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o <br /> <br />On .~anuarv 2, !996, the minimum marke~ value of the Property shall be based on a <br />valuation of Eight Hundred and Fifty Thousand Dollars and no cents ($850,000.00). Said <br />minimum markel value siaall remain in effect for the term of this Agreement as described in <br />paragraph .4 hereof. <br /> <br />Nothing in this Agreement shall limit the discretion of the count), assessor or an), other <br />public official or body having the duty to delermine the market value of the Propers), for ad <br />valorem tax purposes to assign to the Property a market value in excess of the minimum <br />marke~ value specifiea:l in this Agreement. <br /> <br />Neither the preambles nor the provisions of this A~eement are intended nor shall the), be <br />construed as modifying the terms of the Development Agreement. <br />This Agreement shall remain in effec~ and inure to the benefit and be binding upon the <br />successors and assigns of the parries through the rea] estate taxes due and payable in 2012. <br />As provided in Minnesota Statutes, Section 469.]77, Subdivision 8, nothing contained <br />herein shall be deemed to i/mit the fight or opportunity of the Developer to challenge <br />through any legal means that part of an), valuation on the market value of the Prope~y <br />which is in excess of the stipulated minimum market value contained in this Ag'reemen~., <br />provided., however, that the Developer may not institute or prosecute any challenge to the <br />excess which if successful would also result in a reduction of the assessment below the <br />stipulated value. <br /> <br />CITY OF R. AMSEY, Mlhrb,r,r,rESOTA <br /> <br />By <br /> It's Mayor <br /> <br />It's Ariminis~-ator <br /> <br /> <br />