FINANCIAL_SERVICESAPPROVED

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

City Approves $3.8M Loan for Affordable Housing

$3,800,000 (development loan; interest-only at 1% for 20 years; principal due at end of term)City of JacksonvilleTRACY JUSTINA RICKER TC LLCJune 1, 2026

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Description

The City approved a $3.8 million, 20-year low-interest development loan to Tracy Justina Ricker TC LLC to support construction of 108 affordable housing units on scattered sites. The loan, bearing 1% interest with interest-only payments and a balloon principal payment, will be funded upon project completion and is secured by a fifth-priority mortgage.

Contract Details

Contract Amount

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

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 payments for 20 years with balloon payment of remaining principal at maturity; construction must commence within 9 months of agreement execution and complete within 30 months after commencement

Renewal Info

Loan term is fixed at 20 years; no renewals specified, but the Housing & Community Development Division may extend the performance schedule by up to six months.

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; minimum project capital investment $18,400,000June 1, 2026

Issuing Agency