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

This document is an Exhibit A Legal Description filed by the City of Ocala, Florida for Invitation to Negotiate (ITN# GRM/260331) regarding affordable housing development on Lot # 2220-005-003. The City 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 may develop either multi-family or single-family units for rent or homeownership, with minimum requirements of 900 square feet of livable area, at least two bedrooms and bathrooms, and compliance with specified design guidelines including concrete block construction, architectural shingles, and energy-efficient systems. The 0.17-acre parcel is zoned Single Family Residential (R-1A) in Marion County, Florida. The deadline for questions is February 17, 2026, at 5:00 p.m. EST, with proposal submissions due on March 2, 2026, at 2:00 p.m. EST through the city's e-procurement portal. Evaluation criteria are 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). Construction must commence within six months of closing and be completed within eighteen months.

The City will convey the property via special warranty deed for a nominal purchase price of $7,000, with the fair market value of the property donation estimated at $34,174. Developers must demonstrate a minimum equity investment of $223,878, with total development costs equal to or exceeding $100,000. A $1,000 security deposit will be applied to the purchase price. The desired minimum affordability period is twenty years for both rental and for-sale units. 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. Prospective developers must demonstrate a minimum of three years of housing development experience and completion of at least three separate housing projects. Developers are required to submit comprehensive financial documentation including two years of federal corporate income tax returns, financial statements, project pro forma, cash flow projections, and loan commitment letters to a Financial Review Committee.