Sale of St. Mary's School and Parish Building

We have an accepted offer for the St. Mary school building and parish house

A few details:

- Buyer is Ansay Holdings (Ansay Development)

- Price is $625,000 (less commission)

- Due diligence period is 180 days (6 months). This is time that Ansay has to develop a plan and have accepted by the city, do building and land inspections, create a design for equal to the number of parking spaces we currently have for church parking (actual number of cars now in parking lot, on sidewalk, and on the street), etc. If the parking allotment is not at the number of parking spaces (or reasonably close) to what we have now, we can void the deal if we choose. During the 6 months Ansay can also void the deal if they are not able to design something that makes financial sense to them or the city doesn't approve their plans.

- Once the 6 months (or possibly sooner) is up and the deal moves forward Ansay will give us the full amount of purchase money but we will still hold the title to the property and will occupy the buildings until we are ready to move once the addition and remodeling of the St. Peter property is complete.

- The archbishop will need to give us a final proxy to accept the final counter offer. He has already given a proxy for the original offer and permission to continue to this point.

- There are many other details to the purchase contract that the parish ad hoc building sale committee and two attorneys on our behalf have scrutinized and negotiated.

Please pray that the next 6 months goes smoothly and we are able to move forward with the sale.

If you have any questions feel free to give me a call at 262-284-4266.

Mike Burch

Parish Administrator