ITN_GRM260331_Development_-_Affordable_Housing_-_Lot__2220-005-003_-_Exhibit_A_-_Legal_Description_2220-005-003_58d28478.pdf

Exhibit A is a legal description document supporting the City of Ocala's Invitation to Negotiate (ITN# GRM/260331) for affordable housing development on Lot # 2220-005-003 in Marion County, Florida. The ITN seeks qualified for-profit and non-profit developers, builders, partnerships, and agencies to construct affordable residential units targeting households earning up to 120% of Area Median Income. Proposers must develop either multi-family or single-family units for rent or homeownership, with a minimum of 900 square feet of livable area, at least two bedrooms and bathrooms, and compliance with specific design guidelines including concrete block construction, architectural shingles, and energy-efficient systems. The property parcel is a 0.17-acre lot zoned Single Family Residential (R-1A). The solicitation timeline includes a deadline for questions on February 17, 2026, at 5:00 p.m. EST and proposal submissions due on March 2, 2026, at 2:00 p.m. EST through the city's e-procurement portal. Construction must commence within six months of closing and be completed within eighteen months.

Evaluation will be weighted as follows: Experience and Capacity of Development Team (20 points), Development Concept and Project Design (30 points), Financing Plan (20 points), and Development Schedule (30 points). Developers must demonstrate a minimum of three years of housing development experience and completion of at least three separate housing projects. The City will convey the property via special warranty deed for a nominal purchase price of $7,000, with an estimated fair market value donation of $34,174. Developers must demonstrate a minimum equity investment of $223,878, with total development costs equaling or exceeding $100,000. The City offers potential incentives including a Housing Incentive Fund Request up to $20,000 and potential fee waivers or deferrals for building permits and impact fees. The desired minimum affordability period is twenty years for both rental and for-sale units. Developers must submit detailed financial documentation including two years of federal corporate income tax returns, financial statements, project pro forma, cash flow projections, construction cost estimates, and loan commitment letters to a Financial Review Committee.