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<br />TUV SUD America (TUV) AND CITY OF NEW BRIGHTON NEW BRIGHTON EXCHANGE PROJECT <br /> <br />PROPOSED TERM SHEET <br /> <br />The following Term Sheet reflects the basic parameters of a potential deal with TUV SUD America for their <br />proposed building on Block D within the New Brighton Exchange redevelopment area. This term sheet is subject to <br />approval by both parties, including the City Council. If the parties reach agreement on this document, the next phase <br />would involve negotiations on a Redevelopment Agreement that will, among other things, incorporate the terms and <br />obligations herein. <br /> <br />Redeveloper: TUV SUD America <br /> <br />City: City of New Brighton, Minnesota <br /> <br />Redevelopment Property: Redeveloper proposes construction of a 36,500 SF office/testing/certification <br />building with associated surface parking, utility, and landscaping improvements <br />and future expansion space of 12,000 SF on Block D within New Brighton <br />Exchange as shown on attached Exhibit A. <br /> <br />Redeveloper shall, at its sole cost, apply for the necessary land use approvals <br />and seek approval as a Planned Unit Development. The parcel will be referred to <br />as the "Redevelopment Parcel". <br /> <br />Purchase Price: The purchase price for the approximate 4 acre site referred to as Block D shall <br />be $479,160 (or $2.75/SF). The Redevelopment Property is subject to review <br />and approval of the City. The final configuration and square footage of the <br />Redevelopment Parcel are subject to the review and approval of the City. The <br />City shall hold in escrow 100% of the Purchase Price to assist in environmental <br />costs and other site and building enhancements as specified under the Minimum <br />Improvements paragraph below. <br /> <br />The parties shall mutually agree in the Redevelopment Agreement on the costs <br />eligible for reimbursement through the escrow and further acknowledge those <br />costs may consist of 100% of the Purchase Price. <br /> <br />Title Company: Land Title, Inc. <br /> <br />Closing Date: The closing date for the Redevelopment Parcel will be on or before <br />June 30, 2017. <br /> <br />Minimum Improvements: Redeveloper shall construct the Minimum Improvements on the Redevelopment <br />Property that shall include a minimum of those shown on the attached Exhibit C <br />(“Minimum Improvements”). In addition, Redeveloper requests that the City <br />reimburses Redeveloper from the Purchase Price for certain environmental costs <br />and other construction enhancements to the site and building, which are <br />necessary in order to meet the design guidelines for the New Brighton Exchange <br />redevelopment area. These reimbursements shall include the following: <br />• Environmental costs incurred to enter the Minnesota Pollution Control <br />Agency’s (MPCA) Voluntary In-Clean-Up (VIC) program and those <br />actions necessary for the Redeveloper to secure a No Further Action <br />Determination from the MPCA. Cost estimated at $185,000. <br />• Upgraded outdoor patio amenity at an estimated cost of $5,000. <br />• Enhanced landscaping package at an estimated cost of $45,000. <br />• Ample exterior architectural glass, enhancing the building’s curb <br />appeal and necessary to comply with the New Brighton Exchange <br />exterior building materials standard at a cost estimated at $288,000.