Seller Responses to Inquiry about Status of Diligence Items

List below are the revised terms of the LOI:

• Seller: BRS Development, LLC
• Purchase: Price: $8,424,000.
• Deposit: $100,000.
• Feasibility: 90 days from Jan 1st 2023.
• Additional Deposit: After 90 days an additional $100,000 totaling $200,000 shall be non-fundable expect in Seller default.
• Buyer shall submit for “Site Plan Approval” to the City of LaVergne by Feb 27th 2023 to be approved by the City Plan Commissions (which is one reading).  If Buyer fails to submit, PSA shall be terminated.
• Closing Conditions:  Planning Commissions approval of the Site Plan and Grading Permit. 
• Title Company:  Stewart Title 216 Centerview Drive Brentwood TN 37027  Jennifer Stacey email: [email protected].
• Closing: 30 days after Feasibility and Closing Conditions.

Clean Phase 1  Completed July 13th, 2022

Clean Title  Completed July 2022

ALTA Survey Will be Complete December 16th, 2022

Topo Survey Completed April 2022

Water, Sewer, and Power will serve letters Will have January 2022

Geotech Completed August 22nd, 2022

Environmental items done i.e. wetlands, etc. if applicable   Completed July 22nd, 2022. There are no impacts on streams or wetlands there for no Permit is needed.

Site plan approval Concept Plan will be submitted December 26th, 2022, for a January 31st, 2023, Approval

​​     Site Plan ( 90% full CDs ) will be submitted January 30th, 2023 for a February 28th, 2023 Approval. Need Vertical footprints for this. 2 Month Process

Grading permit  Mass Grading Plan is completed, will submit to TDEC (Tennessee Department of Environmental Conservation) for a NOI (Notice of Intent) in January for a February Approved of a NOC (Notice of Coverage).  See attached Email for Kyle Brown City of La VergeneAssistant City Administrator that states a Mass Grading Plan and Erosion Control Plan (Part of NOC Approval) a Grading Permit can be obtained.

Construction Drawing Horizontal and Vertical – Horizontal and Vertical CDs can be submitted for permit immediately after Site Plan approval. 45-60 day turnaround.

DOT sign off-usually can’t get grading permit without this now but depends on municipality

Waldron Road is a City Road and does not need DOT Approval.

Thank You,

Engineering and Utilities look at Horizontal after site plan approval – 3 Month process

Vertical can start at Site plan approval

Probable participation fee for sewer outfall.