FINANCIAL_SERVICESAPPROVED

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

City approves $3.8M loan for scattered-site affordable housing

$3,800,000 development loan; minimum project capital investment $18,400,000City of JacksonvilleTRACY JUSTINA RICKER TC LLCJune 1, 2026

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Description

Jacksonville authorized a $3.8 million, 20‑year low‑interest development loan to Tracy Justina Ricker TC LLC to support construction of 108 affordable housing units at three scattered sites. The loan serves as gap financing, tied to an $18.4 million minimum capital investment and secured by a fifth‑priority mortgage.

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 1, 2026

Contract Term

20 years, interest-only with balloon payment at end of term

Renewal Info

Public Investment Policy was waived to allow a 20‑year 1% interest-only development loan not otherwise permitted; no renewal beyond the 20‑year term is indicated.

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 Finance Committee Agenda 2026-06-02

PENDING

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

Issuing Agency