ITN_GRM260683_Development__Affordable_Housing__NW_7th_Avenue_Subdivision__Section_2__Appendix_I__Preliminary_Term_Sheet.xlsx

This is a preliminary term sheet for ITN#GRM/260683, a development project for affordable housing in the NW 7th Avenue Subdivision, Section 2, administered by the City of Ocala, Florida. The City seeks a single qualified developer, builder, partnership, or agency to construct a residential development on multiple parcels totaling approximately 2.01 acres, with a targeted development area of 0.297 acres. The project involves creating a mix of single-family detached residential homes and open space while maintaining quality construction and site design standards. The ITN reflects the City's broader economic development strategy to provide affordable housing opportunities while enhancing the quality of life for residents and supporting the region's positioning as a destination location.

The term sheet outlines the financial structure for developer proposals, including provisions for total purchase price for parcels, city land value incentive (calculated as Marion County Property Appraiser assessed value less purchase price, with a maximum housing incentive fund request of $20,000 per unit), developer adequate assurance equal to the city land value incentive, developer construction loan amount, developer equity investment, combined developer investment total, estimated county impact fees, and a maximum construction period for development. The specific dollar amounts and exact financial terms are to be determined upon application submission and at closing. Developers must submit documentation demonstrating that adequate assurance amounts are available at the time of closing to be considered for award.