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Developer agrees to repay CDBG shortfall; committee approves land sale substitute with adjusted price

Jacksonville Rules Committee · January 5, 2026

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Summary

After the developer agreed to cover a $496,537.10 CDBG shortfall and raise the purchase price, the Rules Committee approved the substitute for the land sale, including deed restrictions and a three-year transfer limitation.

The Rules Committee on Jan. 5 approved a substitute and subsequent amendment to a proposed city land sale after the developer agreed to cover a previously disbursed Community Development Block Grant (CDBG) repayment.

Miss Kerr told the committee the NCSPHA substitute revised the parcel size to about 2.49 acres, updated the in-progress assessed value to $3,217,874.20 and set a revised purchase price of $2,547,513.60. It also clarified that $496,537.10 of the purchase price was being used to repay CDBG funds previously disbursed to the buyer.

Ed Randolph of OED told the committee the developer agreed not to jeopardize the project and will cover the additional CDBG shortfall, saying the buyer would pay approximately $3,000,000 to the city. Based on that commitment, the committee approved an amendment to increase the purchase price by $496,537.10 (new purchase price $3,044,050.70). The substitute as amended passed by roll call, 7-0.

The substitute also attached revised exhibits and a revised purchase and sale agreement that prohibit transferring the parcel to a tax-exempt entity and bar sale or transfer for a minimum of three years except in foreclosure to a lender. Committee members said the changes keep the sale clean and protect public CDBG funds.