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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />PAYMENT IN LIEU OF TAXES AGREEMENT <br /> <br />This Agreement is entered into this _____ day of ____, 2016, by and between ST. <br />ANTHONY VILLAGE CENTER, LLC, a Florida limited liability company (“Center”), and the <br />CITY OF ST. ANTHONY, a body corporate and politic under the laws of the State of Minnesota <br />(the “City”). <br />WHEREAS, Center and the City are the owners of all the units of Common Interest <br />Community No. 1342, Hennepin County, Minnesota (the “CIC”), with Center being the owner of <br />Unit 1 of the CIC (the “Center Unit”) and the City being the owner of Unit 2 of the CIC (the <br />“City Unit”). <br />WHEREAS, the land forming the CIC (the “Property”) is improved with an integrated <br />strip shopping center and associated parking lot and other common areas (“Shopping Center”). <br />WHEREAS, Center has requested that the City agree to (i) the termination of the CIC; <br />(ii) the subdivision of the underlying CIC land into two, separate platted lots (“Subdivision”); <br />and enter into of a reciprocal easement agreement to govern the use and maintenance of the <br />Property and Shopping Center. <br />WHEREAS, the City Council of the City on ______________, 2016 approved, the <br />Subdivision of the Property into the plat of St. Anthony Village Center (the “Plat”). Center shall <br />be the owner of Lot 1, Block 1 of the Plat (“Center Lot”) and the City will be the owner of Lot 2, <br />Block 1 of the Plat (“City Lot”). <br />WHEREAS, by virtue of the Subdivision, the CIC termination, and the City’s ownership <br />of the City Lot in lieu of the City Unit, the City will own fee title to a larger parcel of the <br />Property, thereby resulting in a larger portion of the Property being exempt from real property <br />taxes than was previously exempt when the Property was structured as the CIC. <br />WHEREAS, to compensate the City for such reduction in taxable real property and <br />corresponding reduction in property taxes payable to the City, Center has agreed to pay to the <br />City payment s in lieu of taxes in accordance with terms and conditions of this Agreement. <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein, the <br />parties agree as follows: <br />59