ITN_GRM250247_Development_-_Affordable_Housing_-_Lot__2497-005-005_-_Term_Sheet.xlsx

This is a Term Sheet for the City of Ocala's Invitation to Negotiate (ITN# GRM/250247) for an Affordable Housing Development Project, specifically targeting Lot # 2497-005-005. The project seeks proposals from qualified for-profit and non-profit developers to construct a single-family residential home suitable for affordable housing, with specifications including a defined number of square feet, bedrooms, bathrooms, and a car garage. The City aims to increase affordable housing availability for households up to 120% of Area Median Income, with construction required to be initiated within six months of closing and completed within 18 months, resulting in a certificate of occupancy.

The financial framework includes potential incentives such as a City Land Value Incentive based on the Marion County Property Appraiser's assessed value, a Housing Incentive Fund with a maximum of $20,000, and requirements for developer investment, construction loans, and equity contributions. The developer will be responsible for county impact fees, and the City reserves the right to review proposals, conduct interviews, and recommend selections to the City Council. The property's title transfer is contingent upon meeting all sale terms, with a provision allowing the title to revert to the City if construction milestones are not met, and any developer deposits would be forfeited.