Agenda - Public Works Committee - 05/19/2015

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8. Assessment. The Owner requests that up to $ of the actual cost of the Improvement Project be assessed against the Property created by the Plat as follows: Parcel Description Area Allocation % Assessment Amount Lot 1 38,122 22.82 Lot 2 19,413 11.62 Lot 3 20,349 12.18 Lot 4 27,677 16.57 Lot 5 17,456 10.46 Lot 6 22,422 13.42 Lot 7 21,594 12.93 Total 167,033 100.0 The composition of the maximum amount of the cost of the Improvement Project is set forth in Exhibit B. 9. Payment of Assessment. The Assessment for the Plat shall be payable in equal semi-annual installments over a period of three (3) years with the first installment due May 15, 2016, and subsequent installments due May 15 and October 15 each year. If the improvements are not completed and actual costs are not determined by November of 2015,the first installment will be due May 15, 2017. The fixed interest rate applied to the Assessment shall be set at the five (5)year U.S. Treasury rate on the date of this agreement plus 2 percentage points. 10. Collateral. The assessment will be pledged at 110% of the principal amount of the assessment using government backed securities rated at least A or higher that will be pledged in the City of Ramsey's name and can only be released by an authorized signer of the City of Ramsey. 11. Successors and Assigns. The covenants, waivers and agreements contained in this Agreement shall bind the successors and assigns of the Owner and shall run with the Property and bind all its successors in interest. It is the intent of the parties hereto that this Agreement be in a form that is recordable among the land records of Anoka County, Minnesota, and they agree to make any changes in this Agreement that may be necessary to effect the recording and filing of this Agreement against the title of the Property. 12. Termination. This Agreement shall terminate upon the final payment of all special assessments levied against the Property from the Improvement Project. The City shall then execute and deliver such documents,in recordable form, as are necessary to extinguish its rights hereunder. 13. City Option to Terminate. The City reserves the right to opt out of this Agreement if the cost of the Improvements exceeds the Assessment Amount prior to execution of this Agreement. 14. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an original,but all of which together shall constitute a single agreement. 15. Exclusions. The assessment shall not include any costs related to construction of the public utilities (sanitary sewer and water supply) included in the plans for the purpose of serving a portion of the City of Anoka. All such costs are to be borne by the City of Anoka per the executed Joint Powers Agreement between the City of Anoka and the City of Ramsey. RIDGEPOINT Assessment Agreement Page 3 of 8