Laserfiche WebLink
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 <br />Assignment <br />Contingencies <br />Review <br />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 5 development and future plat (if needed) for <br />Remnant building site. <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 (Todd/Staff): Land Use, Development Agreement, Site <br />Plan, Plat <br />City Council: Final Approval on both items <br />