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FL Star 6-14-19 offerEiTA'FI Letter of lntent to Purchase Approximately 47 +l-261s Parcel located on lmmokalee Road, Collier County, Naples, Florida Re: Collier County Owned 47 acres along lmmokalee Rd offered for sale Dear Ms. Mott, I am writing in regards to the property in Golden Gate Estates that the Board of Collier County Commissioners has recently been discussing for a possible sale. The purpose of this letter is to indicate the basis upon which FL Star Construction, LLC or its assignee ("Purchaser") is prepared to enter into a purchase and sale agreement with Collier County ("Seller"), to acquire approximately 47 +/- acres located on lmmokalee Rd & 4th St NE, Collier County, Naples, Florida. This letter ("Letter of lntent") is not intended to be legally binding on either party. lt is, however, an indication of the intent of Purchaser to enter into an exchange of information with respect to the property and to negotiate concerning the purchase of the property (the "Transaction") on terms and conditions set forth in this Letter of lntent and to be detailed in a future mutually acceptable contractual agreement behveen the parties (the "Purchase Agreement"). I Seller: 2 Purchaser: 3 Property: 4 Purchase Price: Collier County FL Star Construction, LLC or its assignee The property is located on lmmokalee Rd and 4rh St NE identified under parcel No. 37690040003 Purchase Price is $3,600,000 to be paid at Closing in cash or immediately available funds, subject to closing costs and normal adjustments. Within 5 business days after execution of the Purchase Agreement, Purchaser shall deliver to the escrow agent under the Purchase Agreement, a deposit in the amount of $125,000, which shall be applicable to the Purchase Price. 5 Earnest Money: June 9, 2018 Toni A. Mott Manager of Real Property Division of Facilities Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 341'12 Page 2 6 Due Diligence, Approval and Extension Periods: 7 Closing Date: 8 Property Data: 9 Title lnsurance, Survey and Plat: 10 Closing Costs: Purchaser shall have a 90-day period commencing on the Effective Date of the Purchase Agreement (the "Due Diligence Period") to complete project feasibility and the initial due diligence. All costs incurred by Purchaser for inspections shall be the sole cost of Purchaser Purchaser will exercise reasonable efforts to cause all inspections to be conducted with as little disruption as is reasonably possible. Deposit shall be refundable during the Due Diligence Period. Closing shall be within 30 days after the end of the Due Diligence Period. Within 2 days after the Effective Date of the Purchase Agreement, Seller shall provide to Purchaser copies of all leases, declaration agreements, home owner association agreements, easement agreements, contracts, warranties, surveys, plans, existing title policies and title commitments, environmental reports, and other information regarding the Property in Seller's possession that will be helpful for Purchaser to review during the Due Diligence Period. Purchaser shall obtain (i) an ALTA title insurance commitment (the "Title Commitment") to be issued by the Title Company and (ii) at Closing, a final owner's title insurance policy insuring Purchaser as purchaser of the Property in the amount of the Purchase Price. The Title Commitment will evidence whether fee simple title to the Property is currently vested In Seller, free and clear of all liens, encumbrances and exceptions or qualifications except for (i) those exceptions to title which are acceptable to Purchaset and (ii) those exceptions to title which shall be discharged by Seller at or before Closing. Purchaser, at Purchaser's expense, shall obtain an ALTA survey of the Property (the "Survey"). Any objection to the condition of title or Survey shall be made by Purchaser in writing no later than the 60th day of the Approval Period. Seller to pay all documentary stamps, transfer tax and other costs associated with recording the warranty deed, the costs of recording any corrective instruments, normal and reasonable closing costs of Seller including any past due taxes, rollback or deferred taxes and pro rata real estate taxes and assessments for the year in which the closing occurs, and one-half of any escrow or closing fee charged by the Title Company. Purchaser to pay pro rata real estate taxes and assessments for the year in which the closing occurs, the title insurance premium for an owner's title insurance policy in the amount of the Purchase Price and one-half of any escrow fee charged by the Title Company. Each party shall 7742 Alico Rd. Ft. NIyers, FL 33912 871 -351 -821 1 Page 3 11 Assignment: 12 Real Estate Brokers: 13. lntended Use pay its own attorney's fees. Purchaser may assign its rights under the Purchase Agreement to a single asset entity to be formed by and affiliated with Purchaser and/or its principals. Each party represents that it is not being represented by a real estate broker in connection with the negotiation of this Letter of lntent and the transaction contemplated herein. It is the intent of the Purchaser to pursue a mixed use development in the Property comprising residential uses and commercial uses. We envision commercial outparcels along lmmokalee Rd, a large center lake as a focal point with entertainment, shops and food options including a food truck park. Residential uses would border existing residential developed properties. Sincerely, FL Star Construction, LLC By David S, its M a 7742 Atico Rd. Ft. llyers, FL 33912 871 35 t- 8211 Thank you for your attention to this matter. I am available to meet to discuss any questions or concerns regarding this correspondence. lcan be reached via email at david@torrescomoanies.com.