2017-06-14 CC Packet - Laserfiche WebLink

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