This ordinance grants a 10-year partial ad valorem property tax exemption for the Union Terminal Warehouse, a designated local landmark. The exemption applies to 100% of the increase in assessed value resulting from the rehabilitation project. The project preserves the architectural and historical integrity of the 330,000-square-foot structure while converting it into a mixed-use facility. Due to the scale and complexity, extensions were provided to ensure financial feasibility and compliance with federal historic tax credit programs.
This decision supports historic preservation and adaptive reuse, creating a mixed-use facility that strengthens economic development and enhances Jacksonville's cultural heritage.