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v , <br /> J <br /> I • ASSESSMENT AGREEMENT <br /> i <br /> a <br /> THIS ASSESSMENT AGREEMENT is dated as of <br /> 1983, by and between the HOUSING AfiU REDEVELOP"",ENT AUTHORITY OF ST. ANTHONY, <br /> MINNESOTA, a Minnesota public body corporate ("Authority") and ARKAND PART- <br />! NERSAIP,. a Minnesota general partnership organized and existing under the <br /> laws of the State of Minnesota ("Redeveloper") . <br /> Authority and Redeveloper have entered into a Redevelopment Contract <br /> dated May 24, -1983 (the "Redevelopment Contract'') pursuant to which Re- <br /> developer is to acquire the property legally described on Schedule A attached <br /> hereto ("Redevelopment Property") . <br /> Authority and Redeveloper desire to establish a minimum market value <br /> for the Redevelopemtn Property and the improvements to be constructed there- <br /> on, pursuant to Minnesota Statutes, Section 273.76, Subd. 8, a copy of <br /> which statutory provision is attached hereto as Schedule B. <br /> The County- Assessor for the County of Hennepin, State of Minnesota <br /> ("Assessor") has reviewed the plans and specifications for the improvements . <br /> to be constructed on the Redevelopment Property ("Improvements") and the <br /> market value previously assigned to the Redevelopment Property. <br /> • In the judgment- of the Assessor the minimum market value of the Re- <br /> development Property and Improvements agreed upon by the Redeveloper and the <br /> Authority, as-her.einafter set forth, appears to be a reasonable estimate. <br /> NOW, THEREFORE, the parties to this Agreement, in consideration of the <br /> foregoing premises and the covenants and agreements made by each to the <br /> other under the Redevelopment Agreement and this Agreement, do hereby agree <br /> as follows: <br /> 1. Upon substantial completion of the construction of the Improvements, <br /> the minimum market value assigned to the Redevelopment Property and <br /> Improvements (collectively, the "Property") shall be <br /> Dollars ($ ) , <br /> until <br /> 2. By 2 January 1985, the minimum market value assigned to the Re- <br /> development Property and..Improvements shall be <br /> Dollars ($ ) , <br /> 3. Upon completion of the Improvements by the Redeveloper, the Assessor <br /> - -...shall value the Property pursuant to Minnesota Statutes, Section <br /> 273.11 except that the market value assigned thereto shall not be <br /> less .than the amount set forth.in paragraph 1 hereof. , <br />