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~~ATAWB-A~ <br />L~ ANDS (ONSERYAN(Y <br />1Ylarch 29, 2010 <br />Augsburg Communities LLC <br />2116 Crown Center Dr., Ste. 100 <br />Charlotte, NC 28227 <br />Atten: Thomas Crosby, Managing Member <br />Board oFDirectors Subject: Purchase of Shandon Property <br />J. Frank Bragg, Jr. <br />Debra D. Campbell Dear Tommy: <br />David Clark, Jr. <br />Michael F. Clement <br />Thomas Cox, Jr. <br />This letter, after signature by all parties, shall document the intent of the Catawba Lands <br />Peggy B. Culbertson Conservancy to purchase, and Augsburg Communities LLC ("Seller' intent to sell either <br />Robert W. Elliot, Jr. the Preferred Project Property or the Alternative Project Property as follows: <br />T. Thomas Gates <br />Philip A. Kuttner <br />Thomas D. Lee <br />Preferred Project: <br />Jud F. Little Approximately 80 acres of land located in Cabarrus County, North Carolina, depicted on <br />Thomas H. McCoy, ,~to the map and attached as Appendix "A" together with an access easement from a publicly <br />Charles J. Mealcin, Ill. MO <br />Jacob iVI.1~Ieclder accessible road (the "Property), subject to the terms and condirions stated in this letter. <br /> <br />Reed Perkins The urchase rice For the Pro er shall be not more than $227,250.00 Purchase <br />P P P ty (~~ <br />Eddie Poe .Price") and the Property must appraise For at least $480,000. If the appraisal is less than <br />Haynvood F. Rankin $454,500, the Purchase Price will be 50% of the appraised value. <br />David IS. Smoots <br />Louis C. Stephens, fll <br />H. Thomas Webb, Ill Alternative Project: <br /> Approximately 48 acres of land located in Cabarrus County, North Carolina, depicted on <br /> the map and attached as Appendix "B" together with an access easement From a publicly <br /> accessible road, (the "Property), subject to the terms and conditions stated in this letter. <br />board of Advisors The purchase price for the Property shall be not more than $141,000.00 ("Purchase <br />McKay Belk Price") and the Property must appraise For at least $282,000. IF the appraisal is less than <br />Philip Blumenthal $282,000, the Purchase Price will be 50% of the appraised value. <br />JeEF Burton <br />Edvard Crutchfield The selection between the Preferred and Alternative Project shall be made by the <br />Frank Dowd. Iv <br />William Grigg Carolina Thread Trail Grants Committee based on the a royal if an of these two <br />PP Y <br /> choices on April 21, 2010. <br />The purchase of either the Preferred Project or Alternative Project Property shall be <br />subject to the following conditions: <br />(1) The Catawba Lands Conservancy receives approval of a grant in the amount of the <br />Purchase Price from Carolina Thread TraiUClean Water Management Trust Fund on or <br />about Apri121, 2010; <br />(2) The purchase is approved by the Catawba Lands Conservancy Board of Directors <br />on or about April 21, 2010; and <br />(3) Landowner donates 50% of the value of the Property through a bargain sale. <br />L~AED~r~ <br />4'M 6 <br />~p [05 ZV. Morehead Street I Charlotte, NC 28202 1704.342.33b0 I C: 704.342.3340 I ~vww.catativ6alands.org ;. V-Y= <br />,~'~ou ioV~ <br />Attachment number 1 <br />F-9 Page 121 <br />