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Lot J developers set up multi-million dollar trust fund to help Eastside businesses

JACKSONVILLE, Fla. – Now that the controversial Lot J entertainment and housing project at the stadium has received its first green light from the Jacksonville City Council, News4Jax is learning more about who could actually benefit.

During a marathon council meeting Thursday, the majority of members voted in favor of the project (15-4) despite concerns of cost and loans the city will have to make in order for it to happen.

A final vote will take place Tuesday night but council members tell News4Jax it’s a done deal.

Elaborate plans for the Lot J entertainment district show what it is expected to be: A live music complex, bars, restaurants and offices for the Jacksonville Jaguars and others along with new housing.

Just on the other side of the parking lot is an Eastside neighborhood. It was in that neighborhood last November, on J Phillip Randolph Boulevard, News4Jax introduced you to Titia Jackson. She owns Eva’s 1925 bar. At that time she was very skeptical about the millions the city was investing in the project and giving to Jaguars billionaire Shad Kahn.

“Kahn has money, we don’t,” Jackson said then. “I’ve not received any small business loan and I’ve been doing this on my own and it’s like what benefit is it going to do for us?”

Now, after speaking with Jackson again Friday, she says her concern is changing somewhat because of what happened at Thursday’s council meeting.

News4Jax learned a special trust fund is being set up by the Jaguars and the developer‚ the Cordish Companies, to help business owners on the Eastside like Jackson.

“We just want to make sure it’s not going to be a complicated process to help small businesses to get the grants or to get into this trust fund. We don’t want the big developers to come in here and buy up all the property,” Jackson said.

The fund is starting with $2 million but Councilman Garrett Dennis says both the Jaguars and the developer combined will add $500,000 each year for the next 16 years. It could be used in a variety of ways, like business development, business incubation or housing. The fund would start in 2025.

The area that will be able to take advantage of the program stretches from Main Street to Talleyrand and from the Matthews Bridge ramps up to the MLK expressway. The final details should be out on Tuesday.

It’s not only these neighborhoods that are surrounding Lot J that are going to benefit from the fund.

Right now 25% of the contractors and others involved with building the Lot J project are going to be small and emerging businesses. But Thursday night’s meeting a vote changes that to 30% participation.

“It’s not just construction‚ it’s professional services,“ Dennis said. ”But firms which are certified with our small and emerging business program, they will be able to participate in the Lot J project.”

While there is still mixed sentiment about the need and cost of Lot J and the fact it could take seven years before it’s built, there is the hope that the benefits of the project will spill into the nearby area way before that.


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