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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 days 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 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 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 /> Right of Re-Entry 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 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 />