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Term Sheet for City Acquisition of ROW / Storm Pond (Land Exchange) <br />Real Estate Tax ID Number Part of 28-32-25-41-0011 <br />Acreage Approximately 2.86 acres or 124,725 SF (to be defined by engineering) <br />Offer Price $636,698 ($5.10 / SF) <br />Earnest Money $ TBD (Land Swap) <br />Inspection Period March 12, 2019-July 12, 2019 <br />Closing Within 30 days of notice to proceed. <br />Extensions Up to two 60-day extensions with written notice ($1.00 per extension) <br />City take care of ALTA Survey and Title Work. <br />Performance None required. Land Purchase only to be used for Storm Water Pond, ROW and <br />Assignment <br />Review <br />Remnant <br />N/A <br />EDA (Sean): Land Transaction/ Purchase Agreement <br />Planning Commission (Tim): Division / Plat if needed <br />Council: Final Approval <br />