Mayor Alvin Brown announces a big investment into downtown and the Jacksonville economy, $11 million to be exact.

"We've seen so much energy and passion about downtown, a lot of ambition and ideas.  But we've lacked capital," said the Mayor at a Tuesday news conference along the St. Johns River in Riverside.

After the city refinanced over $1 billion in bonds, $11 million was left over, so the mayor says 9 million of that will go to the Downtown Investment Authority and the remaining $2 million will go to the Office of Economic Development for various economic expansion throughout the city.

"I'd like to see more restaurants, more retail, you know, making downtown a destination 24 hours, seven days a week," Brown said.

The mayor didn’t give any specific projects the money would fund but said he's open to ideas and has already had members of city council, the Downtown Investment Authority, and others come to him with ideas.  Council will oversee the management of the money and will have to approve any proposed investments but the $9 million and $2 million will be managed by the Downtown Investment Authority and the Office of Economic Development respectively.