JACKSONVILLE, Fla. — Promises to spend $40 million to prop up the Eastside as part of the Community Benefits Agreement tied to the Jaguars new stadium deal could pause if voters approve the property tax phaseout amendment this November.
That money, approved as part of the Community Benefits Agreement tied to the Jags stadium deal, is meant to be spent on programs, projects, and initiatives related to affordable and workforce housing, economic development, and homelessness on the Eastside.
Amendment 3 would cost the city of Jacksonville almost $300 million in property tax revenues if voters approve it in November. The CBA contract includes a provision that allows the city to put the funding on pause if property tax revenues drop.
>>> STREAM ACTION NEWS JAX LIVE <<<
Larry Swink, who serves on the committee established to award CBA dollars to local programs, projects and organizations, said the Eastside Grants Committee was just informed of the possible impacts this week.
He argued delaying funding would be devastating to Eastside residents, as it’s already taken several years for even the first $4 million installment to be put into action.
“I think that it’s gonna confirm the naysayers that felt like when this money was approved there was gonna be some way that it didn’t come to the neighborhood,” said Swink. ”And in the neighborhood, it’s gonna come across as a delay in a promise. And for some people it’s gonna feel like a broken promise.”
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
Under the contract, even if funding is delayed the city would still be obligated to meet its full $40 million share, but it would get an extra year to fulfill the commitment.
That could push the completion date from 2030 to 2031, or even later.
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
