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ATTACHMENT 1
<br />AMENDED AND RESTATED ASSESSMENT AGREEMENT
<br />THIS AMENDED AND RESTATED ASSESSMENT AGREEMENT, made on or as of the ___
<br />day of _________, 2024, by and between the Roseville Economic Development Authority, a public body
<br />corporate and politic and political subdivision of the State of Minnesota (the “Authority”) and Roseville
<br />Leased Housing Associates II, LLLP, a Minnesota limited liability limited partnership (the “Redeveloper”).
<br />WITNESSETH, that
<br />WHEREAS, on or before the date hereof the Authority and Redeveloper have entered into a
<br />Contract for Private Redevelopment dated as of June 7, 2021, as amended by the First Amendment to
<br />Contract for Private Redevelopment, dated as of ________, 2024 (collectively, the “Redevelopment
<br />Agreement”), pursuant to which the Authority is to facilitate the redevelopment of certain property in the
<br />City of Roseville, Minnesota (the “City”), hereinafter referred to as the “Property” and legally described in
<br />Exhibit A hereto; and
<br />WHEREAS, pursuant to the Redevelopment Agreement the Redeveloper has constructed certain
<br />improvements (the “Minimum Improvements”) upon the Property; and
<br />WHEREAS, the Redeveloper and the Authority previously entered into the Assessment
<br />Agreement, dated June 7, 2021 (the “Original Assessment Agreement”) and recorded in the Office of the
<br />County Recorder of Ramsey County, Minnesota on July 12, 2021 as Document Number A04895080; and
<br />WHEREAS, pursuant to the First Amendment the parties have agreed to modify the Assessment
<br />Agreement by entering into this Amended and Restated Assessment Agreement; and
<br />WHEREAS, the Authority and the Redeveloper desire to establish a minimum market value for the
<br />Property and the Minimum Improvements to be constructed thereon, pursuant to Minnesota Statutes,
<br />Section 469.177, subdivision 8; and
<br />WHEREAS, the Authority and the County Assessor of Ramsey County (the “Assessor”) have
<br />reviewed the preliminary plans and specifications for the improvements and have inspected such
<br />improvements;
<br />NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants
<br />and agreements made by each to the other, do hereby agree as follows:
<br />1.The minimum market value which shall be assessed for ad valorem tax purposes for the
<br />Property described in Exhibit A attached hereto, together with the Minimum Improvements constructed
<br />thereon, shall be $24,930,000 as of January 2, 2022, and shall be $49,860,000 as of January 2, 2023, and
<br />shall be $73,528,600 as of January 2, 2024 and each January 2 thereafter, regardless of the status of
<br />construction on such dates, until termination of this Agreement under Section 2 hereof.
<br />2.The minimum market value herein established shall be of no further force and effect and
<br />this Agreement shall terminate on the earlier of (a) the date of receipt by the Authority of the final payment
<br />from Ramsey County of Tax Increments (as defined in the Redevelopment Agreement) from Tax Increment
<br />Financing District No. 22: Twin Lakes II in the City; or (b) termination of the Redevelopment Agreement
<br />and/or the TIF Note issued thereunder pursuant to their respective terms.
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