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DocuSign Envelope ID: 1C8AFA42-FCFA-4AIB-AB3E-7AA5DFF62F2E <br /> THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP,LLLP- TERM SHEET 3.30.22 <br /> Real Estate Tax ID Number: 28-32-25-23-0020—Outlot A, Gigi Addition(the <br /> "Property") <br /> Acreage Approximately 1.43 acres or 62,290 SF <br /> Asking Price $311,454($5.00/SF) <br /> Offer Price Developer is requesting"up front"land cost write down of 100%through TIF <br /> Earnest Money $5,000 will be provided to the City(the"Seller")at the time of execution of <br /> the Letter of Intent(LOI). Upon execution of a Purchase Agreement and <br /> submittal of a complete Business Subsidy Application the Earnest Money will <br /> be held in escrow and drawn down to cover the costs of the Third Party TIF <br /> Analysis and drafting of the TIF Agreement. In the event that a Purchase <br /> Agreement is not entered into by the City and The Schiebout Family Limited <br /> Partnership,LLLP(the"Buyer")the Earnest Money shall be returned to the <br /> Buyer. <br /> Inspection Period 180 days from Effective Date(Date City Council approves)(city requires <br /> plat/site plan. approval before sale);two, 60 day extensions. <br /> Closing Within 30 days of expiration of Inspection Period. <br /> Extensions Developer will deposit$1,000 in escrow for each 60 day extension(2 <br /> extensions allowed). Once extensions are made the earnest money becomes <br /> non-refundable in the event closing does not occur as a result of acts of <br /> Developer. If closing occurs,all Earnest Money will be applied to <br /> Developer's costs to the City or EDA for attorneys' fees and costs and other <br /> submissions. <br /> City take care of Provide existing ALTA Survey and updated Title Work. The Developer will <br /> contract to plat the property and the City will reimburse costs of platting. <br /> Performance City to require construction of a minimum 60 unit,Three Story Hotel with hot <br /> breakfast and indoor pool;a Certificate of Occupancy one year after Closing <br /> (could be extended to 16 months based on supply chain issues or force <br /> majeure). If this is not done,the City may exercise the Right of Re-Entry. <br /> Assignment Assignment to a new LLC buyer will be permitted without consent of the <br /> City,provided the majority membership of such LLC are Schiebout family <br /> members. <br /> Contingencies In addition to all other requirements and contingencies by the Buyer and <br /> Seller herein,the Purchase Price of$1.00 and the 100%up front land cost <br /> write down through TIF is contingent on the following: <br /> a. Satisfactory review of the underwriting by the Seller demonstrating <br /> the need of financial assistance in the form of a land write down of <br /> $311,454 <br /> b. City Council approval and execution of a Tax Increment Financing <br /> Agreement between the Seller and Buyer-and or its assigns. <br /> c. City Council approval of Business Subsidy for Buyer and or its <br /> assigns. <br /> d. Hotel feasibility study supporting a viable market in the City of <br /> Ramsey,Developer obtaining surveys, environmental and <br /> geotechnical reports,wetland studies and such other items Developer <br /> determines to be necessary to build and operate the proposed hotel. <br /> -2 - <br />