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DIA board approves $1 million increase in Southbank apartment incentives | Jax Daily Record | Jacksonville Daily Record


The Downtown Investment Authority board voted 8-0 on April 21 to add $1 million to the tax incentive cap for a Miami-based developer’s proposed RD River City Brewery apartments Downtown.
The vote will increase Related Group’s requested Recapture Enhanced Value Grant from $11.9 million to $12.99 million for a 327-unit multifamily project on the Southbank now estimated at $99.16 million
DIA staff said design changes by the Downtown Development Review Board and the increased cost of materials increased the project price by $6.84 million. 
The larger tax refund would bring the city’s total investment in the proposed Southbank apartments to $18,274,679, including grants, site infrastructure and marina improvements, according to a DIA staff report. ....

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