Finance Committee

City of Jacksonville 117 W. Duval Street Jacksonville, FL 32202 Agenda - Revised Marked Tuesday, November 15, 2022 9:30 AM Council Chamber, 1st Floor, City Hall Finance Committee Aaron Bowman, Chair Randy White, Vice Chair Matt Carlucci Kevin Carrico Joyce Morgan Ju’Coby Pittman Ron Salem Legislative Assistant: Barbara Ireland Hobson Council Auditor's Office: Kim Taylor, Council Auditor Council Auditor's Office: Phillip Peterson, Asst. Council Auditor Council Research: Jeff Clements, Chief of Research Office of General Counsel: Paige Johnston, Chief Administration: Rachel Zimmer Finance Committee Agenda - Revised Marked November 15, 2022 Meeting Convened: Meeting Adjourned: Attendance: Council Auditor Kim Taylor to discuss Report #736C: Follow-up on Police and Fire Pension Fund Audit Item/File No. Title History 1. 2022-0416 ORD Reapprop $94,875,967.35 from CIPs that have been Certified Complete DEFER by the Director of Public Works & Closed, Their Residual Balances Returned to the Source or Sources of Origin, & Placed in a Contingency Account, At request of the Transferring $38,920,804.62 btwn Expense Accounts Among Various Projs Administration within the Better Jax Plan Fund to Complete Outstanding Projs as Described in the Work Plan, & Auth Borrowing from the City’s Commercial Paper Facility &/or Issuance of Fixed-Rate Debt in the Cumulative, Not-To-Exceed Amt of $85,063,552.37 & Approp Thereof to Prov Funds for Capital Improvements; Amend 2021-504-E, the FY 2021 Budget Ord, to Replace 4th Revised Scheduled B4, the FY 2021-2022 Debt Management Fund Detail, & Revised Scheduled B4b, the FY 2021-2022 Capital Improvements Projs Funded Via Borrowing, to Auth the Borrowing &/or the Issuance of Fixed-Rate Debt for the Projs as set Forth in the Better Jax Work Plan; Amend the 2022-2026 5-Yr Capital Improvement Prog Apv’d by Ord 2021-505-E; Prov for City Oversight by the Dept of Public Works (Sawyer) (Introduced by CP at Req of Mayor) 5/24/22 CO Introduced: TEU, F 6/6/22 TEU Read 2nd & Rerefer 6/7/22 F Read 2nd & Rerefer 6/14/22 CO PH Read 2nd & Rerefer: TEU, F Public Hearing Pursuant to Chapt 166, F.S. & C.R. 3.601- 6/14/22 2. 2022-0575 ORD Approp $279,973.00 in Fund Bal Derived from Investment Pool Earnings DEFER ($102,241.23 from FY 19-20 & $177,731.81 from FY 20-21) Within the Northbank CRA Trust Fund to Future Yr Debt Reduction (B.T. 22-094) At request of (Staffopoulos) (Introduced by CP at Req of Mayor) DIA 7/26/22 CO Introduced: NCSPHS, F 8/1/22 NCSPHS Read 2nd & Rerefer 8/2/22 F Read 2nd & Rerefer 8/9/22 CO PH Read 2nd & Rerefer Public Hearing Pursuant to Chapt 166, F.S. & C.R. 3.601- 8/9/22 Page 1 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 3. 2022-0576 ORD Approp $44,363.00 in Fund Bal Derived from FY 20-21 Investment Pool DEFER Earnings Within the Southbank CRA Trust Fund to Future Yr Debt Reduction (B.T. 22-093) (Staffopoulos) (Introduce by CP at Req of Mayor) At request of 7/26/22 CO Introduced: NCSPHS, F DIA 8/1/22 NCSPHS Read 2nd & Rerefer 8/2/22 F Read 2nd & Rerefer 8/9/22 CO PH Read 2nd & Rerefer Public Hearing Pursuant to Chapt 166, F.S. & C.R. 3.601- 8/9/22 4. 2022-0763 ORD Apv & Auth the Mayor, or His Designee, & Corp Sec to Execute a AMEND Discounted Payoff Agrmt (the “Agreement”), btwn the City & W.A. Knight Building Development, L.L.C., to Auth the Acceptance of $323,083.30 as Contact: Payment in Full for a Loan in the Original Principal Amt of $300,000.00 made Lori Boyer/ Pursuant to Terms of that Certain Redev Agrmt Dated 3/21/2000, as Amended Steve Kelley by that Certain 1st Amendmnt to Redev Agrmt Dated 8/3/2001; Providing for Loan Repayments to be Deposited Into the Downtown Economic Dev Fund (Dillard) (Introduced by CP at Request of Downtown Investment Authority) 10/11/22 CO Introduced: NCSPHS, F 10/17/22 NCSPHS Read 