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Acreage Approximately + / - 6.97 acres or (303,613 SF) Subject to Final Plat <br />Asking Price $1,518,065 ($5.00 / SF) (SF Subjectto change based on approved Plat) <br />Offer Price $4.50 per SF ($1,366,258) (SF Subjectto change based on approved Plat) for both Phase I and Phase II <br />Earnest Money $10,000 Non-refundable upon Notice to Proceed being executed. Additional Earnest Money will <br />need to be provided for Phase 2. <br />Inspection Period 180 days from the later of Effective Date (Date City Council approves) or a fully executed PA <br />is delivered to buyer (city requires plat/ site plan approval before sale) <br />***Inspection period will be increase 180 days per Lot closing (see Exhibit A for Lots) <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 listing agreement, the <br />City will pay 3% of gross sales price to CBRE. <br />Extensions to Close Developer will deposit $10,000.00 in escrow for each 90-day extension (2 extensions allowed) <br />Once extensions are made the money becomes non-refundable. <br />***The Developer will be granted 2 additional 90-day extensions per Lot purchase closing with the terms stated <br />above. (the extra 30 days (60 to 90) is required due to the platting process and the time it is taking Anoka County to <br />review incoming plats) <br />City take care of Provide existing ALTA Survey and updated Title Work. The Developer will contract to plat the <br />property as part of the site plan process. City will work with Anoka County to secure a Right in, Right out access <br />for Veterans Drive on to Ramsey Blvd as part of the platting process. <br />Performance City to require construction of commercial/retail buildings compliant with COR Zoning requirements <br />and obtain a Certificate of Occupancy one year after Closing of each lot. The inspection period will be increase by <br />180 days per Lot/phase closing. The Developer will enter into a Right of Re -Entry Agreement with minimum <br />building square footage requirements for Lots 1, 2, 3 and 5, which will establish the time period to close and <br />construct the minimum improvements for each lot. The City may exercise the Right of Re -Entry if performance <br />requirement is not met. <br />Minimum SF for each lot: <br />Lot 1 6,000 <br />Lot 2 550 <br />Lot 3 9,000 <br />Lot 4 3,000 <br />Lot 5 20,000 <br />Assignment Requires city approval if not same owners / company. <br />Alternatives include: <br />1) Recommendation to City Council to approve <br />presented); subject to City Attorney Review <br />2) Recommendation to City Council to approve <br />changes); subject to City Attorney Review <br />3) Something else. <br />Funding Source: <br />N/A <br />Purchase Agreement on Parcel 50 with Java Properties (as <br />Purchase Agreement on Parcel 50 with Java Properties (with <br />Recommendation: <br />