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TERM SHEET FOR ROERS ACQUISITIONS LLC — 4-28-25 <br />Real Estate Tax ID Number: 28-32-25-23-0025. Lot 1, Block 7, Waterfront Village <br />Acreage Approximately 3.87 acres (168,577 SF) <br />Asking Price $1,350,000 ($8.00 / SF) <br />Offer Price $1,350,000 ($8.00 / SF). Price includes allocation of $256,600 for construction of <br />Ramsey Parkway adjacent to site. (Net land Proceeds are $1,093,400 and <br />Commission is based on that number) <br />Earnest Money $50,000. Non-refundable upon Notice to Proceed being provided by Buyer. <br />Inspection Period 365 days from Effective Date (Date City Council approves 5-27-25?) (City site <br />plan approval before Closing) <br />Closing Within 30 days of Notice to Proceed. <br />Commission 3% commission to CBRE; City generated lead (Estimated to be $32,802) No <br />other 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 City to require construction of a minimum 180-unit market -rate apartment <br />project with amenities and minimum 5,000 square feet of street level <br />retail space, compliant with COR Zoning requirements to be further <br />defined by an approved Site Plan <br />Right of Re -Entry Certificate of Occupancy (C/O) to be obtained for 24 months from Date of <br />Closing. $50,000 penalty or to right by City to re -acquire Property at a cost less <br />non-refundable Earnest Money paid by Buyer, and Closing Costs and <br />Commission paid by City. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies No additional contingencies than in standard City Purchase Agreement <br />Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (Adam/Staff): Land Use, Development Agreement, Site <br />Plan <br />City Council: Final Approval on both items <br />