ITN_GRM260682_Development__Affordable_Housing__NW_7th_Avenue_Subdivision__Section_1__Appendix_I__Preliminary_Term_Sheet.xlsx

This is a Preliminary Term Sheet for ITN# GRM/260682, a development opportunity issued by the City of Ocala, Florida, seeking qualified developers to construct affordable housing on the NW 7th Avenue Subdivision – Section 1 parcels. The project encompasses approximately 2.01 acres total, with 0.47 acres designated as the target development area. The developer will be responsible for constructing a residential development featuring a mix of single-family detached homes and open space while maintaining quality construction and site design standards. The City intends for the project to create affordable housing units while supporting broader community redevelopment goals aligned with the City's master and sub-area plans for its Community Redevelopment Areas.

The term sheet outlines the financial structure for the project, which includes provisions for a City Land Value Incentive (calculated as the Marion County Property Appraiser Assessed Value minus the Purchase Price), a Housing Incentive Fund Request with a maximum of $20,000 per unit, and an optional Developer Adequate Assurance amount equal to the City Land Value Incentive. The developer must secure a construction loan to complete the entire project, provide equity investment, and pay estimated County Impact Fees. The term sheet does not specify response or due dates, site visit requirements, or award dates, as these details are contained in the complete ITN documentation. The project maximum construction period is referenced but not specified in this preliminary term sheet excerpt.