Submitted By: Marie Mesadieu
presenter
Presentation By: Aubrey Hale
end
Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
title
Approve a First Amendment to City Redevelopment Agreement for D&S Development, LLC (GRM/210512) to construct affordable housing units on properties located in the West Ocala Community Redevelopment Area subarea
end
OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
body
BACKGROUND: In September 2021, the City of Ocala (City) issued a notice of intent to dispose of public properties within its West Ocala Community Redevelopment Agency (CRA) Subarea. D&S Development, LLC (Developer) was selected as the qualified residential developer to purchase property and construct affordable housing. On August 15, 2023, the City entered into a Redevelopment Agreement with the Developer.
D&S Development, LLC is required to invest approximately $559,695 to construct four single-family houses and one duplex apartment on five parcels located in the West Ocala CRA subarea. The attached original Redevelopment Agreement sets out the requirements of D&S Development, LLC, and will ensure that the properties are developed in compliance with applicable zoning and land development standards. The maximum time for construction will be 18 months. Upon completion, all six units must remain affordable per Sec. 106-102 of the City of Ocala Land Development Code. If desired, D&S Development can apply for incentives from the Affordable Housing Incentive fund which can offset costs for building permits and impact fees, sidewalks, and more.
The total appraised value of all five parcels is approximately $41,174. During the negotiation process, D&S and the City agreed on a purchase price of $7,000 for all parcels. The City will make a property donation valued at $34,174 as an incentive. A Purchase and Sale contract will be processed to convey the properties through a special warranty deed after the in...
Click here for full text