07-23-2003 Council Agenda - Laserfiche WebLink

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amount equal to the minimum market value immediately prior to execution of the Certificate of Completion and Release less an amount equal to $269,040.00 for each residential unit released form the terms of the Assessment Agreement pursuant to the Certificate of Completion and Release. 3. The minimum market values established in this Agreement shall be of no further force and effect and this Agreement shall terminate on the earlier of (i) December 31, 2022; (ii) the date the EDA has released the entire Development Property from terms of this Agreement pursuant to Section 2 above; or (iii) the date on which the Tax Increment District expires or is otherwise terminated. 4. This Agreement shall be recorded by the EDA with the County Recorder of Ramsey County, Minnesota. The Developer shall pay all costs of recording. 5. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 6. Nothing herein limits the discretion of the Assessor to assign a market value to the Development Property in excess of such minimum market value nor prohibits the Developer from seeking, through the exercise of legal or administrative remedies, a reduction in the Development Property's market value for property tax purposes; provided, however, the Developer may not seek a reduction of the Project's market value for property tax purposes below the applicable minimum market value in any year so long as this Agreement remains in effect. 7. The Developer's has acquired a portion of the Development Property (the "Mellgren Property ") pursuant to a contract for deed with the Mellgren Property's owner ( "Mellgren ") and subject to an existing mortgage (the "Mellgren Mortgage "). The EDA acknowledges that neither the Agreement or this Assessment Agreement are binding upon the interests of Mellgren or the holder of the Mellgren Mortgage and acknowledges that if the Developer's interest in the Mellgren Property is extinguished either as a result of Mellgren's cancellation of the contract for deed pursuant to Minnesota Statutes, Section 559.21 or through the foreclosure of the Mellgren Mortgage and the failure of Mellgren or the Developer to redeem the Mellgren Property from the foreclosure, the Mellgren Property will not be subject to the terms of this Agreement or the Assessment Agreement. This Instrument Drafted By: Briggs and Morgan, P.A. 2200 First National Bank Building St. Paul, MN 55101 1450998v8 nn - 3 1 -