Agenda - Economic Development Authority - 10/10/2024

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PHILLIPS EDISON & COMPANY Letter of Intent Purchase and Build October 10, 2024 City of Ramsey Re: Acquisition of Parcel Dear Mr Sullivan: We are pleased to submit the following terms for the potential purchase of acquisition of the parcel at the corner of Armstrong Blvd and Sunwood Dr. As requested, the basic terms of the LOI are as follows: Total Parcel Purchase: —2.91 Acres Developable Acreage: —1.15 Acres (-50,094 sf) Purchase Price: $8.00 psf of Developable Land Probable User: Fast Food Earnest Money: $10,000.00 upon contract execution. The entire $10,000.00 shall become non-refundable at the expiration of the Inspection Period. Infrastructure: Purchaser commits to build all interior and roadways and turn lanes ass needed. 50% of costs to be reimbursed by owner of Lot 2 Parcel (As depicted on Exhibit A) Platting: Before closing of the Property, Purchase will work with City to replat the land as needed Purchase Agreement: Purchaser agrees to negotiate Purchase contract as well as Right of Re- entry Agreement within 60 days of approval of the LOI by seller. Re -Entry Agreement: Purchaser agrees to negotiate Right of Re-entry Agreement within 60 days of approval of the LOI by seller. Inspection Period: One Hundred Eighty (180) days from the later of (a) execution of the Purchase and Sale Agreement or (b) when Seller delivers to Buyer the Initial Due Diligence List (attached as Exhibit A). (2) 90 day extensions can be purchased for $10,000 each with that money non-refundable but applicable to the Purchase Price Closing: No later than fifteen (15) days from completion of the Inspection Period. Closing Cost: Customary. To be negotiated in Purchase Agreement 11501 NORTHLAKE DRIVE I CINCINNATI, OH 45249 T 513. 554.1 1 10 T 800.875.6585 F 513.554.1820 PHILLIPSEDISON.COM CINCINNATI SALT LAKE CITY NEWYORK ATLANTA