2nd & Rerefer 10/18/22 F Read 2nd & Rerefer 10/25/22 CO PH Read 2nd & Rerefer 11/14/22 NCSPHS Amend/Approve 5-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 10/25/22 Page 2 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 AMENDMENT Place revised Discounted Payoff Agreement on file to correct payoff amount to $323,083.30 • Authorizes a Discounted Payoff Agreement between the City and W.A. Knight Building Development LLC related to a $300,000 loan from the former Jacksonville Economic Development Commission (JEDC) related to the redevelopment of 113 W. Adams Street in 2001 • The terms of the City loan were 2% interest accruing annually, with interest and principal due at maturity (10/31/2031) • The City loan is in third position, subordinate to a first mortgage and a Jacksonville Housing Finance Authority (JHFA) loan • The current balance outstanding on the loan, including interest, is approximately $454,000 • The payoff amount of $323,083.30 represents the present value of the loan payoff amount at maturity ($543,408) discounted back to today's dollars at a rate of 6% • The payoff amount will be deposited to the Downtown Economic Development Fund subject to future appropriation COMMENTS: 1. Payment of the discounted payoff amount results in an immediate gain of approximately $130,000 to the Developer. 2. Granting a discounted payoff could open the door for other outstanding developer loans to request a discounted early payoff. 5. 2022-0764 ORD Approp $7,000,000.00 from the Tree Protection & Related Expenses NCSPHS Trust Fund, Fund 15304, to the “630-City Tree Planting Prog,” “Remove & AMEND Replace Tree Planting Prog,” & “Level 3 Tree Planting Program,” to Provide Tree Planting Administered by Public Works on Public Propty; Apv, & Req the Contact: Mayor, or His Designee, to Direct Public Works to Continue to Administer the CVP Salem Progs in Accordance with the Criteria Herein Provided; Providing a Carryover of Funds Into Subsequent FYs (Grandin) (Introduced by CM Salem) 10/11/22 CO Introduced: NCSPHS, F 10/17/22 NCSPHS Read 2nd & Rerefer 10/18/22 F Read 2nd & Rerefer 10/25/22 CO PH Read 2nd & Rerefer 11/14/22 NCSPHS Amend/Approve 5-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 10/25/22 Page 3 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 NCSPHS AMENDMENT 1. Revise appropriation to reflect that $3,701,030.21 is appropriated from contingency and the remaining $3,298,969.79 is appropriated from fund balance within the Tree Protection Fund 2. Attach revised Exhibit 1 (BT) to reflect revised appropriation source 3. Reflect update to the Level 3 Planting Agreement approved by the Jacksonville Tree Commission and attach as a new exhibit 4. Correct scrivener’s • Proposed appropriation includes: - $4,000,000 for the Remove and Replace Tree Planting Program - $2,000,000 for the Level 1 (630-City) Tree Planting Program - $1,000,000 for the Level 3 Tree Planting Program 6. 2022-0794 ORD Approp $1,000,000.00 from Fund Bal from the Gen Fund/Gen Svcs Dist DEFER to City Council Staff Svcs - Other Costs - Legislative Professional Svcs Within the City Council’s Budget for the Possible Future Procurement of Special At request of Legislative Counsel for the City Council on the Issues of Redistricting CM Priestly Jackson Litigation & Legislative Redistricting Process; Providing for a Carryover of Funds into FY 23-24 (Johnston) (Introduced by CM Priestly Jackson) 10/25/22 CO Introduced: R, F 10/31/22 R Read 2nd & Rerefer 11/1/22 F Read 2nd & Rerefer 11/9/22 CO PH Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/9/22 Page 4 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 7. 