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of special assessments by the City on Improvement Project 86 -2 <br />and Improvement No. 5662. <br />NOW, THEREFORE, for and in consideration of a reassessment <br />by the City, and for a dismissal of the appeal of imposition of <br />special assessments, and for other good and valuable <br />consideration, of which the parties acknowledge receipt, the <br />parties agree as follows: <br />1. Owners and City agree that the facts stated in the <br />above paragraphs are accurate and fully incorporate them into <br />the terms of this Agreement. <br />2. Owners and City agree that the Property has been <br />benefited by the construction of City Improvement Project 86 -2 <br />and Improvement No. 5662, and from the availability of municipal <br />services in at least the amount of $4,000.00. <br />3. Owners and City agree that assessment as to 32.4 feet <br />of the reassessed 144 feet of benefited Property will be <br />deferred. The deferred assessment of $1,160.96 plus any <br />interest accrued shall be payable in the event Brooks Avenue is <br />improved or in the event the Owners sell or convey the <br />Property. Interest shall accrue at the rate of 9% per annum on <br />the deferred assessment. <br />4. Owners and City agree that in consideration of the <br />Owners' execution of a proper dismissal of the action on appeal <br />of special assessments with prejudice, and filing of said <br />dismissal with the Ramsey County Court Administrator's office, <br />the City will reassess the Property in accordance with the terms <br />-2- <br />PAGE 4 <br />