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<br />SPECIAL ASSESSMENT AGREEMENT <br />WAIVER OF HEARING AND APPEAL <br /> <br />AGREEMENTmadethis 3,?i clay of 'h'A'..v ,20~byandbetween <br /> <br />the City of Centerville, a Minnesota municipal corporation ("City"), and Royal Oaks Realty <br /> <br />("Property Owner"). <br /> <br />RECITALS <br />A. Property Owner is the fee owner of the following described real property, located <br />in the City ofCenterville, Anob County, Minnesota ("Subject Property"): <br /> <br />See attached Exhibit A <br /> <br />B. Property Owner requests that the City of Centerville undertake the improvement <br />of Fairview Street from 20th Avenue to a point approxilllately &00 feet east of 20th Avenue by <br /> <br />installation of pavement, concrete curo together with necessary drainage and storm sewer. <br />("Public Improvement"). <br />C. The estimated costs expected to be incwred for the Public Improvement total <br /> <br />$282,672. <br />NOW, THEREFORE. IN CONSIDERATION OF THEIR MUTUAL <br />COVENANTS. THE PARTIES HERETO AGREE AS FOLLOWS: <br /> <br />1. The City will assess the Subject Property for its portion of the Public <br />Improvement The estimated amount of the special assessment is $113,069.00. <br />The special assessment principal sball be payable in equal instalImenta over ten <br />years, plus six and one-half percent (6.5%) interest on the IIIlpaid balance. <br />Interest shall begin accruing on September 1. 2007. Each installment of the <br />special assessment principal and interest will be certified to the county and <br />become due and payable on the same schedule as the l>iupe1'ly taxes for the <br />Subject Property beginning in 2008. Default by failure to pay IIIlY amount of an <br />installment or interest when due sball cause the balance of all OUlStRndittg or <br />remaining installments to become due and payable immediately or oIHlemand as <br />the City may require. <br /> <br />- 1- <br />