SUBSTITUTE

Finance Committee · 2026-05-19 · agenda_item

The City of Jacksonville's Finance Committee is reviewing a proposal that would allow the Chief of the Real Estate Division to negotiate the purchase of 17 parcels of real property. The project's total estimated cost is now $164 million, a significant increase from the previously reflected $30 million. This initiative involves acquiring necessary property interests, with authority to offer up to 25% above appraised value and up to $100,000 for business damages. The Chief is also authorized to settle attorneys' fees and costs. If negotiations fail, the Office of General Counsel may pursue condemnation. This item is currently pending review, indicating an early stage in the public process. The work would involve property acquisition, legal proceedings, and potentially site preparation and development once properties are secured. Local contractors, suppliers, and service providers are encouraged to engage early to understand the project's scope and potential needs as plans develop, before bids and permits are finalized.

parcels

17

above appraised value

25 %

business damages

100,000 $

settlement limitations

50,000 $

total project cost

30 million

anticipated project costs

164 million