2006-078 Council Resolution - Laserfiche WebLink

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• • • reapportionment thereof upon and division pursuant to Minn. Stat., Section 429.071, Subd. 3, or otherwise, and further specifically agrees with respect to such special assessments against the Subject Property or reapportionment that: a. Any requirements of Minn. Stat., Chapter 429 or the City Charter with which the City does not comply are hereby waived by the Owner; b. The increase in fair market value of the Subject Property resulting from construction of the Improvement Project will be at least equal to the amount specified in paragraph 3, and that such increase in fair market value is special benefit to the Subject Property; c. Assessment of the above - specified cost of the Improvement Project against the Subject Property is reasonable, fair and equitable and there are no other properties against which such cost should be assessed; and d. The Owner further specifically waives notice and right to appeal reapportionment of such special assessments upon land division pursuant to Minn. Stat., Section 429.071, Subd. 3. 6. The Owner understands and agrees that the City may provide for the payment of such special assessments in installments over a period of ten (10) years bearing an interest rate of seven (7) percent. However, the decision regarding the period of time over which the special assessments may be paid and the interest rate to be applied is in the absolute and sole discretion of the city council, subject only to limitations imposed by law. 7. The Owner agrees to provide to the City, at no cost to the City, the right - of -way required to construct the Improvement Project as legally described in Exhibit C hereto. Said right of way shall be transferred to the City in the form of a Quit Claim Deed. 8. Owner represents and warrants that the Subject Property is not so classified for tax purposes as to result in deferral of the obligation to pay special assessments; and Owner agrees that it will take no action to secure such tax status for the Subject Property during the term of this Agreement. 9. The covenants, waivers and agreements contained in this Agreement shall bind the successors and assigns of the Owner and shall run with the Subject Property and bind all successors in interest thereof. It is the intent of the parties hereto that this Agreement be in a form that is recordable among the land records of Anoka County, Minnesota; and they agree to make any changes in this Agreement which may be necessary to effect the recording and filing of this Agreement against the title of the Subject Property. -10 -