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02/25/2009 14 :47 FAX <br />SPECIAL ASSESSMENT AGREEMENT <br />0 001 <br />)'1 -- 3) -- Z,- 33 -00t( <br />THIS I$ A BINDING AGREEMENT, efiecdve the twentieth day of February 2009, <br />between the City of Centerville, (tale "City"}, and Larry and Jan Koch, (the "Owners "): <br />THE PARTIES AGREE TO THESE STATEMENTS OF FACT: <br />A.) The Owners are the fee owner of real property (the "Property'), located In the City of <br />Centerville, Anoka County, Minnesota, and Identified by Property identification Number: <br />143122330014. <br />B.) The Property Is located on a street which will be improved as part the C" 2009 <br />Street Improvement Project. Construction plans for this pro)ect, along with documents detailing <br />the cost of construction are available for public review at City Hall or at www.Cente(viheMN.com. <br />C.) On January 21, 2009, the City adopted the roll of &pedal assessments to pay for the <br />2009 Street Improvement Project pursuant to Minnesota Statutes Chapter 429. <br />IN CONSIDERATION OF THEIR MUTUAL COVENANTS, THE PARTIES AGREE AS <br />FOLLOWS: <br />1.) The special assessment against the Property to pay for the 2009 Street Improvement <br />Project shall be reduced from the amount adopted by the City on January 21, 2009, The new <br />amount of this special assessment against the Property shall be $18,194.86. This special <br />assessment will not be subject to any further reduction. <br />2.) As part of the street Improvements, the City shall construct service stubs from the <br />water and sanitary sewer lines to serve the Property. <br />3.) The Owners may Prepay the entire Special assessment without interest if paid in fun by <br />October 1, 2009. If not paid in fun by October 1, 2009, payment of the principal of this special <br />assessment shall be deferred for the first five (5) years, and thereafter for ten (10) years, it shall <br />be divided and paid In annual payments. Interest will begin to accrue on October 1, 2009 and it <br />shall be determined in a manner set by law. Interest Is paid In the same manner as payment of <br />the special assessment a4t C, S7a <br />4.) Payment of this special assessment wig be cerdtled to Anoka County where it will be <br />deferred for a period of to (6) years beginning on October 1, 2009, subject to the following <br />provisions: <br />a.) The deferment shall run with the land as long as the Property belongs to the Owners. <br />Paps 1 of 2 <br />