The city is seeking to offer a $4.6 million incentive for the proposed Jacksonville Surf Park after its developer, Aventuur Inc., said new cost estimates have put the overall project in jeopardy.

The 5.5-acre park, part of a larger, 45-acre space, is planned in the eTown development in South Jacksonville. It has an estimated capital investment of $100 million.

The city Office of Economic Development said in a memo that Aventuur told it that original construction cost projections have grown by over 20% based on results of geotechnical studies performed on the project site.

Because of that, the OED is requesting approval for a 10-year, 75% Recaptured Enhanced Value Grant not to exceed $4.6 million, for the project.

Aventuur

A REV grant is a refund on ad valorem tax revenue generated by

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