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TERM SHEET FOR CORTRUST BANK, N.A—Part of Parcel 48A—1-29-25 <br /> Real Estate Tax ID Number: Portion of 28-32-25-24-0020. Part of Outlot B, COR FIVE (Part of Parcel <br /> 48A) <br /> Acreage Approximately+/-0.73 acres or (31,799 SF) Subject to Final Plat <br /> Asking Price $190,794 ($6.00/SF) (SF Subject to change based on approved Plat) <br /> Offer Price $190,794 ($6.00/SF) (SF Subject to change based on approved Plat) <br /> Earnest Money $10,000. Non-refundable upon Notice to Proceed being executed. <br /> Inspection Period 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 /> Closing Within 30 days of Notice to Proceed. <br /> Commission 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 /> Extensions to Close 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 /> City take care of 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 /> Performance 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 /> Assignment Requires city approval if not same owners/company. <br /> Contingencies None at this time <br /> Review 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 />