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‘,., <br />Improvement Project be constructed and special assessments levied therefore against the Subject <br />Property without hearings. <br />6. The Owner waives the right to appeal the levy of the special assessments in <br />accordance with this Agreement pursuant to Minn. Stat. section 429.081, or reapportionment <br />thereof upon land division pursuant to Minn. Stat. section 429.071, subd. 3, or otherwise, and <br />further specifically agrees with respect to such special assessments against the Subject Property <br />or reapportionment that: <br />a. Any requirements of Minn. Stat. chapter 429 or the City Charter with which the <br />City does not comply are hereby waived by the Owner; <br />b. The increase in fair market value of bject Property resulting from <br />construction of the Improvement Project will 'Mat least equal to the amount <br />specified in paragraph 3, and that; increase inw market value is a special <br />benefit to the Subject Property <br />c. Assessment of the above-speciFii. cot of the: improvement Project against the <br />Subject Property is re onable, fair and equitaile and there are rte other properties <br />against which such c fesuld be assessed; and <br />d. The Owner further specifically carves notice and right to appeal reapportionment <br />of such special assessments upon land "division pursuant to Minn. Stat. section <br />429.071.;;1 <br />7. Exceptas otherwiserovided :.aragraph 4 above, the Owner understands and <br />agrees that the City may provide s the pa yrrr+ of such special assessments in installments <br />over a jou <br />iod of ten (10 <br />} <br />innterest.te set at 2% over the rate at which the City <br />sells bot*ir funding the IinprovemenfProject. However, the decision regarding the period of <br />time over which the spiralassessments may be paid and the interest rate to be applied is in the <br />absolute and sole discreti°r the council, subject only to limitations imposed by law. <br />8. Owner agre+ <br />and permanent ents requ <br />Exhibit C hereto The road ri <br />shall be dedicated to theXii <br />wrek <br />to pro to the City, at no cost to the City, the right-of-way <br />to construct the Improvement Project as legally described in <br />f -way for Cedar Street, 21st Avenue South, and Palm Street <br />at. <br />9. Owner reprents and warrants that the Subject Property is not so classified for <br />tax purposes as to result in deferral of the obligation to pay special assessments; and Owner <br />agrees that it will take no action to secure such tax status for the Subject Property during the term <br />of this Agreement. <br />10. The covenants, waivers and agreements contained in this Agreement shall bind <br />the successors and assigns of the Owner and shall run with the Subject Property and bind all <br />successors in interest thereof. It is the intent of the parties hereto that this Agreement be in a <br />form that is recordable among the land records of Anoka County, Minnesota, and they agree to <br />