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TERM SHEET FOR MW PROPERTIES LLC(COMPLETE AUTO) 1.2.24 <br /> Real Estate Tax ID Number: 25-32-25-43-0043. Lot 1, Block 1, Rivers Bend Plaza 2nd Addition, <br /> Anoka County, Minnesota <br /> Acreage Approximately 1.01 acres or 43,995 SF <br /> Asking Price $100/000 ($2.27/SF) <br /> Offer Price $100,000 ($2.27/SF) <br /> Earnest Money $10,000 Non-refundable upon Notice to Proceed being provided by Developer. <br /> Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat/ <br /> site plan approval before sale) <br /> Closing Within 30 days of Notice to Proceed. <br /> Commission This was a City generated lead. No commission to be paid. <br /> Extensions to Close 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 /> City take care of Lot combination. Staff will work with Developer to complete. <br /> Performance 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 /> 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 (TBD): Land Use, CUP, Development Agreement, Site Plan <br /> City Council: Final Approval on all items <br />