07-01-2019 Council Packet - Laserfiche WebLink

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H-1 EXHIBIT H FORM OF MINIMUM ASSESSMENT AGREEMENT THIS MINIMUM ASSESSMENT AGREEMENT, made on or as of the ___ day of __________, 2019 (the “Minimum Assessment Agreement”), is by and between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA, a public body corporate and politic under the laws of the State of Minnesota (the “Authority”), and Lyngblomsten Senior Housing, Inc., a Minnesota limited liability company (the “Developer”). WITNESSETH, WHEREAS, the Authority and the Developer have entered into that certain Contract for Private Development, dated _________, 2019 (the “Contract”), regarding the acquisition of property, the construction of senior housing (the “Minimum Improvements”) to be constructed on property legally described in Exhibit A (the “Development Property”); and WHEREAS, the Authority and the Developer desire to establish a minimum market value for the Development Property and the Minimum Improvements to be constructed thereon, pursuant to Minnesota Statutes, Section 469.177, subdivision 8; and WHEREAS, the Authority and the County Assessor (the “Assessor”) have reviewed the preliminary plans and specifications for the Minimum Improvements and have inspected such improvements; NOW, THEREFORE, the parties to this Minimum Assessment Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. All capitalized terms used herein and not otherwise defined have the definition given such terms in the Contract. 2. The minimum market value which shall be assessed for ad valorem tax purposes for the Development Property, together with the Minimum Improvements constructed thereon, shall not be less than $___________ as of January 2, 2021, notwithstanding the progress of construction by such date. [may need multiple parcels listed with different values] 3. The minimum market value herein established shall be of no further force and effect and this Minimum Assessment Agreement shall terminate on the Termination Date. The Authority shall execute a certificate or affidavit upon the occurrence of a termination event referred to in this Section 3 indicating that this Minimum Assessment Agreement has terminated and shall supply such certificate to the Developer for recording. Notwithstanding anything to the contrary in this Minimum Assessment Agreement or in the Contract, this Minimum Assessment Agreement shall not terminate prior to the payment in full of Development Property Purchase Price. 4. This Minimum Assessment Agreement shall be promptly recorded by the Authority. The Developer shall pay all costs of recording.