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EXHIBIT F <br />ASSESSMENT AGREEMENT <br />ASSESSMENT AGREEMENT <br />THIS AGREEMENT, dated as of this day of <br />, 2010, is <br />between the City of Ramsey, Minnesota a home rule charter city organized and existing under <br />the constitution and the laws of the State of Minnesota (the "City") and F & C Development, <br />Inc., an Indiana corporation ("Developer"). <br />WITNESSETH <br />WHEREAS, on or before the date hereof the City, The Housing and Redevelopment <br />Authority in and for the City of Ramsey, Minnesota (the "HRA") and Developer have entered <br />into a Development Agreement dated as of , 2011 (the "Development <br />Agreement") regarding the property located in the City and legally described on the attached <br />Exhibit A (the "Development Property"). <br />WHEREAS, it is contemplated that pursuant to said Development Agreement, Developer <br />will construct certain "Minimum Improvement," as defined in the Development Agreement, on <br />the Development Property in accordance with construction plans approved by the City (the <br />"Project"). <br />WHEREAS, the City and Developer desire to establish a minimum market value for the <br />Development Property and the improvements constructed or to be constructed thereon, pursuant <br />to Minnesota Statutes, Section 469.177. <br />WHEREAS, Developer has acquired the Development Property. <br />WHEREAS, the City and the Assessor have reviewed Final Construction Plans, as <br />defined in the Development Agreement for the Project. <br />NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, <br />covenants and agreements made by each to the other, do hereby agree as follows: <br />1. The Project shall be assessed for ad valorum real estate tax purposes at the <br />minimum market values set forth on the attached Exhibit B, for assessment years 2013 through <br />and including 2036. <br />2. The minimum market values herein established shall be of no further force and <br />effect and this Agreement shall terminate on the earlier of (i) December 31, 2038; or (ii) the date <br />on which the City's Tax Increment Financing District No. 14 expires or is otherwise terminated. <br />If this Agreement terminates earlier than December 31, 2038, the City shall duly execute and <br />record a release of this Agreement, upon the written request of the then holder of fee title to the <br />Development Property. <br />F-1 <br />2695614v12 <br />