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3/4-2/06 <br />ASSESSMENT AGREEMENT <br />THIS AGREEMENT, dated as of this day of , 2006, is between the <br />Economic Development Authority of the City of Little Canada (the "EDA ") and The Village at <br />Little Canada LLC, a Minnesota limited liability company (the "Developer "). <br />WITNESSETH <br />WHEREAS, on or before the date hereof the EDA and Developer have entered into a <br />Development Agreement dated as of December 9, 2003, as amended by First Amendment to <br />Development Agreement dated , 2006 (as so amended, the "Agreement ") <br />regarding certain real property located in the City of Little Canada, a portion of which is <br />identified therein as Parcel 1, which Parcel is legally described on the attached Exhibit A (the <br />"Property "). <br />WHEREAS, it is contemplated that pursuant to said Agreement, the Developer will <br />purchase the Property from the EDA and undertake the construction of improvements for use as <br />commercial space on the Property in accordance with plans and specifications approved by the <br />EDA (the "Improvements "). The term "Property," as used in this Agreement, includes all <br />improvements now or hereafter located on the Property, including, but not limited to, the <br />Improvements. <br />WHEREAS, the EDA and Developer desire to establish a minimum market value for the <br />Property and the improvements constructed or to be constructed thereon, pursuant to Minnesota <br />Statutes, Section 469.177. <br />WHEREAS, the EDA and the Assessor have reviewed plans and specifications for the <br />Improvements. <br />NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, <br />covenants and agreements made by each to the other, do hereby agree as follows: <br />1. As of January 2, 2006, the minimum market value which shall be assessed for the <br />Property shall not be less than $700,000.00. As of January 2, 2007 and as of each January 2 <br />thereafter, through and including January 2, 2021, the minimum market value which shall be <br />assessed for the Property shall not be less than $2,470,000.00. <br />2. This Agreement shall terminate on the earlier of (i) December 31, 28222021; or <br />(ii) the date on which the Tax Increment District expires or is otherwise terminated. <br />3. This Agreement shall be recorded by the EDA with the County Recorder of <br />Ramsey County, Minnesota. The Developer shall pay all costs of recording. <br />4. This Agreement shall inure to the benefit of and be binding upon the successors <br />and assigns of the parties. <br />24- 2+7418-22714708.3 - 2 <br />