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June 3, 2021 <br />Sean Sullivan <br />EDA <br />City of Ramsey <br />7550 Sunwood Dr NW <br />Ramsey, MN 55303 <br />RE: Letter of Intent and outline of Proposed Key Terms of Purchase <br />Dear Sean: <br />Magellan Land Development, LLC ("Magellan"), hereby presents the following Letter of Intent <br />summarizing the proposed terms which Magellan will purchase the property located at Ramsey Town <br />Center 7th Addition, which all of tax ID 28-32-25-13-0034 in Ramsey, MN (the "Property") from the City <br />of Ramsey ("Seller"). <br />1. Property Address: Known under Tax ID 28-32-25-13-0034 or roughly 1.13 acres. <br />2. Purchase Price: $2.50 per square foot or roughly $123,057. Purchase Price shall <br />include assignment of all due diligence material Seller has <br />regarding the Property. <br />3. Earnest Money: $10,000 in Earnest Money paid the following: <br />$10,000 payable within 5 business days of execution of Purchase <br />Agreement. Earnest Money to be deposited with Custom Home <br />Builder Title or a title company mutually agreed upon. <br />Earnest Money shall become non-refundable at end of Due <br />Diligence Period outlined below. <br />4. Contingencies: This Letter of Intent and the Purchase Agreement will be <br />contingent upon receipt of the following, all acceptable to <br />Magellan in its sole and absolute discretion: <br />A. Clear and marketable fee title to the Property. <br />B. Satisfactory Environmental review of the Property. <br />C. Satisfactory Geotechnical Review of the Property. <br />D. Magellan's purchase of the adjacent property owned by <br />K. Hovnanian Homes T &C Homes at Minnesota. <br />E. Minimum of 10 townhomes. <br />F. Lower Rum River Watershed Approval. <br />G. Preliminary and Final Plat and architectural approval of <br />buildings by City of Ramsey staff and/or City Council if <br />required by City Council. <br />5. Terms of Payment: <br />6. Closing Date: <br />Cash at Closing <br />No later than September 30, 2021, or within 15 days of expiration <br />of Due Diligence Period. It is understood of the if the first <br />