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1 On January 2. 2007, the Minimum Market Value of the Minimum Improvements <br />and the Development Property (the "Combined Property") shall he One Million <br />Five Hundred Thousand Dollars ($1.500,000). The Minimum Market Value of <br />the Combined Property will remain in effect for the term of this Agreement as <br />described in paragraph 4 hereof. <br />2. Nothing in this A<_reement shall limit the discretion of the county assessor or any <br />other public official or body having the duty to determine the Market Value of the <br />Combined Property for ad valorem tax purposes to assign to the Combined <br />Property a Market Value in excess of the Minimum Market Value specified in this <br />Agreement. <br />3. Neither the preambles nor the provisions of this agreement are intended to modify <br />nor shall they be construed as modifying, the terms of the A<greement. <br />4. This agreement shall remain in effect and inure to the benefit and be binding upon <br />the successors and assigns of the parties through the Maturity Date as described in <br />the Agreement. <br />5. As provided in M.S. § 469.177. Subdivision 8, nothing contained herein shall be <br />deemed to limit the right or opportunity of the Developer to challenge, through <br />any legal means, that part of any valuation on the market value of the Combined <br />Property, which is in excess of the stipulated Minimum Market Value contained <br />in this agreement, provided, however, that the Developer will not institute or <br />prosecute any challenge to the excess which, if successful, would also result in a <br />reduction of the assessment below the Minimum Market Value. <br />6. Capitalized teens not otherwise defined herein have the meanings given them in <br />the Agreement. <br />CITY OF RAMSEY, MINNESOTA <br />Its: Mayor <br />13v: <br />It <br />dministrator <br />RIVER1, MANUFACTURING, INC. <br />By: <br />lts: President <br />38 <br />