12-21-1998 EDA Packet - Laserfiche WebLink

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Dec-21-98 03:25pm From-KENNEDY & GRAVEN +6123379310 T-667 P.05/10 F-890 CRAFT AMENDED AND RESTATED ASSESSMENT AGREEMENT THIS AMENDED AND RESTATED ASSESSMENT AGREEMENT, dated as of this _ day of December, 1998, by and between the Lino Lakes Economic Development Authority, a public body corporate and politic under the laws of Minnesota ("the Authority"), and F & G, Inc., a Minnesota corporation (the "Developer"). W1TNESSETH: WHEREAS, the Authority and the Developer entered into a Contract for Private Development dated May 13, 1997, recorded thereafter as Document No. 1281609 in the Office of the Anoka County Recorder (the "Development Contract") regarding land located in the City of Lino Lakes, which land is legally described on Exhibit A attached hereto (the "Property"); and WHEREAS, pursuant to the Development Contract, the Developer has constructed three office/warehouse facilities, known as Building A, Building B, and Building C (collectively, the "Minimum Improvements") on the Property; and WHEREAS, the Authority and the Developer desire to establish a Minimum Market Value for the Property and the Minimum Improvements constructed thereon, pursuant to Minnesota Statutes, section 469.177, Subd. 8; and WHEREAS, the Authority and the Anoka County assessor, acting as the assessor for the city of Lino Lakes, Minnesota have previously reviewed the Construction Plans for the Minimum improvements which the Developer promised to erect on the Property and have agreed upon the minimum market value to be assigned thereto. NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. The Minimum Market Value of the Property and the first two buildings of the Minimum Improvements was previously established as One Million Six Hundred Seventy-nine Thousand Three Hundred Dollars ($1,679,300) as of January 2, 1998 for taxes payable in 1999. The Minimum Marker Value of the Property and the three buildings of the Minimum improvements shall be Two Million Two Hundred Eighty-five Thousand Three Hundred Dollars ($2,285,300) as of January 2, 1999 for taxes payable beginning in 2000. 2. The Minimum Market Value of $2,285,300 herein established for taxes payable beginning in 2000 shall be of no further force and effect and this Amended and Restated Assessment Agreement will end on the Termination Date. The Termination Date will occur (i) after receipt by the Authority of nine years of increment from the Authority's Tax increment Financing District No. 1-7, (ii) May 22, 2006, or (iii) when the Authority has received Available Tax Increment in the amount necessary to satisfy its obligations to repay land costs and Site Preparation Costs under the Development Contract, whichever occurs first. 1:HB-15535U LN l40-42