CCP 06-15-1992 - Laserfiche WebLink

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ASSESSMENT AGREEMENT L THIS AGREEm:i>T, da ted as of this 1st day of June, 1990, by and among t. City of North St. Paul ( the "City") , Co t tages of t;orth St. Paul Limited Partnership ( the "Developer"), and the Assessor for Ra.llsey County ( the "Assessor") : wITNESSETH \,'HEREAS, on or before the da te hereof the City and Developer have entered into a Development Agreement dated as of June 1, 1990 ( the "Agreemen t"), regarding certain real property loca ted in the City (the "Development Property") \oIhich property is-'1:"egally described on Exhibit A attached hereto arid hereby made a par thereof; \,'HEREAS, it is contemplated that pursuant to sa id Agreelllen t, the Developer \oIill under take the development of a 94 unit senior citizen facility and Felated improvemen ts ( the "Proj ect") on the Development Property, \oIhich project shall be constructed in two phases. wHEREAS, the Ci ty and Developer des ire to establish a minimum lIlarket value for the portion of the Development Property and the improvements constructed or to be constructed thereon, pursuant to Minnesota Statutes, Section 469,177, Subdivision 8; ~ \iHEREAS, the City and the Assessor have reviewed plans and specifications for the Project; . NO\,', THEREFORE: , the parties to this Agreement, in considera tion of the promises) covenants, and agreements made by each to the other, do hereby agree as follows: 1. Upon substantial completion of Phase I, the minimum market value which shall be assessed for the Project shall be not less than Two Million Seven Hundred Fifty Thousand ($2,750,000). The parties to this Agreement expect that the construction of part of the Project will be completed on or before August 31, 1991. 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on December 31, 2003. 3. This Agreement shall be promptly recorded by the Developer along with a copy of Minnesota Statutes, Section 469.177, Subdivision 8, attached as Exhibit B and hereby made a part hereof, wi th the County Recorder of Ramsey County, Minnesota. The Developer shall pay all costs of recording. 4. The Assessor represen ts that he has reviewed the plans and spec i fica tiOllS for the improvements and the market value previously ass igned to the land upon which the improvemnets are to be constructed, and the "mini;;Jum market value" as set forth above is reasonable. 5 . Neither the preamble nor provisions of this Agreement are intended. modify, or shall they be construed as mOdifying, the terms of the Agreeme between the City and the Developer. EXHIB IT B