08-13-2003 Council Agenda - Laserfiche WebLink

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EXHIBIT B ASSESSMENT AGREEMENT THIS AGREEMENT, dated as of this day of , 2003, is between the City of Little Canada (the "City") and International Union of Painters and Allied Trades Council 82 Building Corporation, Inc., a Minnesota corporation (the "Developer "). WITNESSETH WHEREAS, on or before the date hereof the City and Developer have entered into a Development Agreement dated as of August 13, 2003 (the "Agreement ") regarding certain real property located in the City (the "Development Property "). WHEREAS, it is contemplated that pursuant to said Agreement, the Developer will undertake the construction of an approximately 57,000 square foot office building/training facility (the "Project ") on the Development Property in accordance with plans and specifications approved by the City. WHEREAS, the City and Developer desire to establish a minimum market value for the portion of the Development Property and the improvements constructed or to be constructed thereon, pursuant to Minnesota Statutes, Section 469.177. WHEREAS, the Developer has acquired the Development Property consisting of land, the legal description of which is attached hereto as Exhibit A. WHEREAS, the City and the Assessor have reviewed plans and specifications for the Project. NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. As of January 2, 2004, the minimum market value, which shall be assessed for the Project, shall not be less than $4,000,000. 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on the earlier of (i) December 31, 2019, (ii) the date the Interfund Loan (as defined in the Agreement) is paid in full or (iii) the date on which the Tax Increment District expires or is otherwise terminated (the "Termination Date "). 3. This Agreement shall be recorded by the City with the County Recorder of Ramsey County, Minnesota. The Developer shall pay all costs of recording. 4. Neither the preambles nor provisions of this Agreement are intended to, or shall they be construed as, modifying the terms of the Agreement between the City and the Developer. 5. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 1549292v2 R35-