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TERM SHEET FOR CAPITAL REAL ESTATE, INC. (Chipotle) 12-4-2024 <br />Real Estate Tax ID Number: Part of 28-32-25-22-0107. Part of Outlot D, Waterfront Village, <br />(Part of Parcel 46) <br />Acreage Approximately 3.17 acres (138,085 SF) to 3.34 acres (145,490 SF) <br />Asking Price $1,104,680 to $1,163,920 ($8.00 / SF) <br />Offer Price $966,596 ($7.00 / SF) for 3.17 acres or $981,000 ($6.74 / SF) for 3.34 Acres <br />(Subject to change based on Final Plat and compliance for pylon signage on <br />Southeast Corner of Bunker Lak Blvd and Armstrong Blvd) <br />Earnest Money $25,000. Non-refundable upon Notice to Proceed being executed. <br />Inspection Period 180 clays from Effective Date (Date City Council approves 1-14-25?) (city <br />requires plat, site plan approval before Closing) <br />Closing Within 30 days of Notice to Proceed. <br />Commission 5% commission to CBRE. (Estimated to be $48,329.80 to $49,050) No other <br />Commission paid to any other parties. <br />Extensions to Close <br />Developer will deposit $10,000 in escrow for each 30-day extension (2 <br />extensions allowed) Once extensions are made the money becomes non- <br />refundable. <br />City take care of Provide existing site information, plat information in possession of city and <br />updated Title Commitment. <br />Performance <br />Right of Re -Entry <br />City to require construction of a minimum 2,200 SF Chipotle restaurant <br />compliant with COR Zoning requirements and obtain a Certificate of Occupancy <br />12 months after Closing. If this is not done, the City may exercise the Right of <br />Re -Entry. Buyer will construct turn lane off Armstrong Blvd to Property at Buyer <br />Cost. <br />Certificate of Occupancy (C/O) to be obtained for Chipotle Restaurant 12 <br />months from Date of Closing. $50,000 penalty or to right by City to re -acquire <br />Property at a cost less Closing Costs and Commission paid by City. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies <br />Approval of turn lane off Armstrong Blvd NW by Anoka County. 3.34 acre <br />purchase price of $981,000 dependent on viability of signage to be constructed <br />at SE Corner of Armstrong and Bunker Lake Boulevards. If pylon signage not <br />viable and approved by the Seller, price reverts to $966,596. <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 />