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WHEREAS, pursuant to said Redevelopment Contract the <br /> Redeveloper is in the process of completing construction of <br /> additional office, manufacturing and warehouse facilities <br /> and other improvements upon the Redevelopment Property; and <br /> WHEREAS, the City and Redeveloper desire to establish a <br /> minimum market value for said Redevelopment Property and the <br /> Minimum Improvements constructed thereon, pursuant to <br /> Minnesota Statutes, Section 469. 177, Subdivision 8; and <br /> WHEREAS, the City and the Assessor have reviewed the <br /> preliminary plans and specifications for the Minimum <br /> Improvements which are in place or currently under <br /> NOW, THEREFORE, the parties to this Agreement, in <br /> consideration of the promises, covenants and agreements made <br /> by each to the other, do hereby agree as follows: <br /> 1. On January 2, 1992, the minimum market value which <br /> shall be assessed for the Redevelopment Property described <br /> in Exhibit A, with the Minimum Improvements constructed <br /> thereon, for ad valorem tax purposes, shall be Seven <br /> Million Four Hundred Thousand and no/100 ($7, 400, 000. 00) <br /> Dollars. <br /> 2. The minimum market value herein established shall <br /> beof no further force and effect and this Agreement shall <br /> terminate on the earlier of the following: (a) January 2, <br /> 2009 ; or (b) The date when the tax increment bonds issued by <br /> the City and referred to in the Redevelopment Contract as <br /> the Bonds have been paid in full and retired. <br /> The event referred to in Section 2 (b) of this Agreement <br /> shall be evidenced by a certificate or affidavit executed by <br /> the City. <br /> 3 . This Agreement shall be promptly recorded by the <br /> Redeveloper -- with- a - copy of -- Minnesota -Statutes, Section <br /> 469. 177 Subdivision 8, set forth in Exhibit B hereto. The <br /> Redeveloper shall pay all costs of recording. <br /> 4. Neither the preambles nor provisions of this <br /> Agreement are intended to, nor shall they be construed as, <br /> modifying the terms of the Redevelopment Contract between <br /> the City and the Redeveloper. <br /> 5. This Agreement shall inure to the benefit of and <br /> be binding upon the successors and assigns of the parties. <br /> 3 <br />