Finance Approves JPMorgan Chase But Withdraws JALA and Denies Monroe Street
On 03.11.11, In Legal Industry, by Blake Houser
The Jacksonville City Council Finance Committee on Tuesday deliberated on legislation for JPMorgan Chase incentives to create 250 new jobs, closure of Monroe Street and Jacksonville Area Legal Aid funding or JALA, and ended up with different results.
The committee approved an ordinance for Chase to accept $250,000 in City funds toward a full Qualified Targeted Industry tax refund incentive to create 250 more local jobs in the Home Lending Group of the company.
The state’s match will be $1 million. This included a QTI High Impact Bonus for a total tax refund of $1.25 million.
The Jacksonville Economic Development Commission Business Recruitment and Retention coordinator, Joe Whitaker, revealed to the committee that the company would expand by 66,000 square in its Deerwood Park offices and in another area located further south in the Flagler Center.
With full approval of the Council, the company will have 90 days to agree to the move. Richard Mahler, the Chase vice president of state government relations, told the committee that the company desires the deal to work.
Finance also considered the latest proposal of Monroe Street, which was presented by Council member Lori Boyer, which would delay the reopening of the street across the new Duval County Courthouse, as well as apply the $700,000 in savings in another Better Jacksonville Plan project.
The proposed measure failed to get enough votes.
Another item that will not be on the agenda is the proposed repeal of a $50 court fee, which is assessed on a range of felonies, misdemeanors and traffic violations that helps funding for Jacksonville Area Legal Aid. However this item was withdrawn prior to the Rules and Finance Committee hearing.