Kappa Alpha Psi Foundation economic development agreement extension

Recommended

NCSPHS Amend/Approve 7-0; Mayor's request.

Debated

Amendment Two to the Economic Development Agreement with Kappa Alpha Psi Foundation Jacksonville, Incorporated extends the project completion date by two years from 3/31/26 to 3/31/28 and decreases the minimum capital investment from $7,500,000 to $7,000,000. The Economic Development Agreement authorized a Large Scale Economic Development Fund grant of up to $500,000 (already appropriated) for construction and opening of a community enrichment and healthcare facility at 3717 Moncrief Rd W. This is the project's second completion-date extension — Amendment One had already slipped the deadline one year from 3/31/25 to 3/31/26.

Decided

PASSED. Amend/Approve, unanimous.