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197187v2 <br />PUBLIC IMPROVEMENT <br />AND <br />SPECIAL ASSESSMENT AGREEMENT <br /> <br /> <br /> AGREEMENT made this ____ day of ______________, 2018, by and between the CITY <br />OF ARDEN HILLS, a Minnesota municipal corporation (“City”), and LAND O’LAKES, INC., <br />a Minnesota corporation (“LOL”) (“LOL” and “City” collectively the “Parties”). <br /> <br />RECITALS <br /> <br /> A. LOL is the owner of Lot 2, Block 1, Land O’Lakes Addition, Ramsey County, <br />Minnesota, having a street address of 4001 Lexington Avenue North (PIN: 273023110002), Arden <br />Hills, Minnesota (“Subject Property”). <br /> <br /> B. Ramsey County Project S.A.P. No. 062-612-028 and Arden Hills Public <br />Improvement Project PW-17-0105 consisting of a public roadway, turn signal and utility <br />improvements on County Road F between Lexington Avenue and Hamline Avenue as detailed in <br />the Feasibility Report dated November 21, 2017 (“Public Improvements”) will be constructed in <br />2018. <br /> <br /> C. In connection with the Public Improvements project, LOL desires the construction <br />of related improvements to the Subject Property. <br /> <br /> D. The Parties have agreed that the improvements be constructed and that the City <br />assess the allocated portion of the costs of the Public Improvements against the Subject Property. <br /> <br /> NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS, <br />THE PARTIES AGREE AS FOLLOWS: <br /> <br /> 1. IMPROVEMENTS. The City has calculated the cost of the improvements not to <br />exceed the amount of $2,329,655.42 (the “Project Cost”). <br /> <br /> 2. SPECIAL ASSESSMENT. Following substantial completion of the project and <br />review by the Parties of the completed Project Cost and related improvement costs, the City will <br />assess the Project Cost in an amount not to exceed $449,088.09 against the Subject Property. This <br />amount includes an apportionment to LOL of 2/3rd of the Project Cost for the turn signal at County <br />Road F and Innovation Way. The special assessment shall be deemed adopted on the date this <br />Agreement has been signed by all parties. The assessment shall be spread without deferment over <br />a ten (10) year period in equal annual installments, together with interest of five percent (5%) per <br />year on the unpaid balance. The first installment shall be payable with taxes paid in 2019. To the <br />first installment shall be added interest on the entire assessment from the date of this Agreement <br />until December 31, 2018. <br /> <br /> 3. WAIVER. LOL, its successors and assigns, waive any and all procedural and <br />substantive objections to the Public Improvements and special assessment, including but not limited