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DocuSign Envelope ID: 2515BC90- 5A17- 40B2- 87EF- 09EE03B78730 <br />than as discoverer] in the title' search, but we can assist the County in identifying an <br />environmental expert to review the existing Notice ofi Drownfields and any other environmental <br />issues upon request. We can procure title insurance for the County based on our pt•oliminary <br />Opinion should that be necessary in the future, <br />LQfter of In tent <br />During tile, initial phase of our engag;entont we have loain(ed that Main Street .Properties, LLC. <br />(the "Developer ") has an unrecorded option to purchase the Property from tie ourrent owner. <br />The Developer intends to include the Property in a subsequent phase of Clio, 30() Bast Main Street <br />devalopment ((he To date, we have successfully worked with the County and <br />the Developer to come to a mutually acceptable Due Diligence Agreemont that will serve as a <br />foundation for more extensive negotiations related to the potential location of a library on the <br />Property, We have worked with the County and the Developer to identify several potential, deal <br />structures for the Project to date. 'rhe next phase of the project involves working on a letter of <br />intent ("LOP) that can be recommended to the County, Tho S,01 will serve as the basis of the <br />transaction agreement among the palties, The LOX will inolu(le specific p)rovislons concerning <br />property tight owne' "hip; operation of tbo library turd surrounding Development, coush,uction of <br />the library and residential, areas in floors above the library, and financing structures, This phase <br />Of the Pl'oject will requite extensive negotiation with the Developer as well as significant <br />document drafling and preparation, <br />De <br />We will be the County on an hourly basis for tite negotiation and preparation of the I,OI and <br />dooln-nents related thereto, All work performed by our renl estate paralogal will be charged at <br />her hourly rate of $85 per hour, I will be Gee primary attonley responstblc for this matter, My <br />partner, W11Narn ( "Bill ") Hutchins, Jr„ who is a NC Board Certified Specialist in Real <br />ltopei•ty Law focusing; on business, commercial and industt•ial transactions, will assist me <br />on as as- needed basis, Bill an <1 I will charge the County for all work done on the Project <br />at out• normal hourly rate for 2014 of $235 per hour. <br />It is difficult to estimate the legal fees that may be incurred during this phaso of the work <br />described in this letter given the many variables that could be encountered in this process, <br />However, we will work diligent and efficiently in Lill respects during the course of this <br />engagement. To date, we have taken the lead on drafting Agrecnlelits with Ole Developer, <br />AM it is likely that ova will continue to do so during this next phase ofthe project, <br />Please understand that I must charge for all work performed even if this transaction fails for airy <br />reason. The County will be billed monthly fbr all services performed durbig the preceding <br />month, Tile.-Mal amount shamed to the County for the work dgsgrib(,d_Ly rein will not exceed <br />Fiften T ousand and QQ /1 Q Dollars V5 00",00 , <br />Pleaso do not hesitate to contact me with any questions or concerns regarding this letter, I look <br />forward to working with you on this transaction on behalf of the County, <br />,kmnoll V)nuer, pllc <br />4011 imirnrirp dr1w, wite.100. druhaur, nr : ^Gr , 1,DI! 0W (re bov 515 „J, durbuu+. xr <br />TELPOWNC, 9/94900S00.FA}:919i?OG3�;� rt•Uar.kru»nnrodrrr.rnm <br />