07-22-1998 Council Agenda - Laserfiche WebLink

Home Browse Search

Attachment "A" ARTICLE VI ASSESSMENT AGREEMENT AND OTHER COVENANTS Section 6.1. Execution of Assessment Agreement. The Developer shall agree to, and with the City shall execute, prior to the purchase of the Development Property by the City or reconveyance thereof to the Developer, but as soon as the plans and specifications for the Minimum Improvements are prepared, an Assessment Agreement pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, specifying the Assessor's Minimum Market Value for the Development Property and the Minimum Improvements for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property and the Minimum Improvements which will result in a market value as of January 2, 1991 and thereafter until the Termination Date (as hereinafter defined) of not less than $1,017,200 (such $1,017,200 minimum market value is herein referred to as the "Assessor's Minimum Market Value "). Nothing in the Assessment Agreement shall limit the discretion of the assessor to assign a market value to the property in excess of such Assessor's Minimum Market Value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such market value for property tax purposes, provided however, that the Developer shall not seek a reduction of such market value below the Assessor's Minimum Market Value in any year so long as the Assessment Agreement shall remain in effect. The Assessment Agreement shall remain in effect until the earlier of December 31, 2010 or payment in full of the Bonds (the "Termination Date "). The Assessment Agreement shall be certified by the Assessor for the County as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the Assessor that the Assessor's Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Minimum Improvements to be constructed on the Development Property and the market value previously assigned to the Development Property. Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Ramsey County, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof), whether voluntary or involuntary, and such Assessment Agreement shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of the First Mortgage. The City shall notify the Assessor upon completion of any building in the Project. 2619 Page 12