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(reserved for recording) <br />ASSESSMENT AGREEMENT <br />THIS ASSESSMENT AGREEMENT (this "Agreement") is made this day of August, 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 />$ 526,324.30 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 />