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D-3 529986v2 JSB TW185-2 which amount cannot presently be fixed, and which estimated amount shall be indexed for increases in construction costs from November, 2017, according to the ENR Construction Cost Index for Minneapolis, Minnesota, to the month and year of the start of construction of the Improvement Project (the “Assessment Amount”). The ENR Construction Cost Index for November, 2017 is $12,984.00. [confirm with an engineer that this works for water towers] 4. The Assessment Amount shall initially be allocated to the Property as set forth in Exhibit B hereto. In the event that any portion of the Property is further subdivided or otherwise conveyed to a third party, the City shall, as provided in Minnesota Statutes, section 429.071, subd. 3, reapportion such Assessment Amount to such separate parcel(s) within each Parcel Block [pro rata on the basis of square footage]. In the event that the City is required to assess any amount in excess of the Assessment Amount, such additional amount shall be allocated on the same basis. 5. The County (i) waives notice of hearing and hearing pursuant to Minn. Stat., Section 429.031, on the Improvement Project; (ii) waives notice of hearing and hearing on the Assessment Amount levied as a special assessment to finance the Improvement Project pursuant to Minn. Stat. Section 429.061; (iii) waives any right to object to any defect in any notice or proceeding undertaken by the City with respect to the Improvement Project; and (iv) specifically consents to the Improvement Project be constructed and the Assessment Amount be levied against the Property without notice of hearing or hearing on the Improvement Project and without notice of hearing or hearing on the Assessment Amount levied to finance the Improvement Project. 6. The County waives the right to appeal the levy of the Assessment Amount in accordance with this Agreement pursuant to Minn. Stat. Section 429.081 and further specifically agrees with respect to such special assessment against the Property that: a. With the exception of the requirement to bid the Improvement Project competitively, all requirements of Minn. Stat., Chapter 429 with which the City does not comply are hereby waived by the County; and b. The increase in fair market value of the Property resulting from construction of the Improvement Project will be at least equal to the amount of the special assessment levied against the Property and that such increase in fair market value is a special benefit to the Property. 7. This Agreement shall be recorded and its terms shall apply to the County’s successors and assigns, pursuant to section 8 herein. Specifically, the City shall not be obligated to notice, and such successors and assigns shall not have a right to appeal the assessments authorized hereunder.