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

This is a Term Sheet document for an Invitation to Negotiate (ITN# GRM/260331) issued by the City of Ocala, Florida, for the development of affordable housing on Lot # 2220-005-003, a 0.17-acre parcel zoned for single-family residential use in Marion County. The project seeks qualified for-profit and non-profit developers to construct affordable residential units targeting households earning up to 120% of Area Median Income. Proposals must address the development of single-family or multi-family units meeting a minimum of 900 square feet of livable area with at least two bedrooms and two bathrooms. The ITN timeline requires submission of questions by February 17, 2026, at 5:00 p.m. EST, with proposal submissions due 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).

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. 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. Developers must demonstrate a minimum equity investment of $223,878 with total development costs equaling or exceeding $100,000. Construction must commence within six months of closing and be completed within eighteen months. The desired minimum affordability period is twenty years for both rental and for-sale units. Developers must provide proof of a minimum of three years of housing development experience and completion of at least three separate housing projects, along with comprehensive financial documentation including two years of federal corporate income tax returns, financial statements, project pro forma, and loan commitment letters.