07-23-2003 Council Agenda - Laserfiche WebLink

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consents to such special assessments against Parcels 3, 4 and 5 in an amount not to exceed $95 per lineal foot of each such Parcel along Market Place Drive and against Parcels 4 and 5 in an amount not to exceed $105 per lineal foot, plus a pro rata share (divided between Parcels 4, 5, and if redeveloped, the U.S. Bank Site) of the cost of sanitary sewer and water main installation, of each such Parcel along Middle Street, so long as the special assessments are payable in equal installments over not less than ten years commencing no earlier than 2004 as to the Market Place Drive assessments and 2005 as to the Middle Street assessments. The Developer further agrees as follows: (i) to waive notice of hearing and hearing pursuant to Minn. Stat. Section 429.031, on the Streetscape Improvements and notice of hearing and hearing on the special assessments levied to finance the Streetscape Improvements pursuant to Minn. Stat. Section 429.061; (ii) to waive the right to appeal the levy of the special assessments in accordance with this Agreement pursuant to Minn. Stat. Section 429.081, or reapportionment thereof upon land division pursuant to Min. Stat. Section 429.071, Subd. 3, or otherwise. (iii) that the increase in fair market value of each of the Parcels resulting from construction of the Streetscape Improvements will be at least equal to the principal amount to be assessed hereunder, and that such increase in fair market value is a special benefit to the Parcels; (iv) that assessment of the cost of the Streetscape Improvements against each of the Parcels is reasonable, fair and equitable; and (v) to waive notice and right to appeal reapportionment of such special assessments upon land division pursuant to Minn. Stat., Section 429.071, Subd. 3. Notwithstanding anything to the contrary herein, the waivers stated in this Section are effective only for special assessments up to the amount described above. (c) The Developer agrees and understands that the City is a third party beneficiary of, and entitled to rely upon, the waivers and agreements of Developer under this Section. 7. ASSESSMENT AGREEMENT. Before or contemporaneously with the EDA's conveyance of each Parcel of the Development Property to the Developer, the Developer and the EDA must execute and obtain the County Assessor's execution of an assessment agreement relating to that Parcel pursuant to the provisions of Minn. Stat. 469.177, Subd. 8 (each of which is referred to herein as an "Assessment Agreement "), establishing minimum market values to be used for calculation of real property taxes for that Parcel. The Assessment Agreements must establish minimum market values for each Parcel at least in the amount set forth for that Parcel on the attached Exhibit B -1; provided that if the Developer obtains all necessary governmental approvals to further subdivide a Parcel and subdivides the Parcel into separate tax parcels, upon Developer's request, the minimum market values set forth in Exhibit B -1 (or the applicable Assessment Agreement if the Parcel has already been conveyed to the Developer) for the -13-