Term_Sheet_76d3e79b.xlsx

This is a Term Sheet for an Invitation to Negotiate (ITN#GRM/240549) issued by the City of Ocala, Florida, for the development of affordable housing on Lot #2220-005-003. The City seeks proposals from qualified for-profit and non-profit developers, builders, partnerships, and agencies to construct residential units—either single-family or multi-family—designed for ownership or rental. The housing must serve households up to 120% of Area Median Income as defined by the U.S. Department of Housing and Urban Development and comply with the parcel's current zoning designation. Prospective developers must demonstrate proven experience, financial resources, and professional expertise in developing, marketing, and managing quality, affordably priced residential units. The City's Selection Committee will review all proposals, conduct interviews, and recommend one or more proposals to City Council for final consideration and approval.

The Term Sheet establishes a financial framework for the development project, with maximum Housing Incentive Fund assistance capped at $20,000. The document itemizes potential financial components including City Land Value Incentive (calculated as Marion County Property Appraiser Assessed Value less Purchase Price), Developer Adequate Assurance equal to the City Land Value Incentive, Developer Construction Loan, Developer Equity Investment, and estimated County Impact Fees. A maximum construction period is specified, though the exact timeline is referenced in an accompanying image. The City reserves the right to request additional information and documentation necessary to determine construction financing and may reject any or all proposals. Title transfer will not occur until all sale terms are complete, with specific deed language requirements to be included in the final agreement.