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August 3, 2023 <br />Sean Sullivan <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />RE: Letter of Intent <br />Dear Sean, <br />This letter, when fully executed, will constitute a Letter of Intent under which the "Buyer" would <br />purchase the below referenced property from the "Seller". The Buyer and Seller acknowledge that this <br />Letter of Intent is intended to outline initial terms for consideration only and will not obligate any party <br />contractually, and no such obligation will arise unless and until a mutually satisfactory Purchase <br />Agreement is fully executed by and delivered to all parties. <br />Buyer Norhart Architecture, LLC <br />Seller City of Ramsey <br />Property Address Northern corner of Sunwood Drive NW, Ramsey Parkway and Zeolite Street <br />NW. <br />Proposed Units Approximately 200 <br />PID# 283225220058 <br />Acres Approximately 4 acres <br />Purchase Price $2.352.50/SF <br />Road Development $256,000 to be contributed to road extension costs of W Parkway (between <br />Sunwood Drive NW roundabout and Zeolite Street) <br />Earnest Money <br />Earnest Money of $25,000.00 will be held by on agrccd upon Title <br />CompanyStewart Title upon full execution of Purchase Agreement. Said <br />deposit would be refundable to Buyer in the event the escrow does not <br />close, unless failure to close is the result of default by Buyer under the <br />Purchase Agreement (in which event the deposit would be released to the <br />Seller as liquidated damages). Additional Earnest Money events may occur <br />upon discussion and agreement in Purchase Agreement. <br />Inspection Period Buyer shall have one hundred cightytwo-hundred forty (240) days following <br />Effective Date to investigate property. <br />Norhart HQ <br />1081 4th St SW #400 <br />Forest Lake, MN <br />55025 <br />