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0 <br /> 4. Closing. Closing shall take place simultaneously with Seller's closing on the <br /> financing for Arden Village with Minnesota Housing. Buyer shall pay for the cost <br /> of the title policy, the closing fee and pay the recording cost of the deed. Seller <br /> shall pay for state deed tax and recording documents clearing title to the <br /> Property. <br /> 5. Real Estate Taxes. Real estate taxes due and payable in the year of closing shall <br /> be prorated on a calendar year basis. <br /> 6. Seller Contingencies. Sale shall be contingent on Seller obtaining all necessary <br /> local approvals, an award of federal tax credits from Minnesota Housing and the <br /> approval of pay-as-you-go tax increment financing for Arden Village. Tax <br /> increment financing shall be over a period of time necessary to finance not less <br /> than $575,000. In lieu of tax increment financing or a combination thereof, <br /> participation could include waived fees or cash. The costs for the tax increment <br /> financing shall be paid 50% by each Buyer and Seller. The Arden Village <br /> development will need to meet all statutory requirements of tax increment <br /> financing including the "but for test". <br /> If there are any questions or comments on this proposal, please do not hesitate to <br /> • contact me with questions. If the City is interested in pursuing the purchase of the <br /> tower, the next step would be to enter into a purchase agreement that we would draft. <br /> Thank you for your consideration. <br /> Sincerely, <br /> Sand Companies, c. <br /> Jamie Thelen <br /> Chief Executive Officer <br /> • <br /> ■i <br />