BREAKING: City leaders reach deal to pawn Atlantic Beach

Jacksonville, FL — After hours of intense negotiations, Jacksonville leaders have reached a deal to pawn the city of Atlantic Beach at a local pawnshop.

Jacksonville Mayor Donna Deegan called the deal "very fair and much needed."

Earlier this month, citing the need to get ahead of looming budget defecits, the Jacksonville City council voted in favor of "exploring the option" of pawning some of Duval County's smaller cities for some extra cash.

Council President Kevin Carrico praised the deal, saying "Look, I don't like it any more than you do, but the $10M from this deal is a great way to chip away at the $44-105M budget defecit we're projected over the next 4 years."

According to pawn shop workers, Atlantic Beach was the best value to pawn right now: "well, we could only give you guys about $250k for Baldwin, Neptune Beach would be about $5M, and Jacksonville Beach would be about $50M, and we didn't think you needed to go that far right now, Atlantic Beach was the best way to go."

The deal will cost the city about $1M per year in interest, and Atlantic Beach will not be sold as long as the interest payments are made on time.

This is a developing story