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pgSESSM)ENT AGREEMENT THIS AGREEMENT, made on or as of the day of , and among The City of Roseville, Minnesota (the Assessor ,lp the he using ne ae, Inc. (the Redeveloper ll and the County nty of Ramsey (the "Assessor's. WITNESSETH, that WHEREAS, on or before the date hereof the City and Redeveloper have entered Into a Contract for Private Redevelopment (the "Redevelopment Contraet'9 regarding certain real property located in the City of Ros4ville, pursesent to which the City is to convey certain property, hereinafter referred to as the "Redevelopment Property" and legally described in Exhibit A haretof to titre Redeveloper; and WHEIREAS, it is contemplated that pursuant to aid Redevelopment Contract the Redeveloper will construct a residential housing complex contalning approximately grass square feet upon the Redevelopment Property (the "Mlinimum mprovementa ; and WHEREAS, the City and Redeveloper desire to establish a minimum market value for said Redevelopment Property and the Minimum tmProvemonts to bee constructed thereon, pursuant to Mi�sotQ Statutts Section 173.76, Subdivision 8; and WHEREAS, the City and the Assessor have reviewed the preliminary plans and sp@aI icatlons for the Minimum improvements which it is contemplated wLU be created; NOW{ THEREFORE, the portles to this Agreement, in consideration Of the Followst omises, covenants and agreements made by each to the other, do hereby agree as 1. Upon substantial completion of construction of the above -referenced Minimum improvements by the Redeveloper, as evidenced by the delivery to the Redeveloper from the City of the Certificate of Completion (as defined in the Redevelopment Contract), the minimum market value which shall be assessed for the Redevelopment Property described In Exhibit A, withshall not less nimum Improvements constructed thereson, for ad valorem tax purposes,(�* than -�— The POWs to greement expect that t e construction o e a ve- r+eferenced Minimum Improvements will be completed on or before Nothing in Minn. Stat. 273.76, Subd. 8, or in this Agreement shall be deemed to limit the discretion of the Assessor to assign a market value to the property in excess of the minimum market value contained in Paragraph No. 1 of this Asaessmont Agreement; nor shall the statute or this Agreement peohibit the Developer from seeking, through the exercise of administrative and legal remedlesc, E-1