AMENDMENT

Finance Committee · 2026-05-19 · agenda_item

The City of Jacksonville Finance Committee is reviewing an amendment to an Economic Development Agreement with Kappa Alpha Psi Foundation Jacksonville, Incorporated. This amendment proposes to extend the project completion date by two years, to March 31, 2028, and to lower the required minimum capital investment from $7,500,000 to $7,000,000. The project, located at 3717 Moncrief Rd W, is associated with a Large Scale Economic Development Fund grant of up to $500,000, which will be given after a community enrichment and healthcare facility is built and opened. This item is currently pending review. The project involves the construction of a community enrichment and healthcare facility. This could create opportunities for general contractors, site preparation and grading services, concrete and masonry work, framing, roofing, electrical, plumbing, HVAC, painting, flooring, and landscaping. Suppliers of building materials and equipment may also find opportunities. Early engagement with the Kappa Alpha Psi Foundation Jacksonville, Incorporated is advisable before final plans, bids, and permits are established.

minimum capital investment

7,000,000 $

minimum capital investment

7,500,000 $

project completion date

3 years

grant amount

500,000 $