Agenda - Council - 08/23/2022 - Laserfiche WebLink

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TERM SHEET FOR COR TRUST BANK, N.A — Part of Parcel 48A — 8/2/22 Real Estate Tax ID Number: Portion of 28-32-25-24-0017. Part of Outlot C, Affinity at the COR (Part of Parcel 48A) Acreage Approximately + / - 1.5 acres or (65,340 SF) Subject to Final Plat Asking Price $392,040 ($6.00 / SF) (SF Subject to change based on approved Plat) Offer Price $392,040 ($6.00 / SF) (SF Subject to change based on approved Plat) Earnest Money $10,000. Non-refundable upon Notice to Proceed being executed. Inspection Period 180 days from the later of Effective Date (Date City Council approves) or a fully executed PA is delivered to buyer (city requires plat/ site plan approval before sale) Closing 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. The City will Pay 3% of gross sales price to Buyer's Broker Extensions to Close Developer will deposit $10,000.00 in escrow for each 60-day extension (2 extensions allowed) Once extensions are made the money becomes non- refundable. 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 Assignment Contingencies Review City to require construction of commercial/retail buildings compliant with COR Zoning requirements and obtain a Certificate of Occupancy 16 months after Closing. The Developer will enter into a Right of Re -Entry Agreement with minimum building square footage requirements of 3-5,000 SF. The City may exercise the Right of Re -Entry if performance requirement is not met. Requires city approval if not same owners / company. None at this time EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry Planning Commission (Staff To Be Determined): Land Use, Development Agreement, Site Plan, Plat City Council: Final Approval on both item