2022-0797 ORD Auth the Mayor, or His Designee, to Execute: (1) An Amended & DEFER Restated Redev Agrmt btwn the COJ & Springfield Lofts, LLC; & (2) Loan Docs & Related Docs as Described in the Agrmt, to Support the Redev by At request of Developer an 2.12± Acre Site at 1341 Pearl St, 235 W 3rd St & 205 W 3rd St, OED in the COJ; Auth a Redev Completion Grant in the Amt of $1,500,000 to the Developer Upon Substantial Completion of the Proj, to be Approp by Subsequent Legislation; Auth a Dev Loan in the Amt of $1,500,000 With a Term of 20 Yrs in Connection With the Proj, to be Approp by Subsequent Legislation; Desig the OED as Contract Monitor for the Agrmt & Related Agrmts; Providing for City Oversight of the Proj by Public Works & the OED; Auth the Execution of All Docs Relating to the Above Agmts & Transactions; & Auth Tech Changes to the Docs; Waiver of That Portion of the Public Investment Policy Adopted by Ord 2022-372-E, As Amended, to Auth a Redev Completion Grant & a Dev Loan That are Not Currently Auth by the Public Investment Policy (Sawyer) (Introduced by CP at Req of Mayor) 10/25/22 CO Introduced: R, F 10/31/22 R Read 2nd & Rerefer 11/1/22 F Read 2nd & Rerefer 11/9/22 CO PH Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/9/22 8. 2022-0815 RESO Upon an Acknowledgement of Due Auth & the Making of Findings, Contact: Apv the Issuance By the JHFA of Its Homeowner Mortgage Rev Bonds, in 1 or Tom Daly More Series, in an Aggregate Face Amt Not to Exceed $100,000,000 for the Purpose of Purchasing Mortgage Loans Originated by Participating Local Lending Institutions to Finance the Purchase or Rehab of New or Existing Owner-Occupied Residences Situated in Duval County, FL or Purchasing Securities Guaranteed by the Federal Gov’t or Agencies Thereof or For the Purpose of Refunding Outstanding Bonds of the JHFA Previously Issued for Such Purpose; Requesting the Introduction of a Reso of the Council of the COJ, FL Apv the Issuance of the Bonds; Auth the Submission of a Request for a Private Activity Bond Volume Cap Allocation; Determining Credit Not Being Pledged (Hodges) (Introduced by CP at Req of JHFA) 10/25/22 CO Introduced: NCSPHS, F 10/31/22 NCSPHS Read 2nd & Rerefer 11/1/22 F Read 2nd & Rerefer 11/9/22 CO Read 2nd & Rerefer 11/14/22 NCSPHS Approve 5-0 Page 5 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 9. 2022-0816 RESO Upon an Acknowledgement of Due Auth & the Making of Findings, AMEND Apv the Issuance by the JHFA of Its Multifamily Housing Rev Bonds (Sulzbacher Enterprise Village), Series 2023, in an Aggregate Principal Amt Contact: Not to Exceed $16,000,000 for the Purpose of Financing All or a Portion of the Tom Daly Costs Related to the Acquisition & Construction of a Multifamily Residential Housing Facility for Persons or Families of Low, Middle or Moderate Income, to be Located at Walgreen Rd, 2,800 Ft N of the Intersection of Golfair Blvd & Walgreen Rd, Jax, Duval County, FL, & to be Commonly Known as “Sulzbacher Enterprise Village”; Determining Credit Not Being Pledged (Hodges) (Introduced by CP at Req of JHFA) 10/25/22 CO Introduced: NCSPHS, F 10/31/22 NCSPHS Read 2nd & Rerefer 11/1/22 F Read 2nd & Rerefer 11/9/22 CO Read 2nd & Rerefer 11/14/22 NCSPHS Amend/Approve 5-0 AMENDMENT Place revised JHFA Resolution on file to include the signed version • Approximately 100 units • Acquisition and construction of a new multifamily residential housing facility • 100% of the units will be reserved for households at or below 60% AMI 10. 