ITN_GRM260684_Development__Affordable_Housing__NW_7th_AvenueSubdivision_Section_3__Appendix_I__Preliminary_Term_Sheet.xlsx

This is a Preliminary Term Sheet for Invitation to Negotiate (ITN) GRM/260684, issued by the City of Ocala, Florida, for the development of affordable housing on the NW 7th Avenue Subdivision, Section 3. The City seeks qualified developers, builders, partnerships, and agencies to construct a residential development consisting of single-family detached homes and open space on approximately 2.01 acres of property, with the development targeting 0.5 acres. The project aims to create affordable housing while maintaining quality construction and site design standards. The ITN will be awarded to a single developer who will be solely responsible for completing the entire project. The development initiative is part of the City's broader economic development strategy within its Community Redevelopment Areas and builds upon previous public and private investments intended to enhance quality of life and establish Ocala as a destination location.

The Term Sheet outlines financial requirements for the developer including total purchase price for all parcels, a maximum Housing Incentive Fund request of $20,000 per unit, Developer Adequate Assurance funding (if applicable and equal to any City Land Value Incentive), construction loan amounts to complete the project, developer equity investment contributions, and estimated county impact fees. The City may provide a Land Value Incentive calculated as the difference between the Marion County Property Appraiser's assessed value and the negotiated purchase price. Developers must submit documentation demonstrating availability of required Adequate Assurance funds at closing and must specify the maximum construction period for project completion. The Term Sheet serves as the preliminary financial framework to be finalized through the negotiation process following submission of detailed developer proposals.