obligations in its 2004 contract to own and manage Downtown parking garages at the Duval County Courthouse and VyStar Veterans Memorial Arena. ....
05:20 AM EST Share Efforts by President Tommy Hazouri and others fell short to reduce the taxpayer investment in Shad Khan’s $450 million development. A City Council Committee of the Whole spent nearly 10 hours Jan. 7 making changes to the bill authorizing a $245.3 million taxpayer-backed incentives package for Jacksonville Jaguars owner Shad Khan’s proposed Lot J development, but the core package remains unchanged. When the $450 million public-private partnership between the city, Khan’s company Gecko Investments LLC and development partner The Cordish Companies heads to the full Council Jan 12 for a final vote, it will have a city-backed $65.5 million “breadbox” loan and no financial clawback provisions. ....