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I <br />I <br />I <br />I <br /> <br />I <br />i <br /> <br />I <br />I <br /> <br /> I <br /> I <br /> <br /> I <br /> I <br /> I <br /> <br />EXHIBIT E <br /> <br />ASSESSMENT AGREEMENT <br /> <br /> THIS AGREEMENT, dated as of this __ day of ' ' " ,2000, by and 'becx;een <br />the City of Ramsey (the "City") and ACCAP - Ramsey Townhomes L.P., a Minnesota nonprofit <br />corporation (the "Developer"): <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, on or before the date hereof the City and Developer have entered into a <br />Development Agreement dated as of , 2000 (the "A~eement"), regarding <br />certain real property located in the City (the "Development Property") which property .is legally <br />described on Exhibit A attached hereto and hereby made a part hereof; <br /> <br /> WHEREAS, it is contemplated that pursuant to said A~eement, the DeveloPer will <br />undertake the development of a 31 unit townhome project and related improvements (the <br />"Project") on the Development Property; <br /> <br /> WHEREAS, the City and Developer desire to establish a minimum market value for the <br />portion of the Development Property and the improvements constructed or to be constructed <br />thereon, pursuant to Minnesota Statutes, Section 469.177, Subdivision 8; <br /> <br />WHEREAS, the Developer has acquired the Development Property; and <br /> <br /> WHEREAS, the City and the Assessor have reviewed plans and specifications for the <br />Project: <br /> <br /> NOW, THEREFORE, the parties to this A~eement, in consideration of the promises, <br />covenants and agreements made by each to the other, do hereby agree as follows: <br /> <br /> 1. As of December 31, 2001 and subsequent assessments through the December 31, <br />2020 assessment, the minimum market value which shall be assessed for the Project shall be not <br />less than Two million two hundred and sixty five thousand ($2,265,000) dollars.. <br /> <br />2. This Agreement shall terminate on December 31, 2020. <br /> <br /> 3. This A~eement shall be promptly recorded by the Developer with the County <br />Recorder of Anoka County, Minnesota. The Developer shall pay all costs of recording. <br /> <br /> 4. Neither the preamble nor provisions of this Agreement are intended to modify, or <br />shall they be construed as modifying, the terms of the Agreement between the City and the <br />Developer. <br /> <br /> 5. This Agreement shall inure to the benefit of and be binding upon the successors <br />and assigns of the parties. <br /> <br />E-1 <br /> <br />-199- <br /> <br /> <br />