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<br /> H-1 <br />EXHIBIT H <br /> <br />FORM OF MINIMUM ASSESSMENT AGREEMENT <br /> <br /> THIS MINIMUM ASSESSMENT AGREEMENT, made on or as of the ___ day of <br />__________, 2019 (the “Minimum Assessment Agreement”), is by and between the LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA, a public body corporate and politic <br />under the laws of the State of Minnesota (the “Authority”), and Lyngblomsten Senior Housing, Inc., <br />a Minnesota nonprofit corporation (the “Developer”). <br /> <br />WITNESSETH, <br /> <br /> WHEREAS, the Authority and the Developer have entered into that certain Contract for <br />Private Development, dated _________, 2019 (the “Contract”), regarding the acquisition of <br />property, the construction of the Minimum Improvements (as defined in the Contract) to be <br />constructed on property legally described in Exhibit A (the “TIF District Property”); and <br /> <br /> WHEREAS, the Authority and the Developer desire to establish a minimum market value <br />for the TIF District Property and the Minimum Improvements to be constructed thereon, pursuant to <br />Minnesota Statutes, Section 469.177, subdivision 8; and <br /> <br /> WHEREAS, the Authority and the County Assessor (the “Assessor”) have reviewed the <br />preliminary plans and specifications for the Minimum Improvements; <br /> <br /> NOW, THEREFORE, the parties to this Minimum Assessment Agreement, in consideration <br />of the promises, covenants and agreements made by each to the other, do hereby agree as follows: <br /> <br />1. All capitalized terms used herein and not otherwise defined have the definition given <br />such terms in the Contract. <br /> <br />2. The minimum market value of [$28,993,000] shall be assessed for ad valorem tax <br />purposes for the TIF District Property, together with the Minimum Improvements constructed <br />thereon. The individual parcels comprising the TIF District Property shall not be less than the <br />values set forth in the table below as of January 2, 2021, notwithstanding the progress of <br />construction by such date . <br /> <br />Parcel Minimum Market Value <br /> <br /> <br /> <br /> <br />Total [$28,993,000] <br /> <br /> 3. The minimum market value herein established shall be of no further force and effect <br />and this Minimum Assessment Agreement shall terminate on the Termination Date. The Authority <br />shall execute a certificate or affidavit upon the occurrence of a termination event referred to in this