Council Approves Downtown Investment Authority
August 15, 2012
Nine-member board will serve vital role to grow area economy
The Jacksonville City Council unanimously approved Mayor Alvin Brown’s proposal to create a Downtown Investment Authority (DIA) that will focus on Jacksonville’s urban center with a goal of building a more vibrant and competitive city.
“Already, there are entrepreneurs and major job creators investing in Downtown Jacksonville. The DIA will intensify the effort to direct good-paying career opportunities and economic activity to our city center,” said Mayor Brown. “I thank City Council for giving such comprehensive attention to the goal of attracting new Downtown residents and visitors, increasing the value of our Downtown properties, and helping to restore economic security for all of Jacksonville.”
Legislation creating the DIA (2012-364) received unanimous Council approval on Wednesday night. The Mayor and City Council will select a nine-member board of directors to oversee the DIA on an unpaid, volunteer basis.
Subject to approved funding, the board will appoint a chief executive officer and propose a downtown development plan. Board members will be appointed for four-year terms and conduct open-to-the-public business meetings at least once every three months.
The DIA is a key component of the mayor’s economic development strategy and will be responsible for creating and managing business development, recruitment and marketing plans in the Downtown area. The legislation gives the DIA powers established under Florida law to utilize Community Redevelopment Area (CRA) resources to revitalize Downtown.
The Downtown Investment Authority continues the Brown Administration’s economic development reform efforts after the City Council, the Florida Legislature and Gov. Rick Scott each approved a transformation of the former Jacksonville Economic Development Commission (JEDC) into an Office of Economic Development (OED) and the DIA.