ORD Approp $25,141,851.11 from the Self Insurance Fund - Transfer from Retained Earnings Acct to the Downtown Economic Dev Fund Shipyards/Iguana Completion Grant 2022-871 - Misc Grants & Aids Acct, to Partially Fund the Completion Grant Previously Authorized by Ord 2022-871-E, as Amended by Ord 2025-815-E, for Dev of a Luxury Hotel & Office Bldg Improvements on the Northbank Riverwalk in Downtown; Waiving the Conflict Provisions of Sec 128.311 (Dividends), Subpt B (Self-Insurance Program Funding), Pt 3 (Self-Insurance Program), Ch 128 (Risk Management Program), Ord Code, to Allow for Transfer of Funds to the Downtown Economic Dev Fund (Staffopoulos) (Introduced by CMs J. Carlucci, Lahnen, Amaro, Arias, Howland, Johnson, Salem, Carrico & Carlucci) (Co-Sponsors CMs Clark-Murray & Miller) 1/13/26 CO Introduced: NCSPHS, F 1/20/26 NCSPHS Read 2nd & Rerefer 1/21/26 F Read 2nd & Rerefer 1/27/26 CO PH Read 2nd & Rerefer 2/2/26 NCSPHS Amend/Approve 6-0 2/3/26 F Amend/Approve 5-0 2/10/26 CO Amend/Approve 16-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 1/27/26

This ordinance appropriates $25,141,851.11 from the City's Self-Insurance Fund (specifically, Retained Earnings) to the Downtown Economic Development Fund. These funds will partially finance the Shipyards/Iguana Completion Grant 2022-871, which was previously authorized by Ordinances 2022-871-E and amended by 2025-815-E.

Project Details:

• The grant supports the development of a luxury Four Seasons hotel (approx. 176 rooms), approximately 25 Class A condominium units, and a Class A office building (at least 141,300 gross sq ft) on the Northbank Riverwalk in Downtown.
• The total Completion Grant is $25,834,887, with the hotel and office improvements fully funded upon completion.

Key Action:

• The ordinance waives conflicting provisions of Section 128.311 of the Ordinance Code, which governs dividends from the Self-Insurance Program. This waiver allows the transfer of excess retained earnings to the Downtown Economic Development Fund, as the City's reserves are deemed sufficient to cover potential shortfalls.

Timeline:

• The appropriation is for the 2025-2026 fiscal year.
• The project was introduced on January 13, 2026, and went through various committee readings and approvals, culminating in a final Council approval on February 10, 2026.