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TERM SHEET FOR Garage RE LLC(Take 5)—1.29.24 <br /> Real Estate Tax ID Number: 28-32-25-23-0023. Lot 2, Block 1, COR FOUR, (Parcel 42a) <br /> Acreage Approximately 1.16 acres or 50,529 SF <br /> Asking Price $404,236 ($8.00/SF) <br /> Offer Price $404,236 ($8.00/SF)—Net$279,236($5.52/SF) (Subject to change based on <br /> actual cost of construction of 20 space parking lot on Northstar Marketplace site <br /> and connection to Take 5 development <br /> Earnest Money $15,000 Non-refundable upon Notice to Proceed being executed. <br /> Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat(If <br /> needed)/site plan approval before sale) <br /> Closing Within 30 days of Notice to Proceed. <br /> Commission 3.5%commission for Jones Lang LaSalle Brokerage and 3.5%to CBRE. <br /> Extensions to Close Developer will deposit$5,000 in escrow for each 30-day extension (2 extensions <br /> allowed) Once extensions are made the money becomes non-refundable. <br /> City take care of Provide existing plat information and updated Title Commitment. <br /> Performance City to require construction of a minimum 1,800 SF commercial/retail building <br /> (Take 5 Oil Change)compliant with COR Zoning requirements and obtain a <br /> Certificate of Occupancy 12 months after Closing. If this is not done,the City <br /> may exercise the Right of Re-Entry. In addition,the Developer will be <br /> responsible for construction of 20 space parking lot on Northstar Marketplace <br /> site and connection to Take S development and future plat (if needed)for <br /> Remnant building site. <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 (Todd/Staff): Land Use, Development Agreement, Site <br /> Plan, Plat <br /> City Council: Final Approval on both items <br />