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<br /> I <br /> THIS AGREEMENT, dated as of this day of , 1997, by and between the I <br /> .. <br />Arden Hills Economic Development Authority, a body politic and corporate (the "Authority") <br />and Wclsh Companies, a Minnesota corporation (the "Redeveloper"). <br /> WITNESSETH: that I <br /> WHEREAS, on or before the date hereof the Authority and Redeveloper have entered <br />into a Contract for Private Redevelopment (the "Agreement") regarding certain real property I <br />located in the City of Arden Hills, pursuant to which the Authority is to acquire certain property, <br />hereinafter referred to as the Redevelopment Property and legally described in Exhibit A hereto; I <br />and <br /> WHEREAS, it is contemplated that pursuant to said Agreement the Redeveloper will I <br />construct an office/warehouse development on the Redevelopment Property; and <br /> WHEREAS, the Authority and Redeveloper desire to establish a minimum market value I <br />for said land and the improvements to be constructed thereon, pursuant to Minnesota Statutes <br />Section 469.177, Subdivision 8; and <br /> WHEREAS, the Authority and the County Assessor for the County of Ramsey have I <br />reviewed the preliminary plans and specifications for the improvements which it is contemplated <br />will be erected. ., <br /> NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, <br />covenants and agreements made by each to the other, do hereby agree as follows: I <br /> 1. Commencing on January 1, 199_, the minimum market value which shall be <br />assessed for the land described in Exhibit A and the above described improvements shall be not I <br />less than Dollars ($ ) and eommencing on January 1, <br />199_, the minimum market value which shall be assessed for the land described in Exhibit A I <br />and the above described improvements shall be not less than Do llars <br />($ ). <br /> 2. This Agreement shall terminate in its entirety on the Termination Date, as defined I <br />in the Agreement. <br /> 3. This AgreemelH shail be promptly recorded by the Redeveloper. The Redeveloper I <br />shall pay all costs of recording. <br /> 4. Neither the preambles nor provisions of this Agreement are intended to, nor shall I <br />they be construed as, modifying the terms of the Agreement between the Authority and the I <br />Redeveloper. <br /> C-2 .. <br /> I <br /> - <br />