FINANCIAL_SERVICESAPPROVED

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

City Approves $3.8M Loan for Affordable Housing

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

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Description

Jacksonville will execute an economic development agreement with Tracy Justina Ricker TC LLC, providing a $3.8 million, 20-year low-interest loan for construction of 108 affordable housing units. The project requires at least $18.4 million in capital investment and will serve households at or below 60% of area median income.

Contract Details

Contract Amount

$3,800,000 development loan; total project capital investment minimum $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 (loan term)

Renewal Info

Development loan term is 20 years with interest-only payments and balance due at term end; waives portions of the Public Investment Policy to allow this loan structure.

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 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