The following has been modeled after the Office of Economic Development REV Grant Incentive Program:
  • The program provides for a recovery of a portion of the incremental increase in ad-valorem taxes, on real and tangible personal property, which is produced as a result of the multi-family housing development.  
  • The amount of the grant is determined by the number of units developed, plus
  • The amount of green- space and cultural amenities the development provides, and the amount of retail/commercial space included in a mixed use development.
  • Program eligibility:  To be eligible for the program the development must develop at least 25 new multi-family rental housing units in Downtown.
  • The DIA will confirm compliance with the eligibility requirements and additional commitments made by the Developer with quarterly reviews of rent rolls and annual audits and additional monitoring as needed.
 
REV Grant Parameters: The grant will be for an amount no greater than 75% of the City/County portion of the incremental increase in taxes for a fifteen (15) year period.  The precise REV Grant size will be determined by the following factors:
  • 5% for every 25 units produced in Downtown Jacksonville (not to exceed a factor of 30%); plus
  • 15% for the development of City-owned lazy / underutilized assets; plus
  • 10% for a mixed use development for each 2,500 square feet of retail/office/commercial space (not to exceed 20%); plus
  • 10% if the Developer documents they are working with an employer or Non-profit organization to provide other housing incentives for Downtown; plus
  • 15% for the development of green space and amenities for residents; plus
  • 15% for a project located in a DIA designated Strategic Housing Area (an “SHA”).
 
Grant Process: For Grant amounts at or below the 75% and for 15 years or less:
 
The DIA staff would take the application from the prospective grantee, and make a recommendation based upon the MF REV Grant Factors; and

  1. The DIA Board would evaluate the staff recommendation and pass a resolution approving a grant amount and time frame to be agreed to by the Applicant and the DIA as part of a Redevelopment and REV Grant Funding Agreement.
 
Or For Grant amounts above the 75% or for a time period longer than 15 years:
  1. The DIA staff would take the application from the prospective grantee, and make a recommendation based upon the MF REV Grant Factors;
  2. The DIA Board would evaluate the staff recommendation and pass a resolution proposing the grant legislation be presented to the City Council; and
  3. City Council would hear the DIA Board proposed legislation and after debate pass an ordinance with a grant amount and time frame to be agreed to by the Applicant and the DIA as part of a Redevelopment and REV Grant Funding Agreement.