RFP_GRM220445_Development_Opportunity_-_1749_W._Silver_Springs_Boulevard_and_105_SW_19th_Avenue_-_Exhibit_G_-_Preliminary_Term_Sheet.docx

This is a Preliminary Term Sheet exhibit for a development opportunity issued by the City of Ocala, Florida, under RFP# GRM/220445 for the design, development, and construction of a mixed-use project on approximately 0.45 acres of City-owned property located at 1749 W. Silver Springs Boulevard and 105 SW 19th Avenue. The City seeks proposals that may include single or two-family housing, professional and business offices, hairstyling shops (limited to three stations), medical and dental offices, complementary commercial uses, and community uses, with preference for first-floor active uses open to the public along Silver Springs Boulevard. The term sheet requires developers to complete specified sections including developer name, project overview, city incentives, desired purchase price, construction budget, method of adequate assurance, construction loan amount, developer equity investment amount, and estimated construction period in months. The City has established a minimum appraised fair market value of $90,000 for the property, and construction must commence within six months of closing and be completed within eighteen months of the development agreement execution.

The term sheet establishes that developers must propose a minimum purchase price of at least $90,000 and indicates the City will consider incentives including Tax Increment Financing (TIF), property donations, grants, and fee contributions. Developers must demonstrate adequate assurance through bank letters of credit, bonds, cash in escrow, or other financial assistance methods. The City will negotiate individual costs and terms with the selected development team following evaluation based on highest and best use criteria. No specific set-asides or disadvantaged enterprise preferences are identified for this procurement. The property parcels (2260-110-023 and 2260-110-026) will be conveyed by fee-simple sale on an "as-is" basis subject to City Council approval, with all costs and negotiated terms determined individually with the selected developer.