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2017-06-14 CC Packet
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2017-06-14 CC Packet
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iii. The right to require the City to follow the statutory procedure to assess a debt <br />against the Subject Property. <br />NOW, THEREFORE, IN CONSIDERATION OF THEIR. MUTUAL <br />COVENANTS, THE PARTIES HERETO FURTHER AGREE AS FOLLOWS: <br />1. The City will assess the Subject Property for the remediation of the Subject <br />Property. The foal assessment shall be the actual cost of the remodiation plus the cosi of <br />associated ung, legal and administrative costs. The special assessment ir* shall be <br />payable in equal hu tallmeazte over five years, phi no more than eight percent (8%) interest on <br />the unpaid balance. Interest shall begin aocruing as of 30 days aft the date these cats are <br />adopted by the City Couneil. Each installment of the special assessment principal and interest <br />will become due and payable on the same schedule as the property taxes for the Subject Property <br />beginning in 2018. Def kdt by failure to pay any amount of an installment or interest when clue <br />shall cause the balance of all outstanding or remaining installments to become due and payable <br />immediately or on -demand as the City may require. <br />2. The Property Owner waives any and all procedural and substantive objections to <br />the remediation of thea Property end special awmmcnt% including, but not limited to, hearing <br />requirements and any claims that the arse eat exceeds the befit to the Subject Property. The <br />Property Owner waives any right to appeal pumanat: to NEnnesota Staiute Section 429.081. <br />3. Property Owner may prepay the entire special assessment without interest if paid <br />in full by October 1, 2017. Thereafter, prgmymearts together with applicable interest would be <br />permitted as provided in State law. <br />4. The Owner agrees to provide to the City, at no cost to flu City, the right-of-way, <br />temporary casements or licenses to enter and remediate the Subject Property. <br />5. This agreement shall be binding upon the Property Owner and the Property <br />Owner's successors and assigns. This Agreement or any qm ial. assessment imposed pursuant to <br />this Agroemod may be recorded against the We to the Subject Property and it shall ran with the <br />6. The Property Owner agrees that for purposes of this Agreement the Subject <br />Property shall not be subject to Nlinnesota Statute Section 273.111, (also known as "Crreen <br />Acres). <br />4 <br />
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