FINANCIAL_SERVICESAPPROVED

City of Jacksonville Finance Committee Agenda 2026-06-02

City Approves $3.8M Loan For Affordable Housing Project

Development loan of $3,800,000 at 1% interest, interest-only for 20 years with principal due at maturityCity of JacksonvilleTRACY JUSTINA RICKER TC LLCJune 2, 2026

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Description

Jacksonville approved an economic development agreement with Tracy Justina Ricker TC LLC that includes a $3.8 million, 20-year low-interest development loan to support a 108-unit scattered-site affordable housing project with a minimum $18.4 million investment. The loan will be interest-only at 1% with a balloon payment at maturity and is secured by a fifth-priority mortgage, with Public Investment Policy provisions waived to accommodate the structure.

Contract Details

Contract Amount

Development loan of $3,800,000 at 1% interest, interest-only for 20 years with principal due at maturity

Vendor

TRACY JUSTINA RICKER TC LLC

Agency

City of Jacksonville, FL

Contract Type

FINANCIAL_SERVICES

Document Date

June 2, 2026

Contract Term

20-year loan term; construction must commence within 9 months of agreement execution and be completed within 30 months thereafter, with up to a 6‑month extension by the City

Renewal Info

Loan term is 20 years with interest-only payments and principal due at maturity; any extension or restructuring would require separate approval.

Related Contracts

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

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