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DUVAL COUNTY · LOCALlocal legislationEnacted
Enacted

Approval of $5 Million Loan for Campbell Cove Apartment Project

Original title: ORD Making Certain Findings, & Auth the Mayor, or Her Desig, to Execute: (1) an Economic Dev Agrmt btwn the City & Campbell Cove, Ltd. (“Company”); & (2) Loan Docs & Related Docs as Described in the Agrmt, to Support the Dev by Company of an Approx 240 Unit Mixed-Income Apartment Community Located at 11000 Beach Blvd in the City (“Project”); Auth a Dev Loan in the Amt of $5,000,000 with a Term of 20 Years in Connection with the Proj, to be Approp by Subsequent Legislation; Desig the OED as Contract Monitor for the Agrmt & Related Docs; Prov for City Oversight of the Proj by the Neighborhoods Dept; Auth the Execution of All Docs Relating to the Above Agrmts & Transactions, & Auth Technical Changes to the Docs; Prov a Deadline for the Company to Execute the Agrmt after it is Delivered to the Company; Waiver of that Portion of the Public Investment Policy Adopted by Ord 2024-286-E, as Amended, to Auth a Dev Loan that is Not Currently Auth by the Public Investment Policy (Sawyer) (Req of Mayor & Co-Introduced by CM Howland) (Co-Sponsors CMs Miller, Amaro, White, Gay, Boylan, Salem, Freeman, J. Carlucci & Johnson) 2/24/26 CO Introduced: NCSPHS, R, F 3/2/26 NCSPHS Read 2nd & Rerefer 3/2/26 R Read 2nd & Rerefer 3/3/26 F Read 2nd & Rerefer 3/10/26 CO PH Read 2nd & Rerefer 3/16/26 NCSPHS Amend/Approve 7-0 3/16/26 R Amend/Approve 7-0 3/17/26 F Amend/Approve 5-0 3/24/26 CO Amend/Approve 18-0 Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 3/10/26

Record date · March 24, 2026

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What This Bill Does

The City Council has approved an ordinance authorizing a $5 million, 20-year development loan to Campbell Cove, Ltd. to support the construction of a 240-unit apartment complex at 11000 Beach Blvd. The ordinance also grants a waiver to the city's existing to allow for this specific loan.

Why it matters

The city is providing $5 million in public funds to a private developer for a 240-unit housing project, which requires a formal waiver of current city investment rules.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

Campbell Cove, Ltd.

The company receives a $5 million loan and must adhere to contract terms and oversight requirements.

Directly affected

City Residents

Residents are affected by the allocation of $5 million in public funds and the addition of 240 mixed-income housing units in the area.

Key Facts

  • The city will provide a $5 million development loan to Campbell Cove, Ltd.
  • The loan has a 20-year term.
  • The project consists of approximately 240 mixed-income apartment units.
  • The project is located at 11000 Beach Blvd.
Show all 10 facts
  • The ordinance waives a portion of the Public Investment Policy (Ord 2024-286-E) to authorize this loan.
  • The Office of Economic Development (OED) is designated as the contract monitor.
  • The Neighborhoods Department is responsible for project oversight.
  • The actual appropriation of the $5 million will be handled by subsequent legislation.
  • The ordinance was passed by the City Council with an 18-0 vote on March 24, 2026.
  • The company must execute the agreement by a specific deadline after delivery.

Frequently Asked Questions

What is the purpose of this loan?
The loan is intended to support the development of a 240-unit apartment community at 11000 Beach Blvd.
Why was a waiver of the Public Investment Policy required?
The loan terms for this project were not currently authorized under the existing , necessitating a specific waiver to proceed.
Who is responsible for making sure the developer follows the contract?
The Office of Economic Development (OED) is the designated contract monitor, and the Neighborhoods Department will provide project oversight.

What else do you want to know?

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Policy Waiver for Development

The city explicitly waived its own Public Investment Policy (Ord 2024-286-E) to facilitate this specific loan, indicating the project did not meet standard criteria.

Ord 2024-286-ECampbell Cove, Ltd.

Sources

Open source document

webapi.legistar.com

Analysis Score

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  • Significance85
    How much this matters to a regular citizen
  • Controversy40
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  • Entertainment10
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  • Buzz30
    Current news / social attention level

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