Summary
The city's $5 million loan to developer J. Jeffers & Co. gets extended to 2033 at 3.25% interest — no new dollars, but the developer must personally guarantee repayment and pay $338,541.67 in delinquent interest from escrow.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Discussed at 2 meetings in the last 60 days; most recently Sep 15, 2026.
Impact analysis
No additional city funds, but the loan stays on the city's books until 2033.
The developer gets breathing room on repayment; the city gets stronger repayment guarantees.
Taxpayers bear risk if the development underperforms; Alder Turquoise-Davis voted no.
Mentions & discussions (2)
Common Council — September 15, 2026
The City extended its $5 million loan to developer J. Jeffers & Co. at 2220 Northwestern Ave through 2033 at 3.25% interest, with a personal guarantee and $338,541.67 in delinquent interest paid from escrow.
Finance and Personnel Committee — September 8, 2026
The city's $5 million loan to developer J. Jeffers & Co. gets extended to 2033 at 3.25% interest — no new dollars, but the developer must personally guarantee repayment and pay $338,541.67 in delinquent interest from escrow.
Related development
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