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<br />JilA~:)!BN"l" AGR~ <br /> <br />1. Part,lea. The par:;.ies to this Agreement a.re the City of <br />Roser1rille* a Minnescta mu:liC!ipal corporation (the "City") and <br />College Properties, Inc., a Minneeota non-profit corporation <br />("College Properties'1). T..lis Agreement sometime. refers to the <br />City and Co11ege Pxoperbss, individu~lly* as a a Party a and <br />sometimes refe~s to the eit::, and College Prope~tieBI collectively, <br />as the apartiep~. <br /> <br />2. Bttepciv8 D;~. <br />o! the ~ da.y of _ <br /> <br />3 . :aeci~als . <br /> <br />:3 .1 : Reef ta.. ~: The Parties have previously entered <br />into a D~elopme~t Agl!ement dated October 1, 1993 in whi~h <br />the Deve:~er haE agreei to construct, among other facilitiee, <br />a 36 uni~AIZhei1.\er's :acility on the land legally described <br />on Exhibi A atta.ched hereto (the "LandI!) and to pay real <br />estate t es on ~;he Al':heimer's ;Eacility. <br /> <br />3.2 Reci ta:. 'fi1o: 'I'he Ab:heimer' Ell facility as of this <br />date has 'not beun cor:3tructed. College properties ia the <br />owner of the Land an'i now College Properties intends to <br />develop the Land as a unit bousing facility for persons <br />wi th Alzh$!mer d:-sease (the · Proj act") . <br /> <br />'This Agreement is dated and effective as <br />__, ~998 (tbe "Effective Date-). <br /> <br />3.3 Recit.a:. Th~(!i!: College Properties believes the <br />Project 'Will be exemp' from real estate taxes pursuant to <br />Minn. Stat. 5272,02 baJed on College Propertiee' use of the <br />Property. r <br /> <br />, <br />3.4 'Recital Four Although the Project will provide a <br />benefit tj the Cit.y by )roviding housing for the persons with <br />Alzheimer ,8 disease, tt. ~ Project will place demands upon City <br />services ~thout proviting real esta.te tax revenue to offset <br />the castejo! thoEe se~.ice8. <br /> <br />3. S :Recital Five: College Propertiee hag offered. to make <br />an annual' paymen: to :he City in consideration of College <br />Propert:i;d I bein9 rele ased from i te obligations under the <br />Develo~t. Agreement \0, ith respeet to the 36 unit Alzheimer 1 s <br />fa.cility nd in considf :ration of the burden t.he Project will <br />place on t city's eer.. ices without providing offsetting real <br />estate t reven~es. <br /> <br />4 . e :Oor th ~ consideration recited in SeC!tion 3.5 <br />above, College PropeJties 19rees to pay the City the sum of <br />$ on~MaY 15, 1999 and October 15, 1999 and each May 15 <br />and October 15 thereaf:er so long as the Project or any portion of <br />the P:roject ie~exempt from ld valorem real estate taxes. On or <br />before 'of 9Bchrear the C1 ty shall notify College <br />r <br />I <br />, <br /> <br />UJ215.1 <br /> <br />G d 8GG9880998 mV99: II 1S/g: ~ 1 86,G; 'vo (a~) <br /> <br />NVDHowtSDDIHB WOH~ <br />