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<br /> - <br /> " <br /> ASSESSMENT AGREEMENT . <br /> L <br /> THIS AGREE}lE"T, dated as of this 1st day of June, 1990, by anc among the <br /> Ci ty of North S t, Paul ( the "City") , Co t tages of ~orth St. Paul Limited <br /> Par tnership ( the "Developer"), and the Assessor for Ramsey County ( tne <br /> "Assessor") : <br /> wITNESSETH <br /> \.IHEREAS, on or before the da te hereof the Ci ty and Developer have eotered <br /> into a Development Agreement da ted as of June i, 1990 ( the "Ag reemen t") , <br /> regarding certain real property loca ted in the City (the "Development Property") <br /> which property is legally described on Exhibit A attached hereto and hereby n;ade <br /> a part hereof; <br /> \.IHEREAS, it is contemplated that pursuant to said Agreement, the Developer <br /> will undertake the development of a 94 unit senior citizen facility and related <br /> improvemen ts (the "Proj ec t") on the Development Property, which project shall be <br /> constructed in two phases. <br /> \.JHEREAS, the City and Developer desire to establish a minimum market value <br /> for the por tion of the Development Property and the improvements cons truc ted 0 r <br /> to be constructed ther eon, pursuant to Minnesota Statutes, Sec tion 469.177, <br /> Subdivision 8; <br /> L IJHEREAS, the City and the Assessor have revie\oled plans and specificati~ <br /> for the Project; <br /> NO\.l, THEREFORE, the parties to this Agreement, in consideration of the <br /> promises, covenants, and agreements made by each to the other, do hereby agree as <br /> follows: <br /> 1. Upon substantial completion of Phase I, the minimum market value which <br /> shall be assessed for the Proj ec t shall be not less than T\oIo Million Seven <br /> Hundred Fifty Thousand ($2,750,000) . The parties to this Agreement expect that <br /> the construction of part of the Project will be completed on or before August 31, <br /> 1991. <br /> 2, The minimum market value herein established shall be of no further fo"ce <br /> and effect and this Agreement shall terminate on December 31, 2003, <br /> - <br /> 3. This Agreement shall be promptly recorded by the Developer along with a <br /> copy of Hinnesota Statutes, Section 469.177, Subdivision 8, attached as Exhibit e <br /> and nereby i:\ade a part hereof, \oIi th the County Recorder of Rai:\sey County, <br /> Minnesota. The Developer shall pay all costs of recording, <br /> 4, The Assessor represents that he has revie\oled the plans and <br /> specifications for the improvemeats aad the market value previously assigned to <br /> the land upon which the improvamne ts are to be coas truc ted, and the "mini<:lur:l <br /> market value" as set forth above is reasonable. ~ <br /> \, 5. Neither the preamble nor provisions of this Agreemeot are intended <br /> modify, or shall they be construed as modifying, the terms of the Agreement <br /> between the City and the Developer. <br /> EXHIBIT B <br />