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ASSESSMENT AGREEMENT <br />THIS AGREEMENT, made on or as of the day of , <br />, and among The City of Roseville, Minnesota (the "City', The Housing <br />Alliance, Inc. (the "Redeveloper"), and the County Assessor of the County of <br />Ramsey (the "Assessor"). <br />WITNESSETH, that <br />WHEREAS, on or before the date hereof the City and Redeveloper have <br />entered into a Contract for Private Redevelopment (the "Redevelopment <br />Contract") regarding certain real property located in the City of Roseville, <br />pursuant to which the City is to convey certain property, hereinafter referred to as <br />the "Redevelopment Property" and legally described in Exhibit A hereto, to the <br />Redeveloper; and <br />WHEREAS, it is contemplated that pursuant to said Redevelopment <br />Contract the Redeveloper will construct a residential housing complex containing <br />approximately gross square feet upon the Redevelopment Property <br />(the "Minimum Improvements" ; and <br />WHEREAS, the City and Redeveloper desire to establish a minimum market <br />value for said Redevelopment Property and the Minimum Improvements to be <br />constructed thereon, pursuant to Minnesota Statutes, Section 273.76, Subdivision 8; <br />and <br />WHEREAS, the City and the Assessor have reviewed the preliminary plans <br />and specifications for the Minimum Improvements which it is contemplated will be <br />erected; <br />NOW, THEREFORE, the parties to this Agreement, in consideration of the <br />promises, covenants and agreements maide by each to the other, do hereby agree as <br />follows: <br />1. Upon substantial completion of construction of the above -referenced <br />Minimum Improvements by the Redeveloper, as evidenced by the delivery to the <br />Redeveloper from the City of the Certificate of Completion (as defined in the <br />Redevelopment Contract), the rriinirnum market value which shall be assessed for <br />the Redevelopment Property described in Exhibit A, with the Minimum <br />Improvements constructed thereon, for ad valorem tax purposes, shall be not less <br />than ($ ). <br />The parties to this Agreement expect that the construction of the above - <br />referenced Minimum Improvements will be completed on or before <br />Nothing in Minn. Strut. 273.76, Subd. 8, or in this Agreement shall be deemed <br />to limit the discretion of the Assessor to assign a market value to the property in <br />excess of the minimum market value contained in Paragraph No. 1 of this <br />Assessment Agreement; nor shall the statute or this Agreement prohibit the <br />Developer from seeking, through the oxercise of administrative and legal remedies, <br />E-1 <br />