Laserfiche WebLink
EXHIBIT B <br />Pro Forma Assessment Agreement <br />THIS AGREEMENT, dated as of this day Of , 20 , 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 , 200 (the "Agreement ") regarding certain <br />real property located in the City of Little Canada, a portion of which is identified therein as <br />Parcel _, which Parcel is legally described on the attached Exhibit A (the "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, 200 and as of each January 2 thereafter, through and <br />including January 2, 2022, the minimum market value which shall be assessed for the Property <br />shall not be less than $ .00. <br />2. The minimum market values established in this Agreement shall be of no further <br />force and effect and this Agreement shall terminate on the earlier of (i) December 31, 2022; 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 />B -1 <br />