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<br />Exhibit D
<br />ASSESSMENT AGREEMENT AND
<br />CERTIFICATION OF COUNTY ASSESSOR
<br />THIS AGREEMENT, made and entered into this 30th day of September, 2003, by and between the City
<br />of Ramsey, a Minnesota municipal corporation, havmg its principal office at 15153 Nowthen Boulevard Northwest,
<br />Ramsey, Minnesota 55303 (the "City"), and BASALT PROPERTIES, LLC, a Minnesota Limited Lrabtidy
<br />Company, having its pimcipal office at 14160 Basalt St NW, Ramsey, MN 55303 (the "Developer")
<br />WITNESSETH.
<br />WHEREAS, the City is administering City Development Dish tet No 1 created pursuant to M S § 469 124
<br />through § 469 134, and
<br />WHEREAS, the City is administering Tax Increment Financing District No 2 created pursuant to M S §
<br />469 174 through § 469 179, and
<br />WHEREAS, the parties have entered into a Contract foi Private Development (the "Agreement"), dated
<br />September 30, 2003, regarding the development of certain real property located in Development District No 1 and
<br />Tax Increment Financing District No 2 within the City and legally described as
<br />Lot 2, Except the South 30 00 feet, Lots 3 and 4, Block 4 Gateway North Industrial Park
<br />Plat 2, Anoka County, Minnesota, (the "Development Property"), and
<br />WHEREAS, it is contemplated that pursuant to the Agreement, the Developer will construct the Minimum
<br />Improvements described rn the Agreement and shall complete them prior to December 31, 2004, and
<br />WHEREAS, the City and the Developer desire to establish minnnum market values foi the Development
<br />Property and the Minimum Improvements to be constructed thereon, pursuant to M S § 469 177, Subdivision 8, and
<br />WHEREAS, the county assessor has reviewed the plans and specifications for the Minimum
<br />Improvements which will be constructed
<br />NOW THEREFORE, the parties do hereby agree as follows:
<br />1 On January 2, 2005, the Minimum Market Value of the Minimum Improvements and the
<br />Development Property (the "Combined Property") shall be Six Hundred Twenty -Seven Thousand
<br />Nine Hundred and 00/100's Dollars ($627,900) The Mmrmum Market Value of the Combined
<br />Property will remain in effect for the term of this Agreement as described m paragraph 4 hereof
<br />2 Nothing in this Agreement shall limit the discretion of the county assessor or any other public
<br />official of body having the duty to determine the Market Value of the Combined Property for ad
<br />valorem tax purposes to assign to the Combined Property a Market Value m excess of the
<br />Minimum Market Value specified in this Agreement
<br />3 Neither the preambles not the provisions of this agreement are intended to modify not. shall they
<br />be construed as modifying, the terms of the Agreement
<br />4 This agreement shall remain in effect and inure'to the benefit and be bmdmg upon the successors
<br />and assigns of the parties through the Maturity Date as described in the Agreement
<br />5 As piovided rn M S § 469 177, Subdivision 8, nothing contained herein shall be deemed to limit
<br />the right 01 opportunity of the Developer to challenge, through any legal means, that part of any
<br />valuation on the market value of the Combined Property, which is in excess of the stipulated
<br />Minimum Market Value contained in this agreement, piovided, however, that the Developer may
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