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on the City Council agenda. In all cases, the parties expressly understand that no expectation of City funding assistance is contemplated or assured, and Developer shall have no right to appeal the assessment under Minnesota Statute Section 429.081. Inthe event the City Council does not approve City funding assistance and other funding sources do not materialize, DEVELOPER shall approve in a separate written document, a further waiver of the right of appeal as contemplated by Minnesota Statute Section 462.3531(2), up to the final, total Project cost (the "Subsequent Waiver"). 4. Assessments. As reimbursement for the costs of the Public Improvements, the DEVELOPER agrees to have the total cost of the Public Improvements assessed to the following parcels (the "Property"): See attached Exhibit A. The DEVELOPER agrees to an assessment of all of the costs associated with the construction of the Public Improvements, and including engineering reports, consultant costs related to the design, inspection and contract administration of the Public Improvements, and associated reasonable city staff time (the "Assessment"). The Assessment amount agreed to for purposes of Minnesota Statute Section 462.3531 is up to $440,000, subject to modification by a Subsequent Waiver. The Assessment shall be assessed against the Property without the necessity of any public hearings or other applicable assessment proceedings as set forth under Minnesota Statutes Chapter 429. The DEVELOPER expressly waives objection to any irregularity with regard to the Assessment and any claim that the amount thereof levied against the Property is excessive, together with all rights to any proceedings or hearings under Minnesota Statutes Chapter 429, and all rights to appeal in the courts. Notice shall be provided to the DEVELOPER of the cost after the project has been awarded for construction. The DEVELOPER retains all rights and makes no waiver with regard to any costs or improvements not expressly provided for in this Contract. 5. Pavments. The Assessment will be spread over ten (10) years with a five percent (5%) interest rate accruing beginning on the first day of the year after such date as the City accepts the Improvements from its contractor and the project area is open to traffic, estimated to be 2018. If the DEVELOPER fails to make any payments of the Assessment when due, the City may take all necessary enforcement action, including the right to impose penalties and interest due and to commence judicial action to collect the payment. The DEVELOPER, at its sole discretion, may prepay the Assessment at no penalty. 6. Assessment Process. The parties shall cooperate with the Ramsey County Assessor's of�ce and other County officials as necessary to effectuate the terms of this Contract. 7. Prioritv of Assessment. Pursuant to Minnesota Statutes section 514.67, the Assessment against the Property shall constitute and be a first and prior lien on the Property. 8. Ri�hts of Public. The DEVELOPER does not intend that the public should have any interest in the above described land by virtue of this assessment agreement. It is expressly agreed by and between the parties hereto that the DEVELOPER retain ownership of the Property and all incidents of ownership. The DEVELOPER does not intend that the Page 3 of 9