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• <br /> ASSESSMENT AGREEMENT <br /> THIS AGREEMENT, dated as of the 1st day of December, <br /> 1985 , by and among the Housing and Redevelopment Authoritv of <br /> St. Anthony, Minnesota ( the "Authority" ) , St. Anthony Nursing <br /> Home , a Minnesota general partnership ( the "Developer" ) , and <br /> the Assessor for Ramsey County ( the "Assessor" ) : <br /> WITNESSETH <br /> WHEREAS, on or before the date hereof the Authority <br /> and Developer have entered into a Development Agreement dated <br /> December 4 1985 ( the "Agreement" ) , regarding certain real <br /> property located in the City of St. Anthony, Minnesota ( the <br /> "Development Property" ) which property is legally described on <br /> Exhibit A attached hereto and hereby made a part hereof; and <br /> WHEREAS, it is contemplated that pursuant to said <br /> Agreement, the Developer will undertake the development of a <br /> multifamily housing facility and related improvements (the <br /> "Project" ) on 'the Development Property; and <br /> • WHEREAS, the Authority and Developer desire to <br /> establish a minimum market value for the Development Property <br /> and the improvements constructed or to be constructed thereon, <br /> pursuant to Minnesota Statutes, Section 273 . 76 , Subdivision 8 ; <br /> and <br /> WHEREAS, the Authority and the Assessor have reviewed <br /> plans and specifications for the Project: <br /> NOW, THEREFORE, the parties to this Agreement, in <br /> consideration of the promises, covenants and agreements made by <br /> each to the other , do hereby agree as follows : <br /> 1. Upon substantial completion of the Project, the <br /> minimum market value which shall be' assessed for the Project <br /> and Development Property shall be $3,927 , 000 . <br /> 2 . The minimum market value herein established shall <br /> be of no further force and effect and this Agreement shall <br /> terminate when the principal balance of the Tax Increment Loan <br /> ( as defined in the Development Agreement) reaches the sum of . <br /> $700 , 000. <br /> 3. This Agreement shall be promptly . recorded by the <br /> Developer along with the attached copy of Minnesota Statutes, <br /> Section 273 . 76 , Subdivis-ion 8 , attached hereto as Exhibit B and <br /> • hereby made a part hereof , with the Registrar of Titles of <br />