Shad Khan's shipyards project, including the Four Seasons hotel and residences, is due for $25.8 million in incentives. | Jacksonville Daily Record
Published on April 7, 2025 at 12:21 pm
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The city of Jacksonville is on the hook to make a record payout for economic development incentives during the next fiscal year, prompting talks of budget cutting and a slowdown in requests for economic development incentives.
Jacksonville City Council member Will Lahnen refers to the city’s looming $74.1 million in commitments to private developers as the “cash incentive cliff.”
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“Never have we had such a one-time need on cash incentives,” he said. “That’s the risk you take with these completion grants, because they weren’t even all approved in the same year. They were approved in this and that year, but the timing of construction is what dictates the payout. And so now we’ve got this $75 million commitment.”
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