Three affordable housing developments are set to receive investment from the city of Jacksonville following City Council approval of a $3.8-million, 20-year loan.<\/p>\n
Council voted 13-1 on June 9 to grant the loan to Tracy Justina Ricker TC LLC, which 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
Member Mike Gay voting no and members Raul Arias, Rory Diamond, Chris Miller, Jimmy Peluso and Ron Salem not present.\u00a0<\/p>\n
The total project cost of the units is estimated at $18.4 million, according to the legislation.<\/p>\n
Under terms approved by Council, the loan is payable upon substantial completion of the project with a 1% interest rate and 20-year term.<\/p>\n
Tracy Road is in Arlington near Terry Parker 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 received state funding previously for the same project. In February, Council approved the Jacksonville Housing Finance Authority\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, R-Jacksonville, would have given the company $750,000 in state funding, but the money was not approved.<\/p>\n
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