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(reserved for recording) <br /> ASSESSMENT AGREEMENT <br /> THIS ASSESSMENT AGREEMENT(this "Agreement")is made this day of May, 2015,by and <br /> between City of Ramsey, a Minnesota municipal corporation(the "City")with offices at 7550 Sunwood <br /> Drive N.W., Ramsey, Minnesota 55303, and Village Bank, a Minnesota bank with offices at 3350 Bridge <br /> Street, St. Francis,Minnesota, 55070 ("Owner"), and is based on the following facts: <br /> A. Owner is the owner of fee title to the Property, as defined in Exhibit A, attached hereto. <br /> B. Owner has applied to the City for approval of a subdivision of the Property into Lots 1-7, <br /> Ridgepoint, Anoka County,Minnesota(the "Plat"). <br /> C. The City has approved the Plat subject to certain conditions as specified in that certain <br /> Development Agreement between the City and Owner, dated (the "Development Contract"), <br /> which contemplates that the City and Owner will enter into this Agreement. <br /> D. The Owner desires to have certain public improvements constructed to serve the Property <br /> as described in Exhibit B (the "Improvement Project"). The plans and specifications for the Improvement <br /> Project are completed. <br /> E. The Owner desires to have the City construct the Improvement Project without notice of <br /> hearing or hearing on the special assessments levied to finance the Improvement Project, and to levy up to <br /> $ of the cost of the Improvement Project against the Property. <br /> F. The City is willing to construct the Improvement Project without certain notices or <br /> hearings,provided that assurances and covenants stated below are made by the Owner to ensure that the <br /> City will have valid and collectable special assessments as they relate to the Property to finance all of the <br /> actual costs of the Improvement Project at no cost to the City. <br /> G. Were it not for the assurances and covenants provided in this Agreement, the City would <br /> not construct the Improvement Project without such notices and hearings and is doing so solely at the <br /> behest, and for the benefit, of the Owner. <br /> RIDGEPOINT <br /> Assessment Agreement <br /> Page 1 of 8 <br />