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Daily Record Financial News &

Tuesday, March 27, 2018

Vol. 105, No. 092 • One Section

When incentives are in hand, JinkoSolar to move quickly FUTURE SOLAR PANEL PLANT

35¢ www.jaxdailyrecord.com

$26.4M deal for The District City would build infrastructure for development along Southbank.

JinkoSolar could be producing solar panels from this warehouse at 4660 New World Ave. at AllianceFlorida by the end of 2019,

By David Cawton Staff Writer The latest proposed deal from the master developers of The District includes a $26.4 million investment from the city for public infrastructure and a 22-year property tax grant for the 30-acre project. The frame- Rummell work comes two months after the city and developers Peter Rummell and Michael Munz scrapped a p re v i o u s Munz agreement. Munz and Rummell, through Elements of Development Jacksonville LLC, plan to buy the property from JEA by mid-July for $18.5 million. They intend to create a mixed-use development focused on healthy living with retail, office, hotel, housing and open space. The development is on the site of the former JEA Southside Generating Station on the Downtown

FPL, which has been building solar plants around the state, is speculated as a customer for the Chinese company.

JinkoSolar (U.S.) Industries Inc.’s plans for its Jacksonville solarpanel plant could unfold quickly if City Council signs off Tuesday, as expected, on fast-tracked legislation for incentives. After that, all that remains for incentives is the state’s approval of its share of assistance, which the

BloombergQuint Indian business and financial news site said Thursday could be in two weeks. JinkoSolar would be the first Chinese company to set up a factory in the U.S. after President Donald Trump approved tariffs in January of 30 percent on imported solar panel technology. It also would set up its U.S. headquarters in Jacksonville, said council Vice President Aaron Bowman. JinkoSolar has a deal to lease a warehouse at AllianceFlorida at Cecil Commerce Center. The plant would employ 200 workers by the end of

2019 and JinkoSolar would make a $50.5 million investment to buildout most of the 407,435-squarefoot Westside building. The city proposes tax incentives of $3.4 million, comprising a $3.2 million Recapture Enhanced Value grant to be paid over 10 years and a $200,000 Qualified Target Industry tax refund for JinkoSolar to be repaid over five years. The state will pay the remaining $800,000 of the total $1 million QTI refund. Other state incentives Mathis

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Winn-Dixie parent files for Chapter 11 bankruptcy Southeastern Grocers submits petitions today in Delaware court. By Mark Basch Contributing Writer Southeastern Grocers, the Jacksonville-based parent of Winn-Dixie and four other supermarket chains, filed its previously announced Chapter 11 bankruptcy restructuring plan early Tuesday morning. The case was filed in U.S. Bankruptcy Court for the District of Delaware. New York firm Weil, Gotshal & Manges LLP is the company’s lead attorney.

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The company already has an agreement with 80 percent of its creditors to approve the prepackaged plan. The Chapter 11 petition says Southeastern Grocers has between 50,000 and 100,000 unsecured creditors. By far the largest is Wells Fargo & Co., with an unsecured claim of $522 million. Other large unsecured creditors are C&S Wholesale Grocers, with a claim of $109 million, and Cardinal Health, with a claim of $50.5 million. All other claims are about $5 million or less. The company plans to close 94 stores but continue operating 582

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in seven states under the banners Winn-Dixie, Bi-Lo, Harveys and Fresco y Mas. The restructuring agreement will reduce debt by more than $500 million, allowing the company to reinvest capital in remodels and new stores. “This pre-packaged, courtsupervised financial restructuring process provides for a clear and expedited path to put SEG in the best position to serve our communities and succeed in the competitive retail market in which we do business,” CEO Anthony Hucker said in a news release Tuesday. mbasch@jaxdailyrecord.com

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Jacksonville-based Southeastern Grocers will continue operating 582 stores, including the Winn-Dixie banner, in seven states.

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