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Real Estate Tax ID Numbers 28-32-25-23-0011, 28-32-25-23-0012 and 28-32-25-23-0013 <br />Acreage Approximately 3.97 acres or 172,933 SF <br />Asking Price $2,075,198 ($12.00 / SF) <br />Offer Price $1,383,464 ($8.00 / SF) <br />Earnest Money $10,000 Non-refundable <br />Additional Earnest $30,000, Non-refundable after each extension is exercised <br />Money (For Extensions) <br />Inspection Period INITIAL PERIOD: January 22, 2019-June 15, 2019 (city requires plat/ site plan <br />approval before sale) <br />Closing Within 30 days of notice to proceed. Can be extended six times in one month <br />increments. <br />Extensions <br />Developer will deposit $30,000 in escrow to be drawn down by City in $5,000 <br />increments per month extended starting on June 15, 2019. Once City draws <br />down each monthly $5,000.00 extension it becomes non-refundable. <br />City take care of ALTA Survey and Title Work <br />Performance <br />City to require construction of Building 1 and a Certificate of Occupancy to be <br />issued by June 15, 2020. If this is not done, the City may exercise the Right of <br />Re -Entry. City to require Building 2 to be constructed and a Certificate of <br />Occupancy to be issued by June 15, 2021. If this is not done, the City may <br />require the developer to make penalty payment in the amount of $150,000 (or <br />as negotiated) to the City. (construction deadlines) <br />Assignment Requires city approval if not same owners/ company <br />Review <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (Tim): Land Use, Development Agreement, Site Plan, Plat <br />Council: Final Approval on both items <br />