FINANCIAL_SERVICESPENDING

City of Jacksonville Finance Committee Agenda 2026-06-02

City backs 108-unit affordable housing with $3.8M loan

$3,800,000 development loan; minimum project capital investment $18,400,000City of JacksonvilleTRACY JUSTINA RICKER TC LLCJune 2, 2026

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Description

Jacksonville approved an economic development agreement to provide a $3.8 million, 20‑year development loan at 1% interest to Tracy Justina Ricker TC LLC for construction of 108 affordable housing units across three scattered sites. The loan, secured by a fifth-priority mortgage and tied to a minimum $18.4 million capital investment, supports units reserved for households at or below 60% of area median income.

Contract Details

Contract Amount

$3,800,000 development loan; minimum project capital investment $18,400,000

Vendor

TRACY JUSTINA RICKER TC LLC

Agency

City of Jacksonville, FL

Contract Type

FINANCIAL_SERVICES

Document Date

June 2, 2026

Contract Term

20 years; interest-only payments for 20 years with balance due at end of term

Renewal Date

2046-12-31

Renewal Info

Loan features 20-year term with interest-only payments and a balloon principal payment at maturity; performance schedule may be extended by up to six months by the Housing & Community Development Division chief.

Related Contracts

City of Jacksonville Finance Committee Agenda 2026-06-02

APPROVED

City of Jacksonville (Florida)Development loan of $3,800,000 at 1% interest, interest-only for 20 years with principal due at maturityJune 2, 2026

City of Jacksonville Neighborhoods, Community Services, Public Health and Safety Committee Agenda 2026-06-01

APPROVED

City of Jacksonville (Florida)$3,800,000 development loan; minimum capital investment $18,400,000June 1, 2026

City of Jacksonville Neighborhoods, Community Services, Public Health and Safety Committee Agenda 2026-06-01

APPROVED

City of Jacksonville (Florida)$3,800,000 development loan; total project capital investment minimum $18,400,000June 1, 2026

City of Jacksonville Neighborhoods, Community Services, Public Health and Safety Committee Meeting Minutes 2026-06-01

APPROVED

City of Jacksonville (Florida)$3,800,000 (development loan; interest-only at 1% for 20 years; principal due at end of term)June 1, 2026

City of Jacksonville Neighborhoods, Community Services, Public Health and Safety Committee Meeting Minutes 2026-06-01

APPROVED

City of Jacksonville (Florida)$3,800,000 development loan; minimum project capital investment $18,400,000June 1, 2026

Issuing Agency