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TERM SHEET FOR ELEVATE HOPE HOUSE — 6-1-26 <br />Real Estate Tax ID Number: 28-32-25-31-0023. Outlot B, COR Stone Brook Academy (Parcel 47c) <br />Acreage Approximately .52 acres or 22,651 SF <br />Buyer Elevate Hope House, A Minnesota Nonprofit Corporation <br />Asking Price $149,500 ($6.50 / SF) <br />Offer Price $85,000 ($3.75 / SF) <br />-$30,000 Cash from Developer - $55,000 from Ramsey LAHA <br />Earnest Money $20,000 Non-refundable upon Notice to Proceed being executed. <br />Inspection Period <br />180 days from Effective Date (Date City Council approves) (city requires plat/ site <br />plan approval before sale). <br />Closing Within 30 days of Notice to Proceed. <br />Commission This was a City generated lead for City property. Per the terms of the listing <br />agreement, the City will pay 0% of gross sales price to CBRE. <br />Extensions to Close Developer will deposit $5,000 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 Developer will contract to <br />plat the property as part of the site plan process. City to provide $55,000 in LAHA <br />Funding to Purchase price. City to Provide $195,000 in City LAHA Funding for <br />project costs related to the construction of up to 3 units of affordable housing and <br />related costs that serves households between 40%-60% AMI. Developer agrees to <br />commit to at least one 2-bedroom unit meets the 40% threshold and to report <br />compliance as required by law and the City of Ramsey. <br />Performance <br />City to require construction of a minimum 8,500 SF commercial/residential mixed - <br />use building compliant with COR Zoning requirements and obtain a Certificate of <br />Occupancy one year after Closing for one residential unit and the retail restaurant <br />space on the first floor. If this is not done, the City may exercise the Right of Re - <br />Entry. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies Securing $250,000 in LAHA Funding from City of Ramsey. <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 />