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��- FORESTAR <br />June 3, 2021 <br />Sean Sullivan <br />Economic Development Manager <br />City of Ramsey <br />7550 Sunwood Dr MW <br />Ramsey, MN 55303 <br />Stephen W. Gardiner <br />Land Acquisition Manager, Minnesota <br />Midwest Division <br />RE: Letter of Intent for the purchase of approximately one (1) acre of land located <br />in Ramsey, Minnesota APN # 28-32-25-13-0034 and attached as Exhibit "A" <br />(the "Property") by Forestar (USA) Real Estate Group Inc., or its assignee(s) <br />permitted hereunder ("Purchaser"), from City of Ramsey ("Seller(s)") <br />Dear Mr. Sullivan: <br />Based on information gathered through public record, independent research and past <br />meetings with yourself and City staff, and subject to the terms and provisions hereof, Purchaser <br />would be willing to purchase the Property from Seller upon the following general terms and <br />conditions. Please understand that this Letter of Intent ("LOI") is not binding upon Purchaser or <br />Seller, except to the extent expressly set forth herein. Upon mutual agreement of the terms and <br />conditions of this LOI, a Purchase and Sale Agreement will be drafted to address the sale of the <br />property. <br />NON -BINDING UNDERSTANDINGS <br />Seller(s) and Purchaser shall use good faith efforts to negotiate to reach a mutually <br />satisfactory, definitive written purchase and sale agreement ("PSA") after full execution of this <br />LOI which shall address in more detail the terms set forth in this LOI and such other terms as are <br />agreed upon by Seller(s) and Purchaser. The PSA shall include, without limitation, the following <br />terms: <br />PURCHASE PRICE: Two Dollars and Eight Cents ($2.08) per Square Foot, not to <br />exceed of One Hundred and Five Thousand Dollars ($105,000) * <br />*Final Price and Acreage will be determined by ALTA survey after <br />the exclusion of a known utility easement on the western <br />boundary of the parcel which will be retained in ownership by the <br />City of Ramsey. <br />20860 Kenbridge Ct, Suite 100 / Lakeville, Minnesota 55044 / 612.581.8940 / www.forestar.com <br />