JACKSONVILLE, Fla. — An agreement has been finalized between the Downtown Investment Authority board and Colin Tarbert, wherein he will earn $297,000 annually as the CEO of the agency tasked with revitalizing downtown Jacksonville by attracting residents and businesses.

Tarbert, who previously held the position of president and CEO at the Baltimore Development Corp., was selected as the leading candidate following a national search. The board ranked him as the top finalist on June 9, promptly entering negotiations for his contract thereafter.

His salary is $70,000 higher than the compensation of outgoing CEO Lori Boyer, who is stepping down after six years.

Tarbert is set to commence his role in Jacksonville this August. Until he assumes the CEO responsibilities, the board has appointed Guy Parola, the director of operations for DIA, to serve as interim CEO.

The approval of the contract with Tarbert and designation of Parola as interim CEO occurred during Boyer’s last board meeting as CEO. She got a standing ovation from the board and audience members after the board unanimously approved a resolution highlighting her accomplishments.

The Downtown Investment Authority is responsible for carrying out the revitalization plan for a community redevelopment area that straddles both sides of the St. Johns River.

Board member John Hirabayashi praised Boyer for the “exhaustive knowledge your have about every aspect” of the community redevelopment area, known as a CRA for short.

“But most of all, the way you’ve kept the integrity in the process and adhered to the CRA and the plans for the city, always trying to do the right thing,” he said. “I really respected that.”

Board member Scott Wohlers recalled working with Boyer when he was on the board of the San Marco Merchants Association and she served on City Council representing San Marco from 2011-2019.

“It’s always been a pleasure to work with you and you’ve done such an amazing job leading this organization for the last six years and really setting Jacksonville up for a wonderful future moving forward,” he said.

“I think you’ve set us on such a critical path that the momentum that you’ve set is undeniable and I hope irreversible,” board member Sondra Fetner said.

The board extended Boyer’s contract a year ago. Boyer and board members said at the time that the agency would be commencing a search for the next CEO in order to create a smooth transition in leadership.

Until Tarbert moves to Jacksonville, the CEO will be Parola, who has worked at the Downtown Investment Authority since 2014. Boyer said he has the “breadth of perspective” for guiding DIA in the areas of private redevelopment projects, public works projects and budgetary issues.

This story was first published by our news partners, The Florida Times-Union.