JACKSONVILLE, Fla. — The Jacksonville City Council is expected to vote on the future of the historic Laura Street Trio on Tuesday, which could clear the way for its sale to a new owner, but the city may be interested as well.
Action News Jax’s Ben Becker has learned from a source the city could consider buying out the current owner, SouthEast Development Group, for $8 million and finding its own developer.
>>> STREAM ACTION NEWS JAX LIVE <<<
Currently, SouthEast has a deal in place with Live Oak Contracting, but the city needs to lift a lien for more than $800,000 in code violation fines for the agreement to proceed.
Sources tell Becker the fines are considered leverage against SouthEast, which has spent more than $10 million towards the Trio, including $6.3 million in principal and interest.
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Tuesday night, the City Council will hear a resolution that would be a compromise regarding the fines that would result in $4,000 a month in payments over the next 48 months.
However, there’s a possibility an emergency vote may take place on an ordinance that would forgive any money owed, which would need a super-majority of 13 votes to be veto-proof by Mayor Donna Deegan.
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
In the event there’s a vote on the ordinance and it passes with a simple majority of votes that the mayor eventually vetoes, the council would have the opportunity to override the veto at its next meeting on Dec. 10.
A spokesperson with the mayor’s office denies there have been any formal discussions or deal on the table regarding a purchase of the Trio.
RELATED STORIES:
- New ownership of Laura Street Trio hinges on $800K lawsuit, council & mayor at odds on next steps
- Laura Street Trio developer to work with Jacksonville City Council after city re-files lawsuit
- City dismisses lawsuit against Laura Street Trio developer, new partner joins team
- ‘It’s obnoxious:’ Council members fed up with Laura St. Trio delays, call on city to drop lawsuit
- Laura Street Trio in jeopardy again, DIA to recommend Jacksonville end negotiations with developer
- Developers giving new insights into plans to revitalize Laura Street Trio
- ‘It’d be awesome:’ The $87M proposal to bring Jacksonville’s Laura Street Trio back to life
- Laura Street Trio proposal still a possibility after amended DIA resolution passes
- Laura Street Trio owner plans to move forward despite DIA resolution finding project ‘untenable’
- Laura Street Trio development faces setback; Jacksonville mayor says restoration is ‘priority one’
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
