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TERM SHEET FOR MW PROPERTIES LLC (COMPLETE AUTO) 1.2.24 <br />Real Estate <br />Acreage <br />Asking Price <br />Offer Price <br />Earnest Money <br />Inspection Period <br />Closing <br />Commission <br />Extensions to Close <br />City take care of <br />Performance <br />Assignment <br />Contingencies <br />Review <br />Tax ID Number: 25-32-25-43-0043. Lot 1, Block 1, Rivers Bend Plaza 2nd Addition, <br />Anoka County, Minnesota <br />Approximately 1.01 acres or 43,995 SF <br />$100,000 ($2.27 / SF) <br />$100,000 ($2.27 / SF) <br />$10,000 Non-refundable upon Notice to Proceed being provided by Developer. <br />180 days from Effective Date (Date City Council approves) (city requires plat/ <br />site plan approval before sale) <br />Within 30 days of Notice to Proceed. <br />This was a City generated lead. No commission to be paid. <br />Developer will deposit $10,000 in escrow for each 60-day extension (2 <br />extensions allowed) Once extensions are made the money becomes non- <br />refundable. <br />Lot combination. Staff will work with Developer to complete. <br />City to require construction of a minimum 9,500 SF commercial/retail building <br />with City Zoning requirements and obtain a Certificate of Occupancy 16 months <br />after Closing. If this is not done, the City may exercise the Right of Re -Entry. <br />Requires city approval if not same owners / company. <br />None at this time <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (TBD): Land Use, CUP, Development Agreement, Site Plan <br />City Council: Final Approval on all items <br />