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TERM SHEET FOR STORIES FOUNDATION–9.28.20 <br /> <br />Real Estate Tax ID Number: 28-32-25-31-0023. Outlot B, COR Stone Brook Academy (Parcel <br />47c) <br />Acreage Approximately .52 acres or 22,651 SF <br />Asking Price $135,900 ($6.00 / SF) <br />Offer Price $67,953.60 ($3.00 / SF) <br />Earnest Money $1,000 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 />Commission This was a City generated lead for a CBRE Listed property. Per the terms of the <br />listing agreement, the City will pay 3% of gross sales price to CBRE. <br />Extensions to Close Developer will deposit $2,000 in escrow for each 60 day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />City take care of Provide existing ALTA Survey and updated Title Work. The Developer will <br />contract to plat the property as part of the site plan process. <br />Performance City to require construction of a minimum 12,000 SF commercial/retail building <br />compliant with COR Zoning requirements and obtain a Certificate of Occupancy <br />one year after Closing. If this is not done, the City may exercise the Right of Re- <br />Entry. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies <br />None at this time <br />Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re-Entry <br /> Planning Commission (Tim/Chloe): Land Use, Development Agreement, Site <br />Plan, Plat <br /> City Council: Final Approval on both items <br /> <br /> <br />