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<br /> <br /> <br /> <br /> <br /> TERM SHEET <br /> RYAN COMPANIES: NW QUAD: TRANSOMA PROJECT <br /> <br /> <br /> The Ryan Companies US, Inc. ("Redeveloper") is willing to purchase the property commonly <br /> described as "Site C" on the Northwest Quadrant concept plan (the "Property") from the City of <br /> New Brighton ("City") under the following terms and conditions: <br /> <br /> Property: The area generally shown as Parcel A on Exhibit 2, which is <br /> approximately 5.79 acres in size. <br /> <br /> Purchase Price: $6.00 per square foot to be determined by survey. The Redeveloper will <br /> pay all development fees related to the Property. For illustrative purposes, <br /> attached as Exhibit 1 is a good faith estimate of the anticipated <br /> development fees for the Property, and for Parcels C, D, E and F and the <br /> Portion of Parcel B not retained by the City for the storm water pond, all <br /> as shown on Exhibit 2 (the "Option Property"). <br /> <br /> Park Dedication Fees: Park dedication fees shall be paid at closing. The same procedure sha11 be <br /> used for the Option Property. <br /> <br /> Terms: $50,000.00 earnest money; <br /> Balance at closing <br /> <br /> Minimum <br /> Improvements: The Redeveloper agrees to construct on the Property a building of <br /> approximately 120,000 gross square feet and to commence the <br /> construction of such building promptly following the closing of the <br /> purchase of the Property. The construction costs of the Minimum <br /> Improvements shall be not less than $13.5 million (land, building and <br /> development costs), and not less than 75% of the Minimum Improvements <br /> shall be used for office purposes. The Redeveloper has furnished a <br /> proposed concept site plan which is attached as Exhibit 3. <br /> <br /> Construction Timing: The Redeveloper shall begin construction of the Minimum Improvements <br /> by October 1, 2007 and shall complete construction by December 31, <br /> 2008. <br /> <br /> Closing Date: On or about September 1, 2007 for the Property assuming the Redeveloper <br /> will have obtained all necessary approvals from the City including all land <br /> use and zoning approvals prior to the closing. <br /> Title: The City to provide marketable title and a commitment for an ALTA <br /> Owners Policy of Title Insurance deleting standard exceptions and <br /> including endorsements required by Redeveloper, from Old Republic <br /> National Title Insurance Company ("Title"), Any title insurance and/or <br />