ORD Auth the Mayor, or Her Desig, & Corp Sec to Execute Amdt 1 to the Redevelopment Agrmt Previously Auth by Ord 2023-89-E, Btwn the City, DIA & AR Polar Jacksonville, LLC; Auth the Execution of all Docs Relating to the Above Agrmts and Transactions, & Auth Technical Changes to the Docs; Desig of Auth Official & the DIA as Contract Monitor; Prov for City Oversight by the DIA; Auth the Execution of all Docs Relating to the Above Agrmt(s), & Auth Technical Changes to the Docs (Lavie) (Req of the DIA) 2/24/26 CO Introduced: NCSPHS, F 3/2/26 NCSPHS Read 2nd & Rerefer 3/3/26 F Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 3/10/26

This ordinance authorizes the Mayor or her designee and the Corporate Secretary to execute Amendment One to a Redevelopment Agreement (RDA) between the City of Jacksonville, the Downtown Investment Authority (DIA), and AR Polar Jacksonville, LLC. This amendment modifies the performance schedule of the original RDA, which was authorized by Ordinance 2023-89-E.

Key Changes to the Performance Schedule:

• Extension of AR Polar's Option: The deadline for AR Polar Jacksonville, LLC to exercise its option (either receiving a $3,055,000 cash payment or acquiring City-owned property) is extended by two years, now expiring on March 31, 2030.
• City Construction Commencement: The deadline for the City to commence construction of the fire station parcel improvements has been adjusted. The new deadline is the later of February 5, 2025, or one year from the closing date of the Fire Station Parcel.
• Festival Park Improvements: The City is to design, permit, and complete Festival Park Improvements by October 31, 2026.
• Developer Improvements: Developer shall commence Developer Improvements within ten years of the closing date pursuant to the Initial Option.

The DIA is designated as the contract monitor and will provide oversight for the agreement. The amendment is considered technical and does not increase the financial obligations or liability of the City or DIA.