12-19-2001 Council Agenda - Laserfiche WebLink

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pursuant to a MPCA approved response action plan. The City will promptly inspect the Redevelopment Property to determine if Developer has constructed the Minimum Improvements in substantial conformity with the approved Construction Plans and to determine if Developer has remediated the contaminated soils pursuant to a MPCA approved response action plan. If the City determines the Developer has not constructed the Minimum Improvements in substantial conformity with the approved Construction Plans or determines the Developer has not remediated the contaminated soils pursuant to a MPCA approved response action plan, the City will deliver a written statement to the Developer indicating, in reasonable detail, the deficiencies and Developer will promptly remedy such deficiencies. Upon determining that the Minimum Improvements have been constructed in substantial conformity with the approved Construction Plans, and determining Developer has remediated the contaminated soils pursuant to a MPCA approved response action plan, the City will furnish to the Developer a certificate of completion in the form attached hereto as Exhibit C (the "Certificate of Completion "). The Certificate of Completion will conclusively evidence Developer's satisfaction of its obligation to remediate contaminated soils pursuant to Section 7 and to construct the Minimum Improvements pursuant to Section 8. The Developer will record the Certificate of Completion in the appropriate County Land Records. 9. ASSESSMENT AGREEMENT, PAYMENT OF REAL PROPERTY TAXES AND INCREMENT GUARANTY. 9.1. Execution and Recording of Assessment Agreement. Before or contemporaneously with the Authority's conveyance of the Redevelopment Property to the Developer, the Developer and the City must execute and obtain the County Assessor's execution of an assessment agreement relating to the Redevelopment Property pursuant to the provisions of Minnesota Statutes, Section 469.177, Subd. 8, establishing a minimum market value of $ as of January 2, 2003 for the Redevelopment Property for calculation of real property assessed in the years from and including 2003 through and including (the "Assessment Agreement "). The Assessment Agreement will be in the form attached as Exhibit D. Nothing in this Agreement or in the Assessment Agreement limits the County Assessor's discretion to establish a market value for the Redevelopment Property in excess of the minimum market value set forth in the Assessment Agreement or prohibits the Developer from seeking, through the exercise of legal or administrative remedies, a reduction in the market value the County Assessor assigns to the Redevelopment Property for real estate tax purposes; provided, however, the Developer may not seek a reduction of the market value the County Assessor assigns to the Redevelopment Property below the minimum market value set forth in the Assessment Agreement so long as the Assessment Agreement remains in effect. The Assessment Agreement will remain in effect until October 15, 20 (the "Termination Date "). The City and the Developer will submit the Assessment Agreement to the County Assessor for certification as provided for in Minnesota Statutes, Section 469.177, Subd. 8. Upon the County Assessor's certification of the Assessment Agreement, and before or contemporaneously with the Authority's conveyance of the Redevelopment Property to the Developer, the City and the Developer will record the Assessment Agreement in the appropriate County land records. 1353333vDOC Red (V3 to V2) Page 122