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Minnesota <br /> November 21, 2016 <br /> Craig Schlic hting Janice Gundlach <br />Director of Community Assets and Development Ass. Dir. of Community Assets and Development City of New Brighton City of New Brighton 803 Old Highway 8 NW 803 Old Highway 8 NW <br />New Brighton, MN 55112-2792 New Brighton, MN 55112-2792 <br />Re: Letter of Intent – Letter of Intent to purchase approximately 2 acres in New Brighton, Minnesota comprising the real property described on Exhibit “A” attached hereto (the “Property”). <br /> Dear Mr. Schlic hting and Ms. Gundlach: <br />Thank you for your partnership over the last couple of years in our development of the Enclave at New Brighton Exchange community in New Brighton. We are pleased with the community and strongly believe that we’ve <br />developed a great community that the City and our homeowners can be proud of for many years to come. It’s our understanding that the City may have an additional 2 acres of property for sale directly south of our community that <br />they may have interest in selling us. Pulte Homes has a strong desire to purchase the Property as an extension of the Enclave at New Brighton exchange, as described below. This letter confirms our intent to enter into an agreement <br />for the purchase and sale of the Property upon the following terms: 1. Seller: City of New Brighton 803 Old Highway 8 NW New Brighton, MN 55112-2792 Attn: Mr. Craig Schlic hting Telephone: (651) 638 - 2056 Facsimile: (651) 638 - 2044 Email: Craig.Schlic hting@newbrightonmn.gov 2. Buyer: Pulte Homes of Minnesota LLC <br />3. Property: Approximately 2 acres of undeveloped land, located at the southwest corner of Old Highway 8 and Central Park Boulevard, City of New Brighton, Ramsey County, Minnesota, as further described on Exhibit A. 4. Purchase Price: $15,000 per platted residential lot. For example, if 28 lots are platted, Pulte Homes of Minnesota LLC will pay $420,000. 5. Title Company : Stewart Title 1700 West 82nd Street, Suite 100 Minneapolis, MN 55431 Attention: Dawn Anderson Telephone: (612) 435-6103 Facsimile: (612) 677-3034 Email: DAnderson@stewart.com 6. Deposit (Earnest Money): $25,000 to be deposited with the Title Company within 5 business days after execution of contract. The Deposit will be placed in an interest bearing account with the Title Company and will be credited to the Purchase Price.