2022-0818 ORD Approp $840,160 from the Special Law Enforcement Trust Fund to Fund 2nd Various Crime Prevention & Law Enforcement Expenditures & Activities Including: (1) Transfer $12,500 from the Fund to the Teen Driver Special Revenue Fund in Accord with Sec 111.365, Ord Code, for the Teen Driver Challenge Prog, (2) Transfer $7,500 from the Fund to the Police Explorers Trust Fund in Accord with Sec 111.340, Ord Code, for the Jax Sheriff’s Police Explorer Post, (3) Transfer $275,000 from the Fund to the Mental Health Offender Prog Trust Fund for Contractual Svcs by I.M. Sulzbacher Center for the Homeless, Inc. to Operate a Jail Diversion Prog for Mentally ill Offenders, (4) Prov $70,160 from the Fund to Reimburse the Gen Fund for Forfeiture Related Expenditures in Accord with Sec 932.7055 (4) (c), F.S., (5) Prov $225,000 to Procure Tactical Body Armor for the JSO Swat Units, & (6) Prov $250,000 for the Haines St Propty Facility – Firearms Laboratory Renovation Proj; Amend the 2023-2027 5-Yr CIP Appvd by Ord 2022-505-E to Reflect Funding for the Haines St Propty Facility – Firearms Laboratory Renovation Proj in FY 22-23 (Staffopoulos) (Introduced by CP at Req of Sheriff) (Co-Sponsor CM Clark-Murray) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 Page 6 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 11. 2022-0819 ORD Approp $91,240.00 from Available Rev Bal in the Domestic Battery 2nd Surcharge Trust Fund to Estab the FY 22-23 Operating Budget for the Fund & to Prov Add’l Training to Law Enforcement Personnel in Combating Domestic Violence (B.T. 23-011) (Staffopoulos) (Introduced by CP at Req of Interim Sheriff) (Co-Sponsor CM Clark-Murray) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 12. 2022-0832 ORD Approp $1,304,652.43 from the Inmate Welfare Trust Fund to Estab the 2nd FY 22-23 Operating Budget for the Inmate Welfare Trust Fund; Auth a Position within the Inmate Welfare Trust Fund (B.T. 23-012) (R.C. 23-026) (Staffopoulos) (Introduced by CP at Req of Interim Sheriff) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 13. 2022-0833 ORD Approp $962,212.30 from Building Inspection Fund Fund Bal to the Ed 2nd Ball Bldg Maintenance & Upgrades Proj for Various Updates & Replacements in the Ed Bal Bldg; Amend the 2023-2027 5-Yr CIP Appvd by Ord 2022-505-E to Reflect this Approp of Funds to the Proj (B.T. 23-014) (Staffopoulos) (Introduced by CP at Req of Mayor) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 14. 2022-0834 RESO Approp $50,000 from the NW OED Fund – Transfer from Fund Bal for Contact: the Purpose of Providing a $50,000 NW Jax Small Business Dev Initiative Kirk Wendland (SBDI) Grant to Sports Addix, LLC, in Connection with the Infrastructure Costs & Building Improvements for the Building Located Generally at 1708 See Auditor Marshall St to be made by the Company; Apv & Auth the Mayor, or His summary on pg. 11 Designee, & the Corp Sec to Execute & Deliver, For & On Behalf of the City, the Economic Dev Agrmt btwn Company & the City; Auth Appvl of Tech Amends by the Exec Dir of the OED; Providing for City Oversight by OED; Affirming the Proj’s Compliance with the NWJEDF Guidelines Appvd & Adopted by Ord 2016-779-E; Affirm the Proj’s Compliance with the Public Investment Policy Adopted by Ord 2022-372-E, as Amend; Req 2 Reading Passage Pursuant to Council Rule 3.305 (B.T. 23-016) (Sawyer) (Introduced by CP at Req of Mayor) 11/9/22 CO Introduced: F Page 7 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 15. 2022-0835 ORD Approp $4,000,000 from the TDC Fund Bal to be Used as Follows: (1) 2nd $2,000,000 to the TDC Council Contingency Plan Component, & (2) $2,000,000 to the TDC Operations Acct (Wilson) (Introduced by CP at Req of TDC) 11/9/22 CO Introduced: F Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 16. 2022-0836 ORD Apv, & Auth the Mayor, or His Designee, & Corp Sec to Execute & 2nd Deliver that Certain Amended & Restated Lease Agrmt btwn the City & Northrop Grumman Systems Corp (Tenant) for Building 332 at Cecil Commerce Center, Containing ±5,476 Sq Ft & Located at 13618 Lake Fretwell St, Jax, FL 32210, for a Term of 38 Months, with 2 Options to Renew for 1 Add’l Yr Term at an Annual Base Rental Rate of $4,841.70 with 3% Annual Increases Beginning 3/1/24 & with a Common Area Maintenance Fee of $200.00 Per Month; Prov for Oversight by the OED (Dillard) (Introduced by CP at Req of Mayor) 11/9/22 CO Introduced: F Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 17. 