2026-143 Exhibit 2 — Neighborhoods, Community Services, Public Health and Safety Committee (2026-03-02)

AI Summary

The City of Jacksonville and Downtown Investment Authority amended a redevelopment agreement with AR Polar Jacksonville, LLC to extend property option terms from five to seven years, with expiration on March 31, 2030. Key changes include extending the Initial Option and Second Option periods for purchasing the Retention Pond Parcel, revising the Fire Station and Festival Park improvement schedules, and setting the Developer's construction commencement deadline at ten years from closing on the Initial Option. The amendment maintains all other terms of the original April 1, 2023 agreement.