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Draft 1/4/95 <br /> <br /> ASSESSMENT AGREEMENT <br /> AND <br />CERTIFICATION OF ASSESSOR <br /> <br />THIS AGREEMENT, made and entered into this <br /> <br />day of <br /> <br />Exhibit D <br /> <br />,1995, <br /> <br />by ahd between the City of Ramsey, a Minnesota municipal corporation having its principal office <br />at I~153 Nowthen Boulevard Northwest, Ramsey, Minnesota (City), and Wendell's, Inc., a <br />Mir~_' esota corporation having its principal office at 2424 East Franklin Avenue, Minneapolis, MN <br />5~-0024 0Developer): <br /> ? <br /> ;: WITNESSETH: <br />~. WHEREAS, the City is aclministering City Development District No. 1 created pursuant <br />to ~nesota Statutes, Sections 469.124 through 469.134; and <br /> ~ WHEREAS, the City is administering Tax Increment Financing District No. 2 created <br />p~uant to Minnesota Statutes, Sections 469.174 through 469.179; and <br /> ~ WHEREAS, the parties have entered into a Contract for Private Development <br />~velopment Agreement), dated. , 1995, regarding the development of certain real <br />pr@perty located in City Development District No, 1 and Tax Increment Financing District. No. 2 <br />w~(thin the City and legally described as Lot 1, Block 5, Gateway North Industrial Park 2, Anoka <br />C~unty, Minnesota; and <br /> ~ WHEREAS, it is contemplated that pursuant to said Development Agreement, the <br />1~." veloper will construct the improvements described in suC~h Development Agreement and shall <br />c~mplete them prior to July 1, 1995; and <br /> :: WHEREAS, the City and the Developer desire to establish minimum market values for <br /> <br />d land and the improvements to be constructed thereon (collectively, the Property), pursuant to <br />~esota Statutes, Section 469.I77, Subdivision 8; and <br /> WHEREAS, the county assessor has reviewed the plans and specifications for the <br /> <br />provements <br /> <br /> NOW <br /> <br />which will be constructed. <br /> <br />THEREFORE, the parties do hereby agree as follows: <br />On January 2, 1996, the minimum total market value of the Property shall be Eight <br />Hundred Thousand Dollars ($800,000). Said minimum market value shall remain <br />in effect for the term of this Agreement as described in paragraph 4 hereof. <br /> <br />Nothing in this Agreement shall limit the discretion of the county assessor or any <br />other public official or body having the duty to determine the market value of the <br />Property for ad valorem tax purposes to assign to the Property a market value in <br />excess of the minimum market value specified in this Agreement. <br /> <br />Page 27 <br /> <br /> <br />