ITN_GRM260331_Development_-_Affordable_Housing_-_Lot__2220-005-003_-_Term_Sheet.xlsx

This is a Term Sheet document for the City of Ocala, Florida, in support of Invitation to Negotiate (ITN) GRM/260331 for the development of affordable housing on Lot # 2220-005-003. The project seeks proposals from qualified for-profit and non-profit developers, builders, partnerships, and agencies to construct affordable residential units designed to increase homeownership and rental housing availability for households earning up to 120% of the Area Median Income as defined by the U.S. Department of Housing and Urban Development. The development calls for a single-family residential home suitable for affordable housing on the specified lot, with construction type and specifications to be determined by the selected developer. The City reserves the right to request additional information and documentation as necessary, with the Selection Committee reviewing all proposals and conducting interviews before recommending one or more proposals to City Council for final approval.

The term sheet outlines the financial structure for the project, including a Housing Incentive Fund Request with a maximum of $20,000, a City Land Value Incentive of $0, and a Developer Adequate Assurance amount to be determined by staff at a later date. The developer is responsible for securing a construction loan, providing equity investment, and paying estimated county impact fees of $0. The term sheet includes a maximum construction period for development, though the specific timeline is not detailed in the available excerpt. Title transfer to the property shall not occur until all terms of sale are complete, with deed language allowing title reversion to the City if construction is not initiated within the specified timeframe.