JACKSONVILLE, Fla. — Jacksonville City Council has signed off on funding for a University of Florida fintech, or financial technology, center in Jacksonville's urban core.
The city has pledged $50 million towards the center.
The funding passed 16-to-1 with Councilmember Al Ferraro being the only no vote.
The city will put $20 million towards the project in 2023 and $15 million in 2024 and 2025. The money will go towards capital expenses such as studies, planning, and design.
The university and city believe the center will bring young talent, and in turn, new jobs to Jacksonville.
"We understand the desire for UF to be physically present with targeted graduate and professional programs in your downtown because we see the potential too," University of Florida Board of Trustees President, Mori Hosseini, said at Tuesday night's City Council meeting.
"I'm hopeful it will represent the diversity of Jacksonville in the State of Florida in those graduate programs so with that you have my support as well," District 10 Councilmember, Brenda Priestly Jackson, said.
"This is our opportunity to really change the future of Jacksonville," District 14 Councilmember, Randy DeFoor, said.
The agreement says the University of Florida has to document a minimum of $100 million in private money for design and construction of the graduate center before any city funding is released.
City Council also approved the Jacksonville Armada soccer team's purchase of land on Jacksonville's Eastside for a new stadium.
City Council has also passed a bill to move the USS Orleck to Pier 1 at the former Jax Shipyard site on Jacksonville's north bank.
The Jacksonville Historic Naval Ship Association will operate and manage a museum on the ship.