Two Jacksonville City Council members are seeking to grant financial assistance to a developer planning to create about 110 units of affordable housing in the city.<\/p>\n
Council committees are set to consider Ordinance 2026-0266, introduced by Ken Amaro and Tyrona Clark-Murray, which would grant a $3.2 million loan to Tracy Justina Ricker TC LLC, payable upon substantial completion of the project with a 3% interest rate and 20-year term.<\/p>\n
Tracy Justina Ricker TC LLC is managed by an LLC whose management includes executives of Jacksonville-based JWB Real Estate Capital, according to state Division of Corporations records.\u00a0<\/p>\n
The LLC says it would develop 35 apartment units on 1.81 acres on Tracy Road, 35 one-bedroom units on 1.61 acres on Justina Court and a 38-unit townhouse community on 3.22 acres on Ricker Road.\u00a0<\/p>\n
The total project cost is estimated at $18.4 million, according to the legislation.<\/p>\n
Tracy Road is in Arlington near Terry Parker Senior High School. Justina Court also is in Arlington, near Jacksonville University. Ricker Road is in West Jacksonville off 103rd Street.<\/p>\n
Tracy Justina Ricker TC LLC already received city funding previously for the same project. In February, Council approved the city\u2019s issuance of bonds to pay up to $16.63 million to buy and develop the land for the project.<\/p>\n
Additionally, legislation in the Florida Senate sponsored by Sen. Clay Yarborough would have given the company $750,000 in state funding, but the money was not approved.<\/p>\n
The city legislation is set to appear before the Neighborhoods, Community Service, Public Health and Safety; Finance; and Rules committees before a full Council vote.<\/p>\n
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