Daily Record Financial News &
THURSDAY, MARCH 31, 2016
Vol. 103, No. 99 • oNe SectioN
35¢ www.jaxdailyrecord.com
Early questions on pension bill Residents asking how money will benefit them and if it’s a tax increase By David Chapman Staff Writer
City Council members have already started speaking to voters in their districts about extending a half-cent sales tax for 30 years. Some voters need clarification. Others want to know what’s in it for them. Those are answers that will come in the next several months, but for now the message is getting out through efforts that
Gaffney
Loans show PGP’s at least $94M investment
began even before Gov. Rick Scott signed the referendum bill into law Friday. “I’ve already been reaching out to some of my community leaders,” City Council member Reggie Gaffney said Wednesday. “I did it today, I’ve done it the last couple of days.” He represents District 7, part of the urban core. It’s an area he said hasn’t always received its “fair share” when it comes to tax dollars and past initiatives like the
Better Jacksonville Plan. That’s been an early concern from some of his constituents as he’s been making the the rounds selling the merits of extending the sales tax. That money will be used to expedite paying down the city’s $2.7 billion in unfunded pension liabilities, which should free up millions annually for priorities like public safety and infrastructure. “I want to make sure no com-
munity gets left behind,” said Gaffney. He said he’s confident that won’t happen, but would like any legislation to feature language that would codify such intentions. He uses failing bridges and crime as areas where an influx of freed-up money could help in his district. Council member Katrina Brown has been hearing from her constituents about the issue, too. COUNCIL CONTINUED ON PAGE A-4
A little home improvement project at EverBank
If the loans issued are an indication, Preferred Growth Properties could be anticipating at least a $94 million investment in its proposed Strand and Crossing mixeduse development near the St. Johns Town Center. Preferred Growth Properties, a subsidiary of Birmingham, Ala.-based Books-AMillion Inc., paid $46.95 million among two deeds. It was issued three loans totaling almost $93.8 million for the development. The deeds and loans were executed Friday and recorded Tuesday with the Duval County Clerk of Courts. Preferred Growth Properties bought the property and borrowed the funds through PGP Jacksonville TC LLC. The property comprises 45.02 acres that can be developed and 16.33 acres with lakes and other property that cannot be developed. Nine members of the Skinner family sold the property to PGP through two deeds — almost $36.95 million and $10 million. The property is at Gate and Town Center parkways. The larger main tract, referred to as the Strand, is east of Gate Parkway and runs north and west along Town Center Parkway. The smaller tract, called the Crossing, is west of Gate Parkway. Both include lakefront footage. The three mortgages recorded comprise two from Protective Life Insurance Co. and one from the Skinners. Protective Life, in Birmingham, issued a $68.525 million mortgage, security and fixture filing that refers to the Strand property and a $15.27 million agreement that refers to the Crossing. The documents refer to construction and completion of improvements. Both mature April 1, 2041. The Skinners made a $10 million mortgage, security agreement and financing statement that matures Dec. 28, 2018. That document refers to a multifamily parcel and a hotel parcel. Preferred Growth Properties executives were unavailable to answer questions about the financing and did not return an email or a phone call. The Skinner family rezoned the property PGP
Public
CONTINUED ON
PAGE A-4
Photo by Fran Ruchalski
By Karen Brune Mathis Managing Editor
Planning and construction have been a constant since the start of the year for the EverBank Field renovations. The US Assure Club renovations, which replaces the stadium’s club seats, are on schedule to be completed before the Jacksonville Jaguars’ first preseason home game in August, said team spokesman Dan Edwards. As for the outdoor flex field and amphitheater — the other parts of the $90 million project — contracts for both are expected to be awarded next month.
Nonprofit Center examines pay, diversity Study shows male executives far outnumber females
By Max Marbut Staff Writer
It’s a benchmark and a tool to implement improvement. That’s how Leah Donelan, vice president of the Nonprofit Center of Northeast Florida, described the results of the organization’s first survey of salaries, benefits and diversity for executives and staff members of local nonprofits. Results of the survey, which began in early November, were released Wednesday. Donelan said 108 of the center’s more
legal NoticeS begiN oN Page
a-8
than 350 member agencies responded to the survey. The results will be used to identify best practices and help the center develop programming to strengthen the performance of local nonprofits of all sizes and missions. She said the median annual wage for the nonprofit workforce is $35,818, which is comparable to the median wage of $34,050 for all local residents, according to the Florida Department of Economic Opportunity. However, salaries among those who occupy what Donelan called the “C-suite” show a wide disparity between nonprofit executives and those who hold similar
PubliShed
for
positions in the private sector. Private-sector CEOs make an average of $199,000 per year, compared to $100,000 per year for their counterparts at nonprofits. “Our median salary is competitive with the private sector,” she said, but for top executive positions, “we have some work to do there.” The survey indicates executive salaries at local nonprofits are relative to the size of the organization and the education and tenure of the executive, as is the case in the private sector. SURVEY CONTINUED ON PAGE A-3
26,899
coNSecutiVe weekdayS