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TERM SHEET FOR COBBLESTONE HOTEL —1.2.20 <br />Real Estate Tax ID Number: Portion of 28-32-25-23-0018. East Half of Outlot A, COR Stone <br />Brook Academy <br />Acreage Approximately 1.5 acres or 65,340 SF (T.B.D.) <br />Asking Price $392,040 ($6.00 / SF) (SF Subject to change based on approved Plat) <br />Offer Price $1.00 ($0.00 / SF) (Property Value assigned to $326,700 $5.00/SF) <br />Earnest Money $1.00 Non-refundable upon Notice to Proceed being executed. <br />Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat/ <br />site plan. approval before sale) <br />Closing Within 30 days of Notice to Proceed. <br />Extensions <br />City take care of <br />Performance <br />Developer will deposit $1,000 in escrow for each 60 day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />Provide existing ALTA Survey and updated Title Work. The Developer will <br />contract to plat the property and the City will reimburse costs of platting. <br />City to require construction of a minimum 60 unit, Four Story Hotel with <br />Restaurant and obtain a Certificate of Occupancy one year after Closing. If this <br />is not done, the City may exercise the Right of Re -Entry. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies <br />Review <br />In addition to all other requirements and contingencies by the Buyer anc <br />Seller herein, the Purchase Price of $1.00 is contingent on the following: <br />a. Satisfactory review of the underwriting by the Seller demonstrating <br />the need of financial assistance in the form of a land write down of <br />$326,699. <br />b. City Council approval and execution of a Tax Increment Financing <br />Agreement between the Seller and Buyer and or its assigns. <br />c. City Council approval of Business Subsidy for Buyer and or its <br />assigns. <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (Tim): Land Use, Development Agreement, Site Plan, Plat <br />City Council: Final Approval on both items <br />