MARCH 15, 22

Kari Dillon, President

Alison Kelly, Vice President
Lyons Township High School Board
100 South Brainard Avenue
LaGrange, IL 60525

RE: ±79.70-acre property

8100 Willow Springs Road
Willow Springs, IL 60480

Kari and Alison:

Bridge Development Partners (“Purchaser”) is interested in purchasing the land located at 8100
Willow Springs Road in Willow Springs, IL. The terms upon which we propose to purchase
the Property are set forth below:

1. Property A ± 79.70-acre property located at 8100 Willow

Springs Road in Willow Springs, IL. The site has a
Tax PINs of: 18-32-101-001-0000, 18-32-101-002-
0000, 18-32-101-003-0000, 18-32-101-004-0000, and
18-32-101-006-0000.

2. Purchase Price $65,000,000

3. Earnest Money Deposit Upon full execution of a Purchase Contract, Purchaser

will deposit $250,000 in cash or letter of credit to an
acceptable escrow agent, which amount will remain
refundable throughout the Due Diligence Periods.

4. Physical Due Diligence Purchaser shall have sixty (60) days commencing upon
execution of a Definitive Purchase Contract to complete
all physical studies on the Property, including but not
limited to environmental, soil borings, engineering, etc.

5. Municipal Due Diligence Purchaser shall have one-hundred and twenty (120)
days commencing upon execution of a Definitive
Purchase Contract to obtain all municipal entitlements
from the applicable municipalities. Purchaser shall have
the option to purchase three (3) 30-day Municipal Due
Diligence extensions by paying to Seller $10,000 per

1000 W. Irving Park Rd, Suite 150, Itasca, IL 60143, 312.683.7230

bridgedev.com
1
 extension, which amounts shall be non-refundable but
applicable to the Purchase Price.

6. Title & Survey Within ten (10) days after the execution of the Definitive
Purchase Contract by all parties, Seller will provide
Purchaser, at Seller’s expense, a commitment for title
insurance within six (6) months of the date of execution
of the Definitive Purchase Contract.

7. Closing Closing will occur thirty (30) days following Purchaser’s

satisfactory completion of their Due Diligence per
paragraphs 4 and 5, at which time Seller will deliver to
Purchaser a general warranty deed conveying title to the
Property free and clear of all mortgages and liens and
also an assignment of Seller’s interest in any and all
agreements, architectural and engineering plans,
studies, surveys, service contracts, governmental
approvals, personal property, and other similar items
relative to the Property. Seller will provide an extended
coverage title insurance policy (with access, zoning, and
contiguity endorsements) and pay for deed transfer,
transfer taxes, and one-half (1/2) of any escrow fees.
Real estate taxes will be prorated on an accrual basis at
closing. Utilities, service contracts, and other standard
prorations will be apportioned on an accrual basis at
Closing.

8. Definitive Purchase Contract This Letter of Intent merely sets forth our interest in
pursuing a purchase of the Property. We will have no
obligation with respect to the purchase of the Property,
until such time as a Definitive Purchase Contract is
prepared and executed by all concerned parties.
Immediately upon Seller’s acceptance of this Letter of
Intent, Purchaser will begin preparing a draft of the
Definitive Purchase Contract.

9. Purchaser’s Entity Structure Purchaser will be a Joint Venture between Bridge

Development Partners and Banner Oak Capital Partners,
or a subsidiary thereof. For additional information on
Bridge Development Partners and our track record,
please see our website www.bridgedev.com.
Information on Banner Oak Capital Partners can be
found at www.banneroak.com. No former owners of the
property are involved in this transaction.

1000 W. Irving Park Rd, Suite 150, Itasca, IL 60143, 312.683.7230

bridgedev.com
2
10. Brokerage Commissions The offer represented by this Letter of Intent is being
made based upon the assumption that Purchaser will
pay a standard/market brokerage fee based on
purchase price to Lee & Associates, per the terms of a
separate agreement.

If ownership is interested in selling the Property in accordance with the terms outlined above,
please so indicate by signing and returning a copy of this letter to us at your earliest
convenience, but in any event no later than the close of business on Friday March 18th, 2022.

Sincerely,

BRIDGE DEVELOPMENT PARTNERS, LLC

Steve Groetsema Nick Siegel

Chief Operating Officer, Partner Partner, Chicago Region
March 15, 2022 March 15, 2022

1000 W. Irving Park Rd, Suite 150, Itasca, IL 60143, 312.683.7230

bridgedev.com
3