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FORM OF MINIMUM ASSESSMENT AGREEMENT THIS MINIMUM ASSESSMENT AGREEMENT, made on or as of the day of 12018 (the "Minimum Assessment Agreement"), is between the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the "Authority"), and BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"). WITNESSETH WHEREAS, the Authority and the Developer have entered into that certain Contract for Private Development, dated , 2018 (the "Contract"), regarding the acquisition of property, the construction of a three-story, 60 -unit workforce rental building, including underground parking (the "Minimum Improvements") to be constructed on property legally described in Exhibit A (the "Development Property"); and WHEREAS, the Authority and the Developer desire to establish a minimum market value for the Development Property and the Minimum 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 Minimum Improvements and have inspected such improvements; NOW, THEREFORE, the parties to this Minimum Assessment Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. All capitalized terms used herein and not otherwise defined have the definition given such terms in the Contract. 2. The minimum market value which shall be assessed for ad valorem tax purposes for the Development Property, together with the Minimum Improvements constructed thereon, shall be $7,800,000 as of January 2, 2020, notwithstanding the progress of construction by such date, and as of each January 2 thereafter until termination of this Minimum Assessment Agreement under Section 4 hereof 3. The minimum market value herein established shall be of no further force and effect and this Minimum Assessment Agreement shall terminate on the earlier of (i) date the principal of and interest on the Tax Increment Revenue Note delivered to the Developer by the Authority pursuant to the terms of Contract is paid in full; or (ii) the date the Tax Increment Financing District No. 1-6 established by the Authority and the City of Mounds View is decertified. The Authority shall execute a certificate or affidavit upon the occurrence of a termination event referred to in this Section 4 indicating that this Minimum Assessment Agreement has terminated and shall supply such certificate to the Developer for recording. 4. This Minimum Assessment Agreement shall be promptly recorded by the Authority. The Developer shall pay all costs of recording. 5. Neither the preambles nor provisions of this Minimum Assessment Agreement are intended to, nor shall they be construed as, modifying the terms of the Contract. E-1 516911v1 JAE MU205-47