City of Jacksonville Awards $5,000,000 Loan Contract to Madison Palms (November 2024)
City of JacksonvilleCity · NC- Disclosed value
- $5,000,000
- From meeting minutes
- Approved
- Nov 4, 2024
- Term
- 17-year
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THE 30-SECOND BRIEF
The council has approved $5,000,000 to the Madison Palms Dev Loan as assigned from the Vestcor Companies, Inc. for a development loan, the loan has a 17-year term at 1% interest and interest-only payments through maturity and a balloon principal payment at the end of the term. Project is anticipated to include 240 units held for affordable housing.
Madison Palms holds this loan contract with City of Jacksonville. Its other public contracts on record include work for Duval County.
Term as filed: 17-year.
Contract details
- Contract type
- Loan
- Amount
- $5,000,000
- Document date
- November 4, 2024
- Term
- 17-year
- Vendor
- Madison Palms
- Agency
- City of Jacksonville
- Source document
- city-of-jacksonville-meeting-minutes-2024-11-04_f3c.pdf (Meeting Minutes)
Madison Palms's other public contracts
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Questions about this contract
Who was awarded the loan contract by City of Jacksonville?
Madison Palms was awarded this loan contract by City of Jacksonville, as recorded on November 4, 2024. The contract value is $5,000,000.
How much is the Madison Palms contract with City of Jacksonville worth?
The Madison Palms contract with City of Jacksonville is valued at $5,000,000, covering loan work.
What type of contract is this?
This is a Loan contract, documented as a meeting minutes record.
Where was this contract approved?
This contract appears in city-of-jacksonville-meeting-minutes-2024-11-04_f3c.pdf (Meeting Minutes), dated November 4, 2024 from City of Jacksonville. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Madison Palms hold?
Madison Palms may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Jacksonville currently buying?
Explore City of Jacksonville's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.