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TERM SHEET FOR RELIABLE HOLDINGS, LLC(BLUELINE COLLISION) 1.31.22 <br /> Real Estate Tax ID Number: 34-32-25-13-0005. Lot 4, Block 1, Riverside West,Anoka County, <br /> Minnesota and a portion of the vacated Dolomite Street—Subject to Riverside <br /> West Rearrangement Final Plat Approval <br /> Acreage Approximately 1.46 acres or 63,971 SF <br /> Asking Price $255,884 ($4.00/SF) (SF Subject to change based on approved Plat) <br /> Offer Price $200,000 ($3.12/SF) <br /> Earnest Money $20,000 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. No commission to be paid <br /> Extensions to Close Developer will deposit$10,000 in escrow for each 60 day extension (2 <br /> extensions allowed) Once extensions are made the money becomes non- <br /> refundable. <br /> City take care of Plat and updated Title Work. The City will plat the property prior to sale to <br /> Buyer at city cost <br /> Performance City to require construction of a minimum 10,000 SF commercial/retail building <br /> with City Zoning requirements and obtain a Certificate of Occupancy 16 months <br /> after Closing. If this is not done, the City may exercise the Right of Re-Entry. <br /> Assignment Requires city approval if not same owners/company. <br /> Contingencies None at this time <br /> Review EDA(Sean): Land Transaction/Purchase Agreement/Right of Re-Entry <br /> Planning Commission (TBD): Land Use, Development Agreement, Site Plan, Plat <br /> City Council: Final Approval on both items <br />