Agenda - Council - 05/25/2021 - Laserfiche WebLink

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REVISED TERM SHEET FOR AV PROPERTIES Java Ramsey Casey's Outlot LLC (O'Reilly Auto Parts) — 97240 5.13.21 Real Estate Acreage Asking Price Offer Price Earnest Money Inspection Period Closing Tax ID Number: Portion of 28-32-25-41-0020. Part of Outlot GG, Ramsey Town Center Addition (Part of Parcel 50a) To be platted as: Lot 1, Block 1, Java Auto Parts Approximately .72 acres or 31,304 SF .75 acres or 32,775 SF $250,432 $262,200 ($8.00 / SF) (SF Subject to change based on approved Plat) $250,432 $228,900 ($8,00 $6.98 / SF) (Price Reduction due to Increased Project Costs $5,000 Non-refundable upon Notice to Proceed being executed. $5,000 Received 180 days from Effective Date (Date City Council approves) (city requires plat/ site plan approval before sale) Within 30 days of Notice to Proceed. Commission This was a City generated lead for a CBRE Listed property. Per the terms of the listing agreement, the City will pay 3% of gross sales price to CBRE. Extensions to Close Developer will deposit $5,000 in escrow for each 60 day extension (2 extensions allowed) Once extensions are made the money becomes non-refundable. $5,000 received. Closing date extended to June 22, 2021 City take care of Provide existing ALTA Survey and updated Title Work. The Developer will contract to plat the property as part of the site plan process. Performance City to require construction of a minimum 7,000 SF commercial/retail building (O'Reilly Auto Parts) compliant with COR Zoning requirements and obtain a Certificate of Occupancy one year after Closing. If this is not done, the City may exercise the Right of Re -Entry. Assignment Requires city approval if not same owners / company. Contingencies None at this time Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry Planning Commission (Tim/Chloe): Land Use, Development Agreement, Site Plan, Plat City Council: Final Approval on both items