With an entirely new Downtown Investment Authority (DIA) Board in place for 2025, CEO Lori Boyer took center stage at a Feb. 7 Finance and Budget Committee workshop to provide a comprehensive overview of downtown redevelopment priorities, funding strategies, and the path forward for Jacksonville’s urban core. The following points are gleaned from her report to the board dated Feb. 5, titled, "Long Range Budget, Incentive and Plan Implementation Priorities."

Setting the Stage: A New Board, A Renewed Focus

Boyer’s laid out a strategic roadmap designed to equip the newly appointed board with a deep understanding of the long-term vision for Downtown Jacksonville. Given the board’s fresh composition, Boyer emphasized:

• The historical context of redevelopment efforts.

• The current financial landscape and funding mechanisms.

• The critical decisions ahead are what they hope will shape the city’s growth.

Budget Realities and Funding Priorities

Boyer underscored the need for a structured approach to downtown development, balancing capital investments, incentives, and operational efficiencies. Key financial takeaways included:

• General Fund Allocations: The city is considering a fixed annual allocation of $20M–$50M to support DIA-approved projects, allowing more autonomy in decision-making.

• Capital Investments: Key projects include:

  • Forsyth & Adams Two-Way Street Conversion.

  • Shipyards West Park.

  • Riverwalk Enhancements.

• Incentive Program Reforms: Adjustments to REV Grants to improve sustainability and better align with market conditions.

• Bonding Strategy: The potential to bond $50M in discretionary revenue to accelerate key projects while maintaining financial flexibility.

Geographic Focus: Where to Invest?

A major discussion point revolved around concentrating efforts for maximum impact rather than spreading resources thinly. Boyer outlined a proposed focus:

• City Center as the Primary Focus: Investments in Hogan and Laura Streets, enhanced streetscapes, and food & beverage buildouts to create a more vibrant downtown core.

• LaVilla as a Secondary Priority: Acknowledging its historic significance and potential for mixed-income residential development.

• Catalytic vs. Additive Investments: Prioritizing projects that both increase property tax revenue and stimulate additional private-sector investment.

Decision-Making Framework for the New DIA Board

With a new board in place, Boyer emphasized the importance of setting clear criteria for evaluating incentive applications and capital project allocations. Key questions included:

• How should General Fund allocations be divided between incentives, capital projects, and operational needs?

• Should DIA focus on specific geographic areas to maximize impact?

• How should projects be evaluated—first-come, first-served or through a competitive ranking system?

• What is the balance between historic preservation and new development?

Next Steps: A Call to Action

Boyer’s presentation set the foundation for shaping the future of Downtown Jacksonville. She urged board members to think critically about funding priorities, redevelopment strategies, and their role in executing a vision that balances economic growth, urban vibrancy, and long-term sustainability.

With 2025 marking a fresh chapter for the DIA, the board’s decisions in the coming months will determine Jacksonville’s downtown trajectory for years to come.

Major Budget Allocations

Boyer’s presentation also highlighted her key budget allocations and priorities:

1. Capital Projects & Infrastructure:

   • St. Johns River Park Restaurant: $1.5M allocated for contingency.

   • Shipyards Remediation & Park Development: $11.41M in carryforward funding.

   • Metropolitan Park Redesign and Liberty Basin Marina development: partially funded projects.

   • Downtown Parks Programming & Maintenance: $958K allocated.

2. Debt Reduction & Financial Obligations:

   • Future Debt Reduction: $140K allocated for financial obligations.

   • Unallocated Plan Expenditures: $428K available for flexible spending.

   • MPS Garage Capital Reserve & Operating Lease: $1.44M allocated.

3. Redevelopment & Incentives:

   • Downtown Retail Enhancement Program: $402K for business development.

   • Historic Preservation & Miscellaneous Grants: $4.67M, including funds for Barnett Bank and Cowford Chophouse projects.

   • Forgivable Loans & Development Incentives: $15.1M, including projects like East Union Holdings and 525 W. Beaver St.

4. Administrative & Operational Costs:

   • Administrative Expenses: $1.05M allocated.

   • Salaries & Benefits: $1.17M allocated for staff compensation.

   • Professional Services: $799K budgeted.

Key Priorities Moving Forward

• Infrastructure Investment: Focus on waterfront development prioritizing north bank over south bank, road improvements, and park enhancements.

• Debt Management: Continued efforts to reduce financial liabilities.

• Business & Economic Development: Incentives for retail, housing, and historic preservation.

• Operational Efficiency: Budget allocations to sustain essential services and administration.

With these priorities in mind, Boyer made it clear—the new DIA board has the opportunity to shape the future of Downtown Jacksonville.

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