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TERM SHEET FOR JAVA PROPERTIES (O'Reilly Auto Parts) — 9.2.20 <br />Real Estate Tax ID Number: Portion of 28-32-25-41-0020. Part of Outlot GG, Ramsey Town <br />Center Addition (Part of Parcel 50a) <br />Acreage Approximately .72 acres or 31,304 SF <br />Asking Price $250,432 ($8.00 / SF) (SF Subject to change based on approved Plat) <br />Offer Price $250,432 ($8.00 / SF) <br />Earnest Money $5,000 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 $5,000 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 7,000 SF commercial/retail building <br />(O'Reilly Auto Parts) compliant with COR Zoning requirements and obtain a <br />Certificate of Occupancy one year after Closing. If this is not done, the City may <br />exercise the Right of Re -Entry. <br />Assignment <br />Contingencies <br />Review <br />Requires city approval if not same owners / company. <br />None at this time <br />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 />