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TERM SHEET FOR COR TRUST BANK, N.A — Part of Parcel 48A — Amended 2.27.23 811211221 <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 211190 days from the later of Effective Date (Date CityAu ust <br />30, 2022) or a fully executed PA is delivered to buyer (city requires plat/ site <br />plan approval before sale) Inspection Period extended from March 30, 2023 to <br />April 30, 2023. <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 <br />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 <br />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 <br />Requires city approval if not same owners /company. <br />Contingencies <br />None at this time <br />Review <br />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 />