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(Reserved for recordin <br />ASSESSMENT AGREEMENT <br />T <br />(parcels 21 .30.23.34.0009 and 21 30,23 31.0032) <br />THIS AREEII NT (the "Agreement") made this . ........ day of Oct6b r, 2014, by and <br />between the CITY OF ARDEN HILLS, a Minnesota municipal corporation ("City"), v it s <br />offices at 1245 Highway 96 West, Arden Hills, Minnesota 551,12, and CNW ARDEN <br />HOLDINGS., a N inneseta LimitedPartnership, ("Owner"), with offices at 1551 Linner Road, <br />P.O. Box 686, ' irayzata, NEnnesota 55391.. <br />Recitals: <br />A. The Owner owns the real property located in Ramsey County legally described as. <br />Lot 1, Block 1. Traverse Business Center, mosey County, Miamesota (`xSul�jeet <br />roperV'), also referred to as Tax parcels 21.30.23.34.1009 and <br />21.30.23-31-0032. <br />& The Subject Property shall be assessed costs, fees and charges associated with the <br />improvement of Round Lake Road, City Project No. PW 1 2! 01.22, in the total: <br />amount of Eighty-five Thousand and no/100ths Dollars ($85,000,00) (the <br />"Assessment). <br />SET FORTH HERFIN, THE PARTIES AGREE AS FOLLOWS: <br />1.. The SubJect Property is hereby assessed by the City for the improvements to <br />Round Lake Roid in the amountof ghl --five Thousand and no1100ths Dollars ($85,000.00) <br />The foregoing amount is assessed against the Se l ect Property; however payment of the first <br />installment of the assessment is deferred with interest until January 1, 2025, or until a building <br />permit is issued, or a development agreement is executed between the Owner and the City for <br />development of the Subject, Property, whichever occurs earlier. Bing the deferral period, the <br />assessment will bear interest at the rate of four percent (4%) per antrum, At the end of the <br />deferral period, the assessment is to be applied over a ten. (I 0) year period accruing Merest <br />178307V4 <br />