11/23/2009 Council Packet (2) - Laserfiche WebLink

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• • SCHEDULE C ASSESSMENT AGREEMENT THIS AGREEMENT is dated as of November 23, 2009, and is between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY (the "Authority "), and LINO LAKES LODGING, LLC, a Minnesota limited liability company (the "Company "). WHEREAS, on or before the date hereof the Authority, the City of Lino Lakes ( "City ") and the Company have entered into an Addendum to Contract for Private Development dated November 23, 2009 (the "Addendum ") regarding the development of certain property in the City described as Lot 4, Block 1, The Village No. 4, Anoka County, Minnesota (the "Property"); and WHEREAS, pursuant to the Addendum the Company is obligated to construct certain improvements upon the Property, referred to in the Addendum as the Assisted Living Improvements; and WHEREAS, the Authority and Company desire to establish a minimum market value for the Property and the Assisted Living 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 improvements and have inspected such improvements; 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 which shall be assessed for ad valorem tax purposes for the Property together with the Assisted Living Improvements constructed thereon shall be $ as of January 2, 2011 notwithstanding the progress of construction by such date, and as of each January 2 thereafter until termination of this Agreement under Section 2 hereof 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on the earlier of the following: (a) the date of receipt by the Authority of the final payment from Anoka County of Tax Increments from the TIF District No. 1- 11, or (b) the Maturity Date as defined in the Addendum. The event referred to in Section 2(a) or (b) of this Agreement shall be evidenced by a certificate or affidavit executed by the Authority. 3. This Agreement shall be promptly recorded by the Authority. The Company shall pay all costs of recording.