ITN_GRM250245_Development_-_Affordable_Housing_-_Lot__2856-003-003_-_Term_Sheet.xlsx

This is a Term Sheet for an Invitation to Negotiate (ITN# GRM/250245) issued by the City of Ocala, Florida, targeting affordable housing development. The project involves developing a single-family residential home on Lot# 2856-003-003, designed to meet the city's goal of increasing affordable housing availability. The development is intended for households up to 120% of Area Median Income, with construction requirements stipulating that development must commence within six months of closing and be completed with a certificate of occupancy issued within 18 months.

The financial terms include potential incentives such as a City Land Value Incentive and a Housing Incentive Fund with a maximum request of $20,000. The developer is expected to provide equity investment and construction loan financing, with county impact fees to be paid by the developer. The City reserves the right to review proposals, conduct interviews, and recommend developer selections to the City Council. The property's title transfer is contingent upon meeting specific construction and timing requirements, with provisions allowing the title to revert to the City if development milestones are not met.