09-07-2021 EDA Packet - Laserfiche WebLink

Home Search

H-1 EXHIBIT H FORM OF MINIMUM ASSESSMENT AGREEMENT THIS MINIMUM ASSESSMENT AGREEMENT, made on or as of the ___ day of __________, 2021 (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 AT LINO LAKES, LLC, a Minnesota limited liability company (the “Developer”). WITNESSETH, WHEREAS, the Authority and the Developer have entered into that certain Amended and Restated Contract for Private Development, dated ____________, 2021 (the “Contract”), regarding the acquisition of property, the construction of the Minimum Improvements (as defined in the Contract) to be constructed on property legally described in Exhibit A (the “TIF District Property”); and WHEREAS, the Authority and the Developer desire to establish a minimum market value for the TIF District 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; 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 of $30,000,000 shall be assessed for ad valorem tax purposes for the TIF District Property, together with the Minimum Improvements constructed thereon. The individual parcels comprising the TIF District Property shall not be less than the values set forth in the table below as of January 2, 2023, for taxes payable in 2024, notwithstanding the progress of construction by such date. Parcel Minimum Market Value Total $________