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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 or <br /> reapportionment that: <br /> a. Any requirements of Minn. Stat., Chapter 429 with which the City does not comply <br /> are hereby waived by the Owner; <br /> b. The increase in fair market value to the Subject Property resulting from construction <br /> of the Improvement Project will be at least equal to $308,700, and that such increase <br /> in fair market value is a special benefit to the Subject Property; <br /> c. Assessment of 100 percent of the cost of the Improvement Project against the <br /> Subject Property is reasonable, fair and equitable and there are no other properties <br /> against which such cost should be assessed; and <br /> d. The Owner further specifically waives notice and right to appeal reapportionment of <br /> such special assessments upon land division pursuant to Minn. Stat., Section <br /> III 6. 429.071, Subd. 3. <br /> The Owner understands and agrees that the City may provide for the payment of <br /> such special assessments in installments bearing such interest as may be determined by the city <br /> council. However, the decision regarding the period of time over which the special assessments <br /> may be paid and the interest rate to be applied is in the absolute and sole discretion of the city <br /> council, subject only to limitations imposed by law. <br /> 7. Owner represents and warrants that the Subject Property is not so classified for tax <br /> purposes as to result in deferral of the obligation to pay special assessments; and Owner agrees that <br /> it will take no action to secure such tax status for the Subject Property during the term of this <br /> Agreement. <br /> 8. The covenants, waivers and agreements contained in this Agreement shall bind the <br /> successors and assigns of the Owner and shall run with the Subject Property and bind all successors <br /> 1111 <br /> SJR-245276v2 <br /> MU205-29 <br /> 3 <br />