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ASSESSMENT AGREEMENT <br />THIS AGREEMENT, made on or as of the day of <br />1989, by and among The City of Mounds View, <br />Minnesota, a municipal corporation (the "City"), Commercial <br />Property Investments, Inc., a Minnesota corporation and <br />Evorest Development, Ltd., a Minnesota uurporation (the <br />"Redeveloper") Everest Investments Limited Partnership, a <br />Minnesota Limited Partnership ("Everest"), and the County <br />Assessor of the County of Ramsey (the "Assessor"). <br />WITNESSETH, that <br />WHEREAS, on or before the date hereof the City and the <br />Redeveloper, have entered into a Contract for Private <br />Redevelopment (the "Redevelopment Contract") regarding <br />certain real property located in the City of Mounds View, <br />pursuant to which the City is to acquire certain property, <br />hereinafter referred to as the "Redevelopment Property" and <br />legally described in Exhibit A hereto and convey said <br />Redevelopment Property to the Redeveloper; and <br />WHEREAS, the Redeveloper has assigned its interest in <br />the Redevelopment Contract to Everest Investments Limited <br />Partnership, a Minnesota Limited Partnersip (Everest) by r,.. <br />Assignment dated April 15, 1988; and <br />WHEREAS, it is pursuant to said Redevelopment Contract <br />that the Redeveloper will construct an office, manufacturing <br />and warehouse facility of approximately 55,670 square feet <br />(to be commonly known as Building D, Mounds View Business <br />Park) upon the Redevelopment Property (the "Minimum <br />Improvements"); and <br />WHEREAS, Everest has purchased said Redevelopment <br />Property from the Redeveloper; 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 it is contemplated will be erected; <br />NOW, THEREFORE, the par' es 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 />44 <br />is <br />