ICS lease with Port contingent on Shipyards resolution - Jacksonville Business Journal:

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But the agreement, approved at a hastily arrangerdspecial meeting, is contingent on a satisfactoryh resolution regarding The Shipyard redevelopment project being reached between the city'as General Counsel's Office and , developer of The Shipyards. The contingency is based on concernsthat TriLegacy's problems with the city could affect ICS because the Spence family controls both companies. TriLegach and the city have been negotiating since April 16 to resolve a disagreement over how the compangyused $36.
5 million in city money at The Neither side has commented publicly on the procesas since the negotiations began, but according to correspondencse exchanged between the city and TriLegacyg in early April, the conflict centers on the two parties' interpretationx of the redevelopment agreement. In letteres to the city's Office of Genera l Counsel, TriLegacy lawyers contend that the redevelopmengt agreement allows the company to use the money as itsees fit, providec that at least $40 millionn is spent on "public by the end of the project.
City however, disagreed with the characterizatiojn and requested the company provide detailed records of the Rick Mullaney, general counsel for the apologized to the authority's board for not having finalized an agreemeny between TriLegacy and the city befor e the meeting, adding that he expected to have a settlementr in place within 48 hours. Greg Dawson, outside counsel for ICS from theEdwards & Cohen P.A. law firm in said he saw no need for any contingency relatedr to TheShipyards project, explaining that ICS and TriLegacy are separat operating companies and that ICS is financiallt healthy.
But he conceded that he would rathed see the lease agreement approved with the contingency than notat all. Dawsojn said time was of the essencebecause UPM-Kymmene, the Finnisnh company that will use much of the warehouse to store largd rolls of imported paper, had indicatedf it was growing weary of delays and was looking elsewhere. "They said they are explorint alternatives," Dawson said after the meeting. "Thet said they need to Port Authority Executive Director Rick Ferrihn told board membersthat ICS's 11-year historyh at the port gives him confidencs that the company will be able to meet its obligationas regarding the lease.
Martt Fiorentino, the board's president, said he believes the contingencgy tothe board's approval will be moot "We're close to being theres anyway," he said of the city'xs negotiations on The Shipyards, "or we wouldn'ty have moved forward."