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<br />to. <br /> <br />:PA'~ BNT AGRlIRJm'J!n" <br /> <br />1. Parties. T~e pax:ies to this Agreement are the City of <br />RosI!!I'Ville, a 'Minnesc: ta mu'licipal corporation (the "City") and <br />College Properties, Inc., a Minneeota non-profit corporation <br />(.College PropertiesJl). T..1iB Agreement sometilllea refers to .the <br />City and College p%opert: es, individually, as a · Party. and <br />sometimes refers to the Cit:... and college Prope~tieB. collectively, <br />a8 the .Partie~.. <br /> <br />2. ~&tA. '::'hia Agreement is dated. and effe~tive as <br />of the ____ day of __ __,1998 (the "Effective Date"). <br /> <br />3. Reci~.ls . <br /> <br />3. 1 : Reel ta. Qtw: The Parties have previouBly entered <br />into a ~elopme~t Agl!ement dated October 1, 1993 in which <br />the Dev-;~~er haE agree:i to construct, alDong other facilities, <br />a 36 uni~A1Zheil~rIS :acility on the land legally described <br />on Exhibi A atta.ched hereto (the nLandn) and to pay real <br />estate t es on ~~he Al':heimer's ~acility. <br /> <br />3.2 Recite:_ ~: The Al:!liheimer' s facility as of this <br />date has · not beHn cor. 3tructed. College Properties ie the <br />owner of tbe Lend an 1 now College Properties intends to <br />dev@lop the Land as a "'3(. unit housing facility for persons <br />with A1zh~imer ~_sea5e ltIe .Project-). <br /> <br />3.3 Recit.a:. Th;!;'( B: College Properties believes the <br />Project "ill be exemp' from real estate taxes pursu&nt to <br />Minn. Stat. 1272 02 bated on College Properties' use of the <br />Property. r <br /> <br />3.4 ~RecitaJ. Four Although the Project will provide a <br />benefit tA the ci t.y by ?rcNiding housing for the persons with <br />Uzhaimerls disease, tt', ~ Project. will place demands upon City <br />.ervicea ~thout provlr ing real estate tax revenue to offset <br />the co8tslOf thoie s8~.ice8. <br /> <br />3.5 :Recital Pive: college PropertieB hag offered to make <br />an aJUNal \ paymen: to :he City in consideration of College <br />Propertie~' bein~.f ralE ased from. its obligations under the <br />Devel~t Agreement", ith respect to the 36 unit Alzheimer's <br />facility in COJ1sidE ~ation of the burden the Proje~t will <br />place on t city s ser.. ices without providing offsetting real <br />estate t rBVen~es. <br /> <br />4. :Oor th ~ consideration recited in Section 3.5 <br />above, College Prope2.ties 19reee 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 project ie:exempt from ~d valorem real estate taxes. On or <br />before r of ~ach .rear the city shall.. notify College <br /> <br />J~J215.1 J <br />