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Oa <br />May 18, 2020 <br />Mr. Sean Sullivan <br />Economic Development Manager <br />City of Ramsey <br />Via e-mail <br />RE: Terms for purchase of land at Center Street & 146th Ave NW, Ramsey, MN <br />Dear Sean, <br />aeon <br />hOrno Chttrigers Ov iy1h rig <br />Per our discussions to date, Aeon is interested in moving forward with the 2nd phase of Greenway <br />Terrace to provide more affordable housing for families in Ramsey. We look forward to discussing <br />the project further with you during (or after) the working session with the Ramsey City Council <br />next week. As requested, we are sharing below proposed terms for a purchase transaction. <br />Seller: City of Ramsey <br />Buyer: <br />Aeon, a Minnesota non-profit corporation Aeon may assign the purchase <br />agreement to an affiliated entity in which Aeon is the controlling member). <br />Aeon's mission is to create and sustain quality affordable homes that <br />strengthen lives and communities. Aeon prides itself on acting boldly to <br />create and preserve affordable homes. We encourage residents to take <br />`pride of ownership' in their home and connect with their community. <br />Property: 1.36 acres at Center Street and 146th Avenue NW, Ramsey, MN <br />Purpose: <br />Aeon completed development of Greenway Terrace Phase 1 and is now <br />interested in developing phase 2. While under construction, Phase 1 <br />received over 300 applications for 54 units — demonstrating a strong need <br />for affordable housing in Ramsey. For this reason, Aeon proposes moving <br />forward with Phase 2 — another 55 units for families to call home in Ramsey, <br />with an estimated opening in late -summer or early -fall of 2022. <br />Price: $125,000. Upon mutual execution of a purchase agreement, Aeon will pay <br />$10,000 earnest money. The remainder will be due at closing. <br />Due Diligence and <br />Funding Applications: Aeon will have until December 31, 2020 to conduct inspections, review the <br />City provided materials, complete an appraisal, and all necessary <br />environmental reviews, etc. During this time, Aeon will also submit <br />necessary applications for funding. During the due diligence period, Aeon <br />