Daily Record Financial news &
35¢
Wednesday, February 7, 2018
VOL. 105, NO. 058 • ONE SECTION
Council members seeking details on potential JEA sale
Utility’s board asked for a study of possible privatization. By David Cawton Staff Writer City Council members want more clarity on how a possible sale of JEA to a private firm could be approved, including whether the city needs to amend the public utility’s charter to allow voters to decide through a referendum. The ongoing assessment of JEA’s value and the possible sale was discussed at a public meeting Tuesday called by council members Garrett Dennis and John Crescimbeni. “We’ve started the conversation, getting all the council members on the same page,” Dennis said after the meeting. “It’s our way of putting a stake in the ground for the shareholders to say we’re part of this discussion,” he said.
Council members Danny Becton, Katrina Brown, Reggie Brown, Reggie Gaffney, Greg Anderson, Samuel Newby and council President Anna Lopez Brosche also attended. The takeaway was that council Dennis needs more information from the city’s Office of General Counsel about how it would legally proceed if a sale is approved by the JEA board of directors. At the Nov. 28 JEA board meeting, Chair Alan Howard instructed CEO Paul McElroy to move forward with an audit after outgoing member Tom Petway suggested the board consider privatization. The board is expected to provide those results in JEA
CONTINUED ON
PAGE 3
www.jaxdailyrecord.com
City’s home prices jump faster than U.S. average Continued tight supply suggests sellers’ market through this year. By Andrew Warfield Associate Editor Recent increases in home prices in Jacksonville are among the highest in the nation, according to CoreLogic, a property information, analytics and data-enabled services provider. According to its Home Price Index for December, Jacksonville prices rose 7.2 percent over December 2016. This compares with markets such as Los Angeles-Long BeachGlendale, California (7.8 percent) and Denver-Aurora-Lakewood,
Colorado (8.1 percent). It far outpaces Miami-Miami Beach-Kendall at 3.6 percent. Home prices rose an average of 5.8 percent statewide and 6.6 percent nationally over the past 12 months, according to CoreLogic. “The number of homes for sale has remained very low,” said Frank Nothaft, chief economist for CoreLogic. “Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years,” he said. “Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale HOME PRICES
CONTINUED ON
PAGE 4
School plans to turn Y into sports complex
Photo by Monty Zickuhr
The former YMCA at 8301 Fort Caroline Road includes a 18,176 square-foot gymnasium and club space on 7.36 acres along with a view of the Dames Point Bridge.
Cornerstone Christian School under contract to buy property that the YMCA closed in January. PUBLIC
Cornerstone Christian School of Jacksonville is under contract to buy the former YMCA property at 8301 Fort Caroline Road to use as a sports complex for its students. Donald Corley, chief financial officer and director of school operations, said the sale could be completed at the end of the month. “We have been looking for a gym near our existing campus for several months. When this property became available, it matched our needs per-
LEGAL NOTICES BEGIN ON PAGE
9
fectly,” Corley said. Cornerstone of Jacksonville Inc. applied for a Certificate of Use for the property. The school is based at 9039 Beach Blvd., a 3-acre property with a 31,500-square-foot building. The former YMCA property comprises 18,176 square feet of gymnasium and club space on 7.36 acres, property records show. The private Cornerstone Christian School of Jacksonville was established in 2002. The nondenominational
PUBLISHED
FOR
Christian school serves more than 380 students from pre-kindergarten through 12th grades, according to its website. Corley said Cornerstone Christian School is waiting for final inspection reports before it completes its budget and plans for the property. He said the school anticipates an investment of $1.25 million to $1.4 million.
27,378
MATHIS
CONTINUED ON
PAGE 3
CONSECUTIVE BUSINESS DAYS