The city Office of Economic Development is seeking approval to provide $3 million in city funding to offset increased construction costs involved in relocating the Greater Jacksonville Agricultural Fair.
On March 11, the Mayor’s Budget Review Committee is scheduled to consider a request by the OED to amend a 2023 redevelopment agreement and loan documents between the city and the Duval County Fair Association for the new site of the fair at 13511 Normandy Blvd. in West Jacksonville.
The OED’s request states that the city has agreed to provide a $1.5 million completion grant and a $1.5 million development loan toward construction of new offices, exposition hall, amphitheater, fairgrounds, parking and related improvements.
The site will include an enclosed building of at least 80,000 square feet to allow for additional attractions and musical performances.
The request states that original cost estimates for the development were about $15 million. Increases in construction costs have raised the price for the development to $20 million.
The performance schedule for the project remains unchanged in the revised agreement, which requires substantial completion of the construction by July 1, 2025, for the fair association to receive the city funding.
The revised agreement requires $17.5 million of direct costs to be spent on the project to qualify for the $1.5 million grant. If that target isn’t met, the grant will be reduced a dollar for each dollar it falls short.
The loan comes with a 20-year term and a 2% interest rate.
According to the OED, workers have cleared the 82.37-acre city-owned land where the new fairgrounds will be built. Rough grading has been completed for the fair association to begin construction.
The site is next to the Jacksonville Equestrian Center.
If the MBRC votes in favor of the request, legislation will be sent to the City Council.
In September 2021, Council earmarked $15 million to help relocate the fairgrounds from Downtown when it approved Mayor Lenny Curry’s five-year Capital Improvement Plan.
In April 2022, Iguana Investments entered into an agreement to purchase the current fairgrounds site at 510 Fairgrounds Place. The 14.1-acre site, north of 121 Financial Ballpark and northwest of EverBank Stadium, has been the home of the fair since 1990.
Iguana is the development arm of Jacksonville Jaguars owner Shad Khan.
In 2023, Jaguars President Mark Lamping announced that Khan would donate the fairgrounds property to become the site of a proposed University of Florida Jacksonville campus. Khan also donated $5 million toward creating the Downtown campus, now named the Jacksonville Health and Financial Tech Graduate Education Center.
The fairgrounds are one of at least three sites that are believed to be under consideration for the project. The others are in LaVilla and near the Florida State College of Jacksonville Downtown campus.
The project was announced in February 2023 during an event that included UF President Ben Sasse and Mayor Lenny Curry. The city committed $50 million to it, and state lawmakers added $75 million during the 2023 session. Private donors have contributed more than $60 million.
This year, it was announced that the estimated cost of the project had risen $50 million to $250 million.