FINANCIAL_SERVICESAPPROVED

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

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

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

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Description

The City of Jacksonville plans to provide a $3.8 million, 20-year low-interest development loan to Tracy Justina Ricker TC LLC to construct 108 scattered-site affordable housing units backed by an $18.4 million investment. The loan, funded at project completion and secured by a fifth mortgage, supports units restricted to households at or below 60% of area median income.

Contract Details

Contract Amount

$3,800,000 development loan; minimum 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-year term loan; construction to commence within 9 months of agreement execution and be completed within 30 months, with up to 6‑month extension by Housing & Community Development Chief

Renewal Date

2046-12-31

Renewal Info

One 20-year development loan with interest-only payments and balloon due at maturity; Housing & Community Development Division Chief can extend construction performance schedule by up to six months; waives existing Public Investment Policy to allow this 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; 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