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Brown plans to reinvest $11M back into Jacksonville

1:13 PM, Jan 29, 2013   |    comments
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JACKSONVILLE, Fla. - The mayor of Jacksonville announced a new plan to reinvest the $11 million back into both revitalizing downtown and improving Jacksonville's economy on Tuesday.

Mayor Alvin Brown laid out his plan to local civic and business leaders along the Northbank Riverwalk.

The mayor committed himself to allocating $9 million to access private investments to improve downtown, and $2 million for economic expansion, said David Campbell in release.

The investments will require City Council's approval.

The $11 million are from a round of debt refinancing by the Brown Administration, according to the Campbell.

"This is a better chance than we have seen in many years to help increase the value of our urban core, our city's heart and soul," Brown said. 

The mayor says the savings will be reinvested in projects with private-sector investment that invigorate the urban core and give a jolt to Jacksonville's economy.

"The mayor's proposal should be a difference-maker in job creation and move our economy forward," said Jerry Mallot, interim president of the Jacksonville Regional Chamber of Commerce. "This gives the new Downtown Investment Authority a tool to truly be effective because it will have the resources to significantly invigorate our Downtown."

The Downtown Investment Authority and Office of Economic Development, both agencies created by the mayor, would manage the $11 million investment with the oversight of City Council.

First Coast News

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