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D-4 529986v2 JSB TW185-2 8. The City will defer collection of the Assessment Amount with respect to each Parcel Block of the Development Property or subdivided portion thereof until the execution of a Vertical Developer’s Agreement has been executed between the JDA and the Vertical Developer of such portion of the Property, at which time the applicable portion of the Assessment Amount shall be payable over a ____-year period commencing 2 years after execution of such Vertical Developer’s Agreement, with interest thereon [from the date of such Vertical Developer’s Agreement] at a rate per annum equal to [1 percentage point over] [the true interest cost of the City’s General Obligation Improvement Bonds issued to finance the Improvement Project rounded up to the nearest quarter of one percent] [the City’s cost of financing], all as set forth in the applicable Vertical Developer’s Agreement. [The City’s cost of financing shall mean the average coupon rate if the City sells debt to finance the Improvement Project. If no debt is sold for the Improvement Project, the rate shall be set using the same formula based on special assessment bonds of Minnesota municipalities which have the same credit rating as that of the City and are issued and sold at approximately the same time as the adoption of the resolution levying the special assessment.] The Assessment Amount may be prepaid at any time at the option of the County or the Vertical Developer. 9. The covenants, waivers and agreements contained in this Agreement shall bind the County and its successors and assigns and shall run with the Property. It is the intent of the parties hereto that this Agreement be in a form which is recordable among the land records of Ramsey County, Minnesota and the County and the City agree to make any changes in this Agreement which may be necessary to effect the recording and filing of this Agreement against the title of the Property. 10. Notwithstanding the provisions of this Agreement, the County expressly acknowledges that, to the extent the Improvement Project costs exceed those amounts authorized hereunder, the City may forego reliance on this petition and waiver and may instead assess the full costs of the project on the Property in compliance with Minn. Stat., Chapter 429. The sole purpose of this Agreement is to evidence the County’s intent to waive its procedural and other statutory rights provided under Minnesota Statues, Chapter 429, for the amount of any assessment up to the full cost of actual construction of the Improvement Project, which is estimated to be $5,200,000.00. 11. In addition to Paragraph 8, the County expressly agrees that the City shall retain the sole discretion whether to exercise the authority granted by this Agreement. In the event that the City determines that it is desirable, for whatever reason, to undertake the process provided in Minnesota Statutes, Chapter 429, the County shall be subject to the assessment as determined through the statutory process, and the County shall have all rights provided in that Chapter which would otherwise be available to the owner of an assessed property.