More evidence that the city government needs to revisit its policy for attracting business comes with the proposed conversion of a plan to help finance an apartment complex on the Southbank.

The Artea, 944 Broadcast Place, would get a pile of cash instead of a tax rebate under a proposal before the City Council.

The developer wants to convert the rebate into what is called a completion grant in exchange for reserving some of its 340 units for workforce housing, the council’s Special Committee on the Future of Downtown was told.

The $93 million Artea was built on property owned by the Jacksonville Transportation Authority, which leased it to Corner Lot in October 2022 for the project.

Artea opened in March 2025, a month after the DIA board had approved a 15-year Recapture Enhanced Value Grant of up to $6.3 million for Artea. (A REV grant is a refund on ad valorem tax revenue generated by a new development.)

In exchange, Artea would designate 71 units in the complex to renters earning 120% or less of area median household income as calculated by the U.S. Dept. of Housing and Urban Development, the Jax Daily Record said.

Council members are divided over whether to reduce or eliminate completion grants and concentrate on spending $775 million for the conversion of EverBank Stadium, building a new jail, buying driverless buses, and spending millions on a sidewalk and billions on removing septic tanks.

To its credit, the special committee headed by Council Member Joe Carlucci is reviewing the city’s incentive process to ensure it is needed and that if used it is fair to both beneficiaries and taxpayers.

Here’s the thing about Artea. It was a done deal. Then the developers said, how about this: you give us money instead of us not giving you money?

No one answered, how about this: if you want to go into business, go into business the same way Steve Jobs and Jeff Bezos did? We hope you make as much money.

Fifty years ago, it might have seemed like a good idea to offer incentives to businesses to do business once in a while, but probably no one envisioned it getting to the point that taxpayers are handing out money left and right and the city is happily not collecting millions of dollars of taxes.

If they can afford to do that, then maybe the upcoming property tax relief proposal is a better idea than some thought.