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One of the more unique characteristics of American society is the size and scope of our civic sector. The French statesman Alexis de Toquiville famously noted in his 1840 magnum opus “Democracy in America,” “where in France you would find the government or in England some territorial magnate, in the United States you are sure to find an association.”
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08:27 PM EST Share The incentives will finance improvements to the historic building and cover costs linked to VyStar’s parking garage construction.
The Jacksonville City Council approved a $1.1 million incentives package May 11 for improvements to Regions Bank’s historic Downtown headquarters building and to mitigate its financial impact from a city-supported parking garage for VyStar Credit Union.
Regions negotiated the deal with the Downtown Investment Authority in late 2020. It provides the bank $900,000 in forgivable historic preservation and code compliance loans in multiple payments over five years for restoration work at its headquarters at 51 W. Bay St.
The agreement also will reimburse Regions up to $200,000 through a grant for costs associated with the sale of its surface parking lot adjacent to its headquarters to accommodate the plans of neighboring VyStar Credit Union.