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<br /> -----.--- <br /> . <br /> THIS AGREEMENT, dated as of this _ day of , 1997, by and between the <br /> Arden Hills Economic Development Authority, a body politic and corporate (the "Authority") <br /> and Welsh Ceffij'lflllieGDevc1opment Company LLC, a Minnesota eS'lleratiel'llimited liability <br /> companv (the "Redeveloper"). <br /> WITNESSETH: that <br /> WHEREAS, on or before the date hereof the Authority and Redeveloper have entered <br /> into a Cmmact for P.w:ale ReE!s'.'eloflDevclopment ^~ccment (the "Agreement") regarding <br /> certain real property located in the City of Arden Hills, pursuant to which thc Authority is to <br /> ~e certain assistance to the Develol)er relative to the Develotler's development of <br /> such property, hereinafterreferrcd to as thc Redevelopment Property and legally described in <br /> Exhibit A hereto; and <br /> WffEREAS, it is contemplated that pursuant to said Agrecment the Redeveloper will <br /> construct an office/warehouse development on the Redevelopment Property; and <br /> WHEREAS, the Authority and Redeveloper desire to establish a minimum market value <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 . <br /> reviewed the preliminary plans and specifications [or the improvcments 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 eacb to the other, do hereby agree as follows: <br /> J. Co=ellcing on January 1, 199_, the minimum market value which shall be <br /> assessed for the land described in EJ<hibit A and the above described improvements shall be not - <br /> less than Dollars (S ) ae.a eSIDllIenciR; ell Janaar,' 1, - <br /> 199 _, the minim_ ffiElr];et value v:ftieh :;hall Be assessed for the lilfiE! d..seneeE! in Ii1lhi:bit f. ~ <br /> anE! the a'ae,'e d.e5eribeE! imflra':MleRI!; shall 'as Bet Jess thsa Dollars - <br /> ($ ). - <br /> 2. This Agreement shall tenninale in its entirety on the Termination Datc, as defined . <br /> in the Agreement. <br /> 3. This Agreement shall bc promptly recorded by the Redeveloper. The Redeveloper I <br /> shall pay all costs ofrecording. <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 <br /> Redeveloper. .1 <br /> ~ <br /> 80/S0'd 6"0<'. <'.<:6 <:t9 I <br /> '~'d '3~I3a ~ ^3Ia~~a 60:1.1: <'.661:-n-8n~ <br />