The ordinance appropriates $5,000,000 from General Fund Operating Reserves to fund a development loan to Madison Palms, Ltd., for the construction of a 240-unit mixed-income apartment community on 12 acres at 8300 Merrill Road. This loan is part of an Economic Development Agreement originally with Vestcor Companies, Inc., and later assigned to Madison Palms, Ltd. The development will provide mixed-income housing and contribute to local economic growth, with funds disbursed upon substantial completion of the project within the current fiscal year.
This funding supports the creation of mixed-income housing, contributing to the availability of affordable housing in Jacksonville and promoting economic development through strategic financial incentives.