Laserfiche WebLink
91 <br />EXHIBIT H <br />FORM OF ASSESSMENT AGREEMENT <br />THIS ASSESSMENT AGREEMENT, dated as of 2012, by and between <br />the Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota (the <br />"Authority") and St. Anthony Leased Housing Associates II, Limited Partnership, a Minnesota <br />limited partnership (the "Developer"), and certified by the County Assessor for Ramsey County, <br />Minnesota (the "Assessor"): <br />WITNESSETH <br />WHEREAS, The City of Saint Anthony, Minnesota (the "City"), the Authority and the <br />Developer entered into the Senior Rental Housing Redevelopment Agreement, dated as of <br />2012 (the "Development Agreement"), regarding certain real property located in the <br />City of Saint Anthony, Ramsey County, Minnesota; <br />WHEREAS, under the Development Agreement, development rights to a portion of that <br />certain property has been assigned to the Developer, which property is legally described on the <br />Exhibit A attached to and made a part of this Assessment Agreement (the "Development <br />Property"); <br />WHEREAS, the Development Agreement provides that the Developer will construct <br />certain improvements (the "Minimum Improvements") on a portion of the Development <br />Property; <br />WHEREAS, the Authority and the Developer desire to establish a minimum market value <br />for the Development Property, and the Minimum Improvements thereon, all as the same may <br />exist from time to time pursuant to Minnesota Statutes, Section 469.177, Subdivision 8; <br />WHEREAS, the Developer represents that it has acquired and now owns fee title to all of <br />the Development Property; <br />WHEREAS, the Developer, the Authority, and the Assessor have reviewed certain plans <br />for the Minimum Improvements; and <br />WHEREAS, the Developer and the Authority request that the Assessor provide a <br />certification substantially in the form attached as Exhibit B. <br />NOW, THEREFORE, the parties to this Assessment Agreement, in consideration of the <br />promises, covenants and agreements herein, do hereby agree as follows: <br />I. As of January 2, 2015 and through 2029, respecting taxes payable 2016 through <br />2030, inclusive, the minimum market value which shall be assigned to and assessed for the <br />Development Property for purposes of real estate property taxation shall be not less than <br />$14,440,000. It is the express intent hereof that said minimum market value shall apply with <br />respect to the payable 2016 through the payable 2030 real property taxes, both inclusive. <br />H-1 <br />