Agenda - Public Works Committee - 05/19/2015

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NOW, THEREFORE,in consideration of the facts stated above, the mutual promises and agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the City and Owner, the parties hereby agree as follows: 1. Recitals Incorporated. The facts stated above are hereby incorporated into this Agreement and made a part of this Agreement by this reference. 2. Definitions. Capitalized terms used but not defined in this Agreement are defined as provided in the Development Contract. 3. Petition. The Owner hereby petitions the City for construction of the Improvement Project. 4. Authority. The Owner represents and warrants that it is the owner of 100 percent of the Property, that it has full legal authority to encumber the Property as provided in this Agreement, and that as of the date of this Agreement,it has fee simple absolute title in the Property,which is not subject to any liens,interests or encumbrances, except as listed in Exhibit C. 5. Waiver of Hearings. The Owner waives notice of hearing and hearing pursuant to Minn. Stat. section 429.031, on the Improvement Project, notice of hearing and hearing on the special assessments levied to finance the Improvement Project pursuant to Minn. Stat. section 429.061, and any notice of hearing or procedure specified under the City Charter, and specifically requests that the Improvement Project be constructed and special assessments be levied against the Property without hearings. 6. Waiver of Appeal or Reapportionment. The Owner waives the right to appeal the levy of the special assessments in accordance with this Agreement pursuant to Minn. Stat. section 429.081, or reapportionment thereof upon land division pursuant to Minn. Stat. section 429.071, subd. 3, or otherwise, and further specifically agrees with respect to such special assessments against the Property or reapportionment that: a. Any requirements of Minn. Stat. chapter 429 or the City Charter with which the City does not comply are hereby waived by the Owner; b. The increase in fair market value of the Property resulting from construction of the Improvement Project will be at least equal to the cost of the Improvement Project as set forth herein, and that such increase in fair market value is a special benefit to the Subject Property; c. Assessment of the above-specified cost of the Improvement Project against the Subject Property is reasonable, fair and equitable and there are no other properties against which such cost should be assessed. 7. No Deferral. Owner represents and warrants that the Property is not so classified for tax purposes as to result in deferral of the obligation to pay special assessments, and Owner agrees that it will take no action to secure such tax status of the Property during the term of this Agreement. RIDGEPOINT Assessment Agreement Page 2 of 8