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Term Sheet for PSD LLC Acquisition of Parcel 45 (Land Exchange) <br />Real Estate Tax ID Numbers 29-32-25-14-0010, and Pt. of 29-32-25-14-0009 <br />Acreage Approximately 2.38 acres or 103,857 SF (to be defined by engineering) <br />Asking Price $960,000 ($9.24 / SF) <br />Offer Price $644,952 ($6.21 / SF) <br />Earnest Money $ TBD (Land Swap) <br />Inspection Period March 12, 2019-July 12, 2019 (will work through site plan and platting process <br />for development but the closing will not be dependent on site plan approval) <br />Closing Within 30 days of notice to proceed. <br />Extensions Up to two 60-day extensions with written notice (price to be determined) <br />City take care of ALTA Survey and Title Work. <br />Performance City to require construction of 1 Building (To be determined through Site Plan) <br />and a Certificate of Occupancy to be issued by September 12, 2020. If this is not <br />done, the City may exercise the Right of Re -Entry. (construction deadline) <br />Assignment Requires city approval if not same owners/ company. <br />Review 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 />