AMENDMENT

Rules Committee · 2026-09-14 · agenda_item

The City of Jacksonville is considering an amendment to authorize a 10-year, 75% REV grant not to exceed $1,000,000 for the completed development of 95 market-rate residential units. The project represents an estimated private capital investment of $20,000,000. This item corrects the project address, the name of the entity that completed the project, and Public Investment Policy waiver language. It also places a revised Economic Development Agreement on file to correct the project address, base year, and scrivener's errors. The item is currently pending before the Rules Committee and is under review. The scope of work for this project includes the construction of 95 market-rate residential units, which would involve site preparation, building construction, and finish trades. Local contractors, suppliers, and service providers in residential construction, including general contractors, electricians, plumbers, HVAC specialists, and building material suppliers, could compete for work. Reaching out early, before the agreement is finalized and permits are settled, is the advantage for local businesses.

grant amount

1000000 dollars

grant percentage

75 percent

grant term

10 years

residential units

95 units

private capital investment

20000000 dollars

previous grant amount

820000 dollars

previous residential units

118 units

previous private capital investment

14545000 dollars

ROI

2.01