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TERM SHEET FOR COR TRUST BANK, N.A—Part of Parcel 48A—8/2/22 <br /> Real Estate Tax ID Number: Portion of 28-32-25-24-0017. Part of Outlot C, Affinity at the <br /> COR (Part of Parcel 48A) <br /> Acreage Approximately+/- 1.5 acres or (65,340 SF) Subject to Final Plat <br /> Asking Price $392,040 ($6.00/SF) (SF Subject to change based on approved Plat) <br /> Offer Price $392,040 ($6.00/SF) (SF Subject to change based on approved Plat) <br /> Earnest Money $10,000. Non-refundable upon Notice to Proceed being executed. <br /> Inspection Period 180 days from the later of Effective Date (Date City Council approves) or a fully <br /> executed PA is delivered to buyer (city requires plat/site plan approval before <br /> sale) <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 <br /> listing agreement, the City will pay 3%of gross sales price to CBRE. The City will <br /> Pay 3%of gross sales price to Buyer's Broker <br /> Extensions to Close Developer will deposit$10,000.00 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 Provide existing ALTA Survey and updated Title Work. The Developer will <br /> contract to plat the property as part of the site plan process. <br /> Performance City to require construction of commercial/retail buildings compliant with COR <br /> Zoning requirements and obtain a Certificate of Occupancy 16 months after <br /> Closing. The Developer will enter into a Right of Re-Entry Agreement with <br /> minimum building square footage requirements of 3-5,000 SF. The City may <br /> exercise the Right of Re-Entry if performance requirement is not met. <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 (Staff To Be Determined): Land Use, Development <br /> Agreement, Site Plan, Plat <br /> City Council: Final Approval on both item <br />