Agenda - Council - 04/25/1995 - Laserfiche WebLink

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2. Owners represent and warrant that it is the Owner of 100% of the Subject Property; that it has full legal power and authority to encumber the Subject Property as herein provided; and that as of the date hereof, it has fee simple absolute tide in the Subject Property, which is not subject;to any liens, interests, or encumbrances, except as listed on Attachment Two, attached hereto and hereby made a part hereof. 3. Owners request that 100% of the cost of the Improvement Project be assessed against~the Subject Property. Owner understands and agrees that the cost of the Improvement Project,will be determined in accordance with the Ramsey City Charter and Ramsey City Code Sections 4.60 to 4.60.23 and standard city practices and that such cost is estimated to be One Hundred Fifty Six Thousand Dollars ($156,000.00). Special assessments shall be spread on a unit (per lot) basis in accordance with standard city assessment practices, against the Subject Property exclusive of public right-of-way or land dedicated to the public at the present time or upon future subdivision of the Subject Property. ¥ 4. Owners waive notice of hearing and hearing on the special assessments levied to finance~the Improvement Project pursuant to City Code Section 4.60.10 and specifically requests that th~ Improvement Project be constructed and special assessments levied therefor without hearings. Owners waive the right to appeal the levy of special assessments in accordance with this Agreement pursuant to City Code Section 4.60.12, or reapportionment thereof upon land division pursuant to City Code Section 4.60.11, or otherwise, and further specifically agrees with respect~to such special assessments of reapportionment that: Any requirements of City Code Sections 4.60 to 4.60.23 with which the City does not comply are hereby waived by Owner. The increase in fair market value to the Subject Property resulting from construction of the Improvement Project will be in an amount of at least the amount of the total potential project cost specified in paragraph 3, above, and that such increase in fair market value is a special benefit to the Subject Property. Assessment of 100% of the cost of the Improvement Project against the Subject Property is reasonable, fair and equitable and there are not other properties against which such cost should be assessed. Owners further specifically waives notice and right to appeal reapportionment of such special assessments upon land division pursuant to City Code Section 4.60.11. Owners understand and agrees that the City may provide for the payment of such special assessments in installments bearing such interest as may be determined by the City Council. However, the decision whether to allow payment in installments, the period of time over which the special assessments may be paid and the interest rate to be applied is in the absolute and sole discretion of the City Council, subject only to limitations imposed by law. The covenants, waivers and agreements contained in this Agreement shall bind the successors, and assigns of the Owners and shall run with the land legally described in Attachment One and bind ail successors in interest thereof. It is the intent and agreement of the parties hereto that this Agreement be in a form which is recordable in the office of the County Recorder of Anoka County, Minnesota and agree to I IJ I I I ! I I I I I I I I I I I