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The required Net Tax Increment to be generated from the Development Property is <br />Twenty-eight Thousand Dollars and 00/100's (S28,000) per year. The tax increment is <br />projected to start with the tax revenues received in 2009 and end in 2028. <br />3. This agreement remains an obligation of the Developer and its heirs, executors, <br />representatives, successors and assigns until the Maturity Date as defined in the <br />Agreement. This Agreement shall run with the Development Property. <br />Capitalized terms not otherwise defined herein have the meanings given them in the <br />Agreement. <br />CITY OF RAMSEY, MINNESOTA O'CULLINAN PR 4 PERTIES LC <br />B� <br />Its: Mayor <br />By: tt►!�.��� <br />Its: Interi 1, .itv Admiistrator <br />STATE OF MINNESOTA ) <br />) ss. <br />COUNTY OF ANOKA <br />By: <br />Its: Chief Manager <br />SEAN M. SULLIVAN <br />Notary Public <br />Minnesota <br />My Commission Expires January 31, 2010 <br />On this iite day of July, 2007, before me. a Notary Public, personally appeared Thomas <br />G. Gamec and Heidi A. <br />Nelson to me personally known, who, being each by me duly sworn did <br />say that they are respectively the Mayor and Interim City Administrator of the City of Ramsey. <br />the Municipal Corporation named in the foregoing instrument, and the seal affixed to said <br />instrument is the corporate seal of said Municipal Corporation, and the said instrument was <br />signed and sealed on behalf of said Municipal Corporation by authority of its City Council and <br />said Thomas G. Gamec and Heidi A. Nelson acknowl e sai str ent to be the free act and <br />deed of said Municipal Corporation. <br />STATE OF MINNESOTA <br />) s s . <br />COUNTY OF ANOKA <br />natuNotary Public <br />The foregoing instrument was acknowledged before me this i` day of July, 2007. by <br />Robert D. Cullinan, Chief Manager of O'Cullinan Properties. LLC. a Minnesota limited liability <br />company under the Laws of Minnesota on behalf of th-L` C. <br />SEAN M. SULLIVAN <br />—" allotary Public <br />Minnesota <br />My Commission Expires January 31, 2010 <br />4,6 <br />t Lnature <br />otary Public <br />42 <br />