Daily Record FINANCIAL NEWS &
THURSDAY, MARCH 30, 2017
VOL. 104, NO.098 • ONE SECTION
35¢
www.jaxdailyrecord.com
JIA CRA: The good, the bad and the future Photo by Monty Zickuhr
River City Marketplace booming, but other areas left behind By Max Marbut, Staff Writer
Issue Substandard housing Vacant land Streets & roads
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Now 2.2%
54% 103 feet/acre
15.1% 297 feet/acre
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Fed exec: Starter homes a business opportunity
Lack of inventory hindering economic growth By Karen Brune Mathis Managing Editor
Curry said there was no better place than Jacksonville to talk about it. “This is not a theoretical discussion. People want to know that they can get a job and that
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Photo by Maggie FitzRoy
Gov. Rick Scott discusses Enterprise Florida and the Florida Defense Alliance with Kellie Jo Kilberg, chair of the Florida Defense Alliance, left, and Jacksonville Mayor Lenny Curry, right.
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Then 41%
Source: Genesis Group study
By Maggie FitzRoy Contributing Writer
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JIA CRA: 1993-PRESENT
Scott lobbies to keep Florida Defense Alliance Gov. Rick Scott flew into Jacksonville on Wednesday to host a military roundtable discussion with community leaders, including Mayor Lenny Curry. His focus was the survival of programs under the Florida Defense Alliance, through Enterprise Florida, which the Florida House recently voted to eliminate. Scott made it clear that he does not support the organization’s elimination. The Florida Defense Alliance “helps our military meet their missions,” he said. “Military bases are a big deal in our state, and in Jacksonville.” He sees the elimination of the alliance as a threat to jobs and urged people to reach out to House and Senate members.
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There are three possible futures for the Jacksonville International Airport Community Redevelopment Area: • Leave it the way it is and let it expire in 2023 – the original plan for the special district in North Jacksonville in which the increase in ad valorem taxes from increased property values are set aside for economic development projects within the district. • Amend it and focus on areas of the district that haven’t been improved by the program. • Abolish it four years early in 2019 – the recommendation of the JIA CRA Advisory Board. The 19 members of City Council serve as the CRA’s board of directors. They met Wednesday to evaluate the performance of the program since it was established in 1993 and use the evaluation to determine its future. The board was presented a positive – almost glowing – report, but had questions about its conclusions.
their kids can get an education and that they are safe,” he said. The one-hour event was held at the Florida Army National Guard building. SCOTT CONTINUED ON PAGE 3
It might seem like residential communities are mushrooming around the area, but housing starts remain below their 2005 peaks, and that might be hindering economic growth. Christopher Oakley, a Jacksonville Federal Reserve Bank of Atlanta executive, said Wednesday his business contacts see a lack of inventory, especially “starter homes” in a lower price range. “That may be holding things back a little bit, but it also may create some opportunity for builders in the area as well,” he said. Oakley, vice president and regional executive of the Jacksonville Branch of the Federal Reserve Bank of Atlanta, spoke to the Economic Roundtable of Jacksonville at the Downtown Fed
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branch. During his presentation, Oakley shared trends toward an improving housing market. “We are slowly getting back to what the new normal is,” he said. The issue is the supply of starter homes, creating a niche market for builders. Oakley compiles his information to share with the president of the Atlanta Fed and ultimately the Federal Open Market Committee. Oakley That committee is the monetary policymaking body of the Federal Reserve System. Overall, Oakley said the business executives he surveys are “reasonably upbeat” about the Northeast Florida economy, ECONOMY CONTINUED ON PAGE 3
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