AMENDMENT

Finance Committee · 2026-08-19 · agenda_item

This item concerns proposed amendments to a Redevelopment and Public Improvement Agreement (RDA) related to a hotel project. The amendments aim to clarify agreements between the City of Jacksonville and a developer's affiliate regarding cost disbursements for hotel, marina, bulkhead, pier, and riverwalk improvements. Specifically, the changes address substantial completion of hotel improvements if a developer's lender forecloses, define events of default under the RDA, and ensure defaults in specific cost disbursement agreements do not trigger an event of default under the main RDA. This matter is currently under review by the Finance Committee. The proposed changes could influence future construction and development activities related to the specified improvements. Contractors, suppliers, and service providers involved in construction, engineering, and legal services may find opportunities by engaging early to understand the project's evolving needs before final plans and permits are established.