ITN_GRM260684_Development__Affordable_Housing__NW_7th_AvenueSubdivision_Section_3__Exhibit_G__Financial_Review_Committee_FRC_Guidelines_2.pdf
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- Solicitation number
- ITN# GRM/260684
- Issued by
- Marion County, Orlando City, Florida
About this file
This document is an Exhibit G containing Financial Review Committee (FRC) Guidelines for ITN GRM/260684, a development project issued by the City of Ocala, Florida, for the creation of affordable housing on the NW 7th Avenue Subdivision. The FRC is an independent committee established to evaluate the financial feasibility of development proposals submitted in response to the City's solicitation. The committee reviews proposers' financial qualifications, including their cost estimates, financing plans, and financial resources to complete the project as proposed. The FRC requests specific information and documentation from developers to assess project viability and determine whether proposers possess adequate financial capacity to perform the contract.
The Financial Review Committee operates independently from the City and was not created by law, ordinance, or contract. Documents and information submitted by developers to the FRC are kept confidential and are not subject to Florida's Public Records Act, except when disclosure is required in litigation, by subpoena, or court order. The FRC may destroy submitted documents upon the developer's request. Notably, the FRC's recommendation is final and binding on neither the Selection Committee nor the City Council and cannot be challenged by any party. The City and developers acknowledge that while the FRC provides a report detailing its financial review results, it maintains no formal contractual relationship with the City regarding these activities.
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Text version
FINANCIAL REVIEW COMMITTEE
Relationship Between City and Financial Review Committee.
The relationship between City and the Financial Review Committee is as follows:
1. Purpose: On certain procurements, an independent Financial Review Committee shall be formed for the purposes of reviewing the financial aspects of a development proposal received in response to a
City-issued solicitation and requesting from the proposer (the “Developer”) specific information and documentation necessary to determine project feasibility with regard to: (a) cost, (b) financing, and
(c) proposer’s financial resources to perform the contract and provide the services as bid/proposed.
2. The Financial Review Committee is not, and will not be, a department, division, bureau, commission, or other separate unit of government created or established by, City.
3. The Financial Review Committee was not created by law or ordinance of City or any other public agency.
4. Although City expects for the Financial Review Committee will provide a report to City detailing the results of its review, the City has not entered into a contract with the Financial Review Committee concerning such report or other activities of the Financial Review Committee hereunder.
5. Therefore, in light of the foregoing, it is the intent of the City and the Developer that all documents or other information provided directly to the Financial Review Committee by or on behalf of the
Developer shall be kept confidential by the Financial Review Committee and are not subject to the
Florida Public Records Act.
6. Nothing set forth herein shall preclude the disclosure of such documents or other information: (a) in any litigation involving City or Developer in which such documents or other information is relevant, but the parties shall endeavor to protect such documents or other information from disclosure pursuant to available procedures under Florida law (including requesting that such documents or other information be sealed, if appropriate); or (b) pursuant to a subpoena or court order. Except in connection with any such use, City shall not request the Financial Review Committee to provide the information or documents to City.
7. Further, City and Developer acknowledge that the Financial Review Committee may destroy information and documents provided to it by or on behalf of Developer hereunder upon Developer’s request and that therefore it may be unable to obtain such information in connection with any permitted use thereof.
8. The recommendation of the Financial Review Committee shall be final, is not binding on the Selection
Committee or City Council, and may not be challenged by any party.
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