ITN_GRM260685_Development__Affordable_Housing__NW_7thAvenue_Subdivision_Section_4__Appendix_I__Preliminary_Term_Sheet.xlsx

This is a preliminary term sheet for Invitation to Negotiate (ITN) GRM/260685 issued by the City of Ocala, Florida, seeking a qualified developer to construct affordable housing on the NW 7th Avenue Subdivision Section 4 project. The City intends to award the ITN to a single developer responsible for completing the entire residential development, which will consist of single-family detached homes and open space across approximately 0.74 acres of a larger 2.01-acre site. The project is part of the City's broader redevelopment initiative within its Community Redevelopment Areas and reflects Ocala's strategic focus on affordable housing development while maintaining quality construction and site design standards.

The term sheet outlines the financial structure for developer participation, including provisions for City Land Value Incentive (calculated as the difference between Marion County Property Appraiser assessed value and purchase price), a Housing Incentive Fund with a maximum of $20,000 per unit, and Developer Adequate Assurance requirements equal to the City Land Value Incentive amount. Developers must provide a construction loan to complete the project, demonstrate equity investment, and pay estimated county impact fees. The term sheet requires developers to submit documentation proving adequate assurance availability at closing and specifies a maximum construction period, though the specific timeframe is not detailed in the provided excerpt. The project represents the City's commitment to leveraging public and private investment for community redevelopment and economic growth objectives.