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Real Estate <br />Acreage <br />Asking Price <br />Offer Price <br />Earnest Money <br />Inspection Period <br />Closing <br />Commission <br />Extensions to Close <br />City take care of <br />Performance <br />Assignment <br />Contingencies <br />Review <br />TERM SHEET FOR CORTRUST BANK, N.A — Part of Parcel 48A — 1-29-25 <br />Tax ID Number: Portion of 28-32-25-24-0020. Part of Outlot B, COR FIVE (Part of Parcel <br />48A) <br />Approximately + / - 0.73 acres or (31,799 SF) Subject to Final Plat <br />$190,794 ($6.00 / SF) (SF Subject to change based on approved Plat) <br />$190,794 ($6.00 / SF) (SF Subject to change based on approved Plat) <br />$10,000. Non-refundable upon Notice to Proceed being executed. <br />180 days from the later of Effective Date (Date City Council approves) or a fully <br />executed PA is delivered to buyer (city requires plat/ site plan approval before sale) <br />Within 30 days of Notice to Proceed. <br />This was a City generated lead for a CBRE Listed property. Per the terms of the listing <br />agreement, the City will pay 3% of gross sales price to CBRE. <br />Buyer will deposit $10,000.00 in escrow for each 60-day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />Provide existing ALTA Survey and updated Title Work. The Buyer will contract to plat <br />the property as part of the site plan process. <br />City to require construction of commercial/retail buildings compliant with COR Zoning <br />requirements and obtain a Certificate of Occupancy 16 months after Closing. The <br />Buyer will enter into a Right of Re -Entry Agreement with minimum building square <br />footage requirements of 5,000 SF. The Buyer will also construct all internal <br />roadways onsite for the drive-thru and north access to Zeolite Street NW at the <br />cost of the Buyer. The City may exercise the Right of Re -Entry if performance <br />requirement is not met. <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 (Staff To Be Determined): Land Use, Development Agreement, <br />Site Plan, Plat <br />City Council: Final Approval on both item <br />