Agenda - Council - 03/24/1998 - Laserfiche WebLink

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I I I DRAFT 3/18/98 ASSESSMENT AGREEMENT AND CERTIFICATION OF ASSESSOR Exhibit D THIS AGREEMENT, made and entered into this 24th day of March, 1998, by and between the City of Ramsey, a Minnesota municipal corporation having its principal office at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota 55303 (City), Peck Construction, Inc., a Minnesota Corporation having its principal office at 1548 - 164th Lane NE, Ham Lake, Minnesota (Developer): WlTNESSETH: WHEREAS, the City is administering City Development District No. 1 created pursuant to M.S. §469.124 through §469.134; and WItEREAS, the City is administering Tax Increment Financing District No. 2 created pursuant to M.S. §469.174 through §469.179; and WHEREAS, the parties have entered into a Contract for Private Development (Development Agreement), dated March 24, 1998 regarding the development of certain real property located in City Development District No. I and Tax Increment Financing District No. 2 within the City and legally described as Lot 2, Block 1, Business Park 95 Seventh Addition, Anoka County, Minnesota; and WHEREAS, it is contemplated that pursuant to said Development Agreement, the Developer will construct the Minimum Improvements described in such Development Agreement and shall complete them prior to October 3 I, 1998; and WItEREAS, the City and the Developer desire to establish minimum market values for said land and the Minimum Improvements to be constructed thereon (collectively, the Property), pursuant to M.S. §469.177, Subd. 8; and WHEREAS, the county assessor has reviewed the plans and specifications for the Minimum Improvements which will be constructed. NOW THEREFORE, the parties do hereby agree as follows: 1. On January 2, 1999, the minimum total market value of the Property shall be One Million Eight Hundred Thousand and 00/100 Dollars ($1,800,000.00). Said minimum market value shall remain in effect for the term of this Agreement as described in paragraph 4 hereof. 2. Nothing in this Agreement shall limit the discretion of the county assessor or any other public official or body having the duty to determine the market value of the Property for ad valorem tax purposes to assign to the Property a market value in excess of the minimum market value specified in this Agreement. 3. Neither the preambles nor the provisions of this Agreement are intended to modify nor shall they be construed as modifying, the terms of the Development Agreement. Page 27