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DRAFT <br /> 4.15.2004 <br /> • D. The Developer waives notice of hearingand hearingpursuant to Minn. Stat. <br /> p <br /> Section 429.031, on the Improvements and notice of hearing and hearing on the special assessments <br /> levied to finance the Improvements pursuant to Minn. Stat. Section 429.061, and specifically <br /> requests that the Improvements be constructed and special assessments levied against the Property <br /> thereof without hearings. <br /> E. The Developer 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 Property or <br /> reapportionment that: <br /> 1. Any requirements of Minn. Stat., Chapter 429 with which the City does not comply <br /> are hereby waived by the Developer; <br /> 2. The increase in fair market value to the Property resulting from construction of the <br /> Improvements will be at least equal to $308,700, and that such increase in fair <br /> market value is a special benefit to the Property; <br /> 3. Assessment of 100 percent of the cost of the Improvements against the Property is <br /> . reasonable, fair and equitable and there are no other properties against which such <br /> cost should be assessed; and <br /> 4. The Developer further specifically waives notice and right to appeal <br /> reapportionment of such special assessments upon land division pursuant to Minn. <br /> Stat., Section 429.071, Subd. 3. <br /> F. The Developer 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 /> G. Developer represents and warrants that the Property is not so classified for tax <br /> purposes as to result in deferral of the obligation to pay special assessments; and Developer agrees <br /> that it will take no action to secure such tax status for the Property during the term of this <br /> Agreement. <br /> SJR-245249v4 <br /> MU205-29 <br /> E-4 <br />