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NOW, THEREFORE, the parties agree as follows: <br />The City will have plans and specifications for the Improvements prepared and <br />approved, competitive bids solicited and awarded, and a contract for construction <br />of the Improvements let in conformance with law. <br />2. The Owner hereby grants the City a temporary construction easement necessary <br />to install the Improvements and City hereby agrees to restore the property to its <br />preconstruction status. <br />3. The City will operate and maintain the Improvements after they are installed <br />consistent with its other stormwater infrastructure. <br />4. The cost of design, plans, and construction shall be apportioned as indicated in the <br />Feasibility Report. <br />5. The City will specially assess the apportioned cost of the Improvements to <br />Owner's property. <br />6. Such special assessments shall be in 10 equal annual installments payable with the <br />general taxes on the properiy during the ne�t 10 years, commencing with the year <br />2003. <br />7. There shall be added to and be payable with the principal amount of such special <br />assessments interest in the amount of 8% of the unpaid principal balance on such <br />special assessments, computed annually, commencing on the date hereof. <br />8. Owners, by signing this Agreement, acknowledge that all procedural and <br />substantive objections to the Assessments are hereby waived unconditionally, <br />such waiver includes any rights of Owners, their successors or assigns to hearing <br />requirements and any claim that the assessments exceed the benefit to the Subject <br />Properiy. The Owner further waives any appeal rights otherwise available <br />pursuant to MS.A. § 429.081. <br />9. This Agreement shall run with the land and may be recorded in the Ramsey <br />County Recorder's Office. <br />2 <br />