Agenda Packets - 1987/12/14 - Laserfiche WebLink

Home Browse Search

ASSESSMENT AGREEMENT THIS AGREEMENT, made on or as of the _ day of , and among The City of Mounds View, Minnesota, a municipal corporation (the "City'),ACommercial Property investments. inc., a Minnesota corporation (the "Redeveloper'), and the County Assessor of the County of Ramsey (the "Assessor"). WITNESSETH, that WHEREAS, on or before the date hereof the City and Redeveloper an Everest Development, Ltd.p have entered into a Contract for Private Redevelopment (the "Redevelopment Contract") regarding certain real property located in the City of Mounds View, pursuant to which the City 1s to acquire certain property, hereinafter referred to as the "Redevelopment Property" and legally described in Exhibit P_ hereto and convey said Redevelopment Property to the Redeveloper; and WHEREAS, it is contemplated that pursuant to said Redevelopment Contract the Redeveloper will construct a upon the Redevelopment Property (the "MI, mum Improvements"); and WHEREAS, the City and Redeveloper desire to establish a minimum market val'-'e for said -Redcvelopmert mpsrty a4d V4 in laimum improvements to be constructed thereon, pursuant to Minnr-cte Statutes, Section 469.1"", Subdivision 9; and WHEREAS, the City and the Assessor have reviewed the preliminary plans and specifications for the Minimum improvements which it is contemplated will be erected; NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows. 1. Upon substantial completion of construction of the above -referenced Minimum Improvements by the Redeveloper, as evidenced by the delivery to the Redeveloper from the City of the Certificate of Completion (as defined in the Redevelopment Contract), the minimum market value which shall be assessed for the Redevelopment Property described In Exhibit A, with the Minimum Improvements constructed thereon, for ad valorem tax purposes, shall be Dollars ($ ). The parties to this Agreement expect that the construction of the above -referenced Minimum Improvements will be completed on or before 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on the earlier of the following: (a) January 2, 2009; or (b) The date when the tax increment bonds issued by the City and referred to in the Redevelopment Contract a; the Bonds have been paid in full and retired. The events referred to in Sections 2(b) of this Agreement shall be evidenced by a certificate or affidavit executed by the City. C-1