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<br />. <br /> TmS 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 Development Company, LLC, a Minnesota limited liability company (the <br /> "Redeveloper"). <br /> WITNESSETH: that <br /> WHEREAS, on or before the date hereof the Authority and Redeveloper have entered <br /> into a Development Agreement (the "Agreement") regarding certain real property located in the <br /> City of Arden Hills, pursuant to whieh the Authority is to provide certain assistaiice to the <br /> Developer relative to the Developer's development of such property, hereinafter referred to as the <br /> Redevelopment Property and legally described in Exhibit A hereto; and <br /> WHEREAS, it is contemplated that pursuant to said Agreement the Redeveloper will <br /> constrUct an office/warehouse development on the Redevelopment Properly; 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 469.171, Subdivision 8; and <br />. WHEREAS, the Authority and the County Assessor for the County of Ramsey have <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: <br /> 1. Commencing on January I, 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 <br /> less than Dollars ($ ). <br /> 2. This Agreement shall terminate in its entirety on the Termination Date, as defined <br /> in the Agreement. <br /> 3. This Agreement shall be promptly recorded by the Redeveloper. The Redeveloper <br /> shall pay all costs of recording. <br /> 4. Neither the preambles nor provisions of this Agreement are intended to, nor shall <br /> they be construed as, modifying the terms of the Agreement between the Authority and the <br /> Redeveloper. <br /> C-2 <br />. <br /> ~v'd 6v0.!. .!.C6 c:t9 '~'d '3~[3a ~ ~~a &:St .!.66t-6t-d3S <br />----..----- <br />