2022-0837 ORD Apv & Auth the Mayor, or His Designee, & Corp Sec to Execute & EMERGENCY Deliver that Certain Purchase & Sale Agrmt btwn the City & Jean H. Hawkins & All Closing Docs Relating Thereto, & Otherwise Take All Necessary Action Scrivener’s to Effectuate the Purposes of the Agrmt, for Acquisition by the City, at the Negotiated Purchase Price of $113,000.00, of an Approx 4.85 Acre± Parcel of Contact: Landlocked & Undeveloped Land (R.E. # 105682-0000) Adjacent to the CM Boylan Approx 26.65± Acre City-Owned Ferngully Preserve Located in Council Dist 6 Near Royal Fern Lane to Enlarge & Protect Ferngully Preserve from Expected Impacts of Proposed, Adjacent Dev & Uses to be Effectuated by a Deed Restriction to be Placed on the Parcel; Providing for Oversight of the Acquisition of the Propty by the Real Estate Div of Public Works & Thereafter by Parks, Rec & Community Svcs; Req 1 Cycle Emergency Passage (Wilson) (Introduced by CM Boylan) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Emergency/Approve 5-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 Scrivener’s Pg. 4, line 4: strike “first meeting in December” and insert “last meeting in November” • The North Florida Land Trust, and associated parties, will contribute $62,500 towards the purchase and the City will contribute the remainder of $50,500 • One-cycle emergency requested to enable the parties to close prior to year-end Page 8 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 18. 2022-0838 Ord Approp a $20,000,000 Grant Awarded by FL Dept of Environmental 2nd Protection (FDEP) for the LaSalle St Outfall Proj; Amend the 2023-2027 5-Yr CIP Appvd by Ord 2022-505-E to Reflect FDEP Grant Funding for the Proj; Prov Oversight by Public Works (Staffopoulos) (Introduced by the CP at Request of Mayor) 11/9/22 CO Introduced: NCSPHS, F, TEU 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 19. 2022-0840 ORD-MC Approp $261,904 from the Opioid Settlement Special Revenue Fund 2nd to Pay for Personnel Costs & Equipment for the Manager of Opioid Abatement & Prog Coordinator – Opioid Abatement Positions Authorized Herein; Apv Positions; Creating a New Sec 111.265 (Opioid Settlement Special Revenue Fund), Pt 2 (Health and Human Services), Ch 111 (Special Revenue & Trust Accounts), Ord Code, to Estab a Permanent Special Rev Fund Into which will be Deposited all Opioid Settlement Proceeds Received Pursuant to the FL Memorandum of Understanding Auth by Ord 2021-659-E; Prov for Codification Instructions; Apv & Auth the Mayor, or His Designee, & the Corp Sec to Execute & Deliver, For & On Behalf of the City, the Interlocal Agrmt btwn the City of Jax, the City of Atlantic Beach, the City of Jax Beach, the City of Neptune Beach, & the Town of Baldwin for Distribution of Opioid Litigation Settlement Proceeds; Providing Oversight by JFRD (B. T. 23-022) (R. C. 23-039) (Staffopoulos) (Introduced by CM Salem) (Co-Sponsor CM Clark-Murray) 11/9/22 CO Introduced: NCSPHS, F 11/14/22 NCSPHS Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 Page 9 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 20. 2022-0841 ORD Apv & Auth the CEO of the DIA, or Her Designee, to Execute a Redev 2nd Agrmt Btwn the DIA & Axis 404 Julia, LLC or Its Affiliate (Developer), to Support the Renovation & Rehab by Developer of the Bldg Located at 404 N. Julia St, to Provide 32 Units of Multifamily Housing & a Projected 5,769 Sq Ft of Gross Commercial/Retail Space including 3,240 Sq Ft of Leasable Space, & the Construction of a 103-Unit Multifamily Dev & 450 Structure Parking Spaces on an Adjacent Parcel of Land; Apv & Auth the Mayor, or His Designee, & Corp Secretary to Execute a Restrictive Covenants & Parking Rights Agrmt that Authorizes the Exclusive Use by the City of 90 Parking Spaces in the Parking Garage (Collectively, the “Project”); Auth 3 Downtown Preservation & Revitalization Prog (DPRP) Loans, in an Aggregate Amt Not to Exceed $5,814,697, to the Developer in Connection With the Redevelopment of the Proj, to be Approp by Subsequent Legislation; Auth a 50%, 15-Yr Rev Grant in the Max Amt Not to Exceed $2,670,000 in Connection With the Construction of the Payable thru the Downtown Northbank Community Redev Area Trust Fund; Auth a $1,800,000 Parking Garage Grant to Developer Payable by the City Upon Completion of the New Construction Portion of the Proj; Auth Payments for a Pro Rata Share of the Parking Garage Maint Costs in an Amt Not to Exceed $54,000 Annually; Desig the DIA as Contract Monitor for the Agrmt; Prov for Oversight of the Proj by the DIA; Auth the Execution of All Docs Relating to the Above Agrmt & Transactions, & Auth Technical Changes to the Docs; Waiver of That Portion of the Public Investment Policy Adopted by Ord 2022-372-E, as Amended, to Auth a Parking Garage Grant That is Not Currently Auth by the Public Investment Policy (Sawyer) (Introduced by CP at Req of DIA) 11/9/22 CO Introduced: NCSPHS, R, F 11/14/22 NCSPHS Read 2nd & Rerefer 11/14/22 R Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 – 11/22/22 Page 10 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 Council Auditor’s Office 2022-834 Company Name – Sports Addix LLC Project Location – 1708 Marshall Street, Jacksonville, FL 32204 Incentives Provided – $50,000 Small Business Development Initiative (SBDI) Grant from the Northwest Jacksonville Economic Development Fund (NWJEDF) Number of Jobs to be Created – • 25 new jobs with an average salary of $51,000 plus benefits • To be created no later than 24 months from the date of the SBDI grant disbursement Performance Schedule – • Start of construction no later than December 31, 2023 • Completion of construction no later than December 31, 2025 Number of Jobs to be Retained – 43 jobs to be retained with an average salary of $38,854 Capital Investment – $679,000 Records Retention/Audit Clause – Yes Clawback Language – • In the event reporting requirements are not met in the time period specified in the agreement, the City will be entitled to withhold disbursement of the SBDI grant • If the Company ceases operations of the project during the first five years after disbursement of the SBDI grant, the Company must repay the SBDI grant on a sliding scale • If the Company or any lessee or assignee of the Company uses the Project Parcel for any ineligible business activities during the term of the agreement, the Company shall repay the full amount of the SBDI grant • If the Company fails to create 20 new jobs with an average salary of $51,000 within 24 months of disbursement of the SBDI grant, the Company will repay the City $2,500 per job below the 20 new job creation requirement • If the Company fails to invest at least $500,000 in private funding by December 31, 2025, the SBDI grant will be terminated and the Company will repay the City the entire amount of the SBDI grant that was previously paid to the Company ROI – 1.65 over a 10 year period NOTE: The next regular meeting will be held Tuesday, December 6, 2022. *****Note: Items may be added at the discretion of the Chair.***** Page 11 of 12 Finance Committee Agenda - Revised Marked November 15, 2022 Pursuant to the American with Disabilities Act, accommodations for persons with disabilities are available upon request. Please allow 1-2 business days notification to process; last minute requests will be accepted; but may not be possible to fulfill. Please contact Disabled Services Division at: V 904-255-5466, TTY-904-255-5476, or email your request to KaraT@coj.net. Page 12 of 12