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TERM SHEET FOR LH Road, LLC (Wildlife Research Center Expansion) 5-6-26 <br />Real Estate <br />Address <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 />Tax ID Number: 27-32-25-41-0025. Tract B, Registered Land Survey No. 251 <br />Anoka County, Minnesota <br />Undetermined - Ramsey, MN 55303 <br />Approximately 1.93 acres or 84,071 SF <br />$1.00 <br />$1.00 ($0 / SF) Estimated Cost to bring site to buildable condition and to <br />account for regional stormwater pond upgrades ($640,130), exceeds asking <br />price. <br />$1 Non-refundable upon Notice to Proceed being provided by Developer. <br />180 days from Effective Date (Date City Council approves) <br />Within 30 days of Notice to Proceed. <br />This was a City generated lead. No Broker Commission to be paid <br />Developer will deposit $1 in escrow for each 60-day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />Preparation of City Closing documents. Staff will work with Title Company to <br />complete. <br />City to require Buyer to construct a minimum 13,500 SF Warehouse building <br />with City Zoning requirements and obtain a Certificate of Occupancy 12 months <br />after Closing. If this is not done, the City may exercise remedies in the Right of <br />Re -Entry Agreement. An additional 36,000 SF building addition will be <br />constructed at a later date and will not be included in the Right of Re -Entry <br />Agreement. Buyer must obtain all required MPCA approvals and easements. <br />Buyer will need to Combine and Plat Property (27-32-25-41-0025) with adjacent <br />property to west (27-32-25-41-0017) prior to construction of 36,000 SF <br />Addition. <br />Requires city approval if not same owners / company. <br />None <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (TBD): Land Use, Development Agreement, Site Plan <br />City Council: Final Approval on all items <br />