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<br />E-1 <br />516911v4 JAE MU205-47 <br />EXHIBIT E <br /> <br />FORM OF MINIMUM ASSESSMENT AGREEMENT <br /> <br /> <br /> THIS MINIMUM ASSESSMENT AGREEMENT, made on or as of the ____ day of <br />_____________, 2018 (the “Minimum Assessment Agreement”), is between the MOUNDS VIEW <br />ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the <br />State of Minnesota (the “Authority”), and BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a <br />Minnesota limited partnership (the “Developer”). <br /> <br />WITNESSETH <br /> <br /> WHEREAS, the Authority and the Developer have entered into that certain Contract for Private <br />Development, dated _______________, 2018 (the “Contract”), regarding the acquisition of property, the <br />construction of a three-story, 60-unit workforce rental building, including underground parking (the <br />“Minimum Improvements”) to be constructed on property legally described in Exhibit A (the “Development <br />Property”); and <br /> <br /> WHEREAS, the Authority and the Developer desire to establish a minimum market value for the <br />Development Property and the Minimum Improvements to be constructed thereon, pursuant to Minnesota <br />Statutes, Section 469.177, subdivision 8; and <br /> <br /> WHEREAS, the Authority and the County Assessor (the “Assessor”) have reviewed the preliminary <br />plans and specifications for the Minimum Improvements and have inspected such improvements; <br /> <br /> NOW, THEREFORE, the parties to this Minimum Assessment Agreement, in consideration of the <br />promises, covenants and agreements made by each to the other, do hereby agree as follows: <br /> <br />1. All capitalized terms used herein and not otherwise defined have the definition given such <br />terms in the Contract. <br /> <br /> 2. The minimum market value which shall be assessed for ad valorem tax purposes for the <br />Development Property, together with the Minimum Improvements constructed thereon, shall be $1,560,000 <br />as of January 2, 2020, notwithstanding the progress of construction by such date, until January 2, 2021. <br /> <br /> 3. The minimum market value which shall be assessed for ad valorem tax purposes for the <br />Development Property, together with the Minimum Improvements constructed thereon, shall be $7,800,000 <br />as of January 2, 2021, notwithstanding the progress of construction by such date, and as of each January 2 <br />thereafter until termination of this Minimum Assessment Agreement under Section 4 hereof. <br /> <br /> 4. The minimum market value herein established shall be of no further force and effect and this <br />Minimum Assessment Agreement shall terminate on the earlier of (i) date the principal of and interest on the <br />Tax Increment Revenue Note delivered to the Developer by the Authority pursuant to the terms of <br />Contract is paid in full; or (ii) the date the Tax Increment Financing District No. 1-6 established by the <br />Authority and the City of Mounds View is decertified. The Authority shall execute a certificate or affidavit <br />upon the occurrence of a termination event referred to in this Section 3 indicating that this Minimum <br />Assessment Agreement has terminated and shall supply such certificate to the Developer for recording. <br /> <br /> 5. This Minimum Assessment Agreement shall be promptly recorded by the Authority. The <br />Developer shall pay all costs of recording.