Agenda - Council - 11/10/2015 - Laserfiche WebLink

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described; thence West at right angles a distance of 200 feet; thence North at right angles a distance of 78.25 feet, more or less, to intersect the South line of the North 250 feet of said Lot 1, as measured parallel with the East line of said Northeast Quarter of Section 34; thence East along said South line of the North 250 feet a distance of 200 feet to intersect said West line of the East 946 feet of Lot 1; thence South along said West line of the East 946 feet a distance of 76.78 feet, more or less to the point of beginning. Containing 0.35 acres, more or less. (the "Development Property"); and WHEREAS, it is contemplated that pursuant to the Agreement, the Developer will construct the Minimum Improvements described in the Agreement and shall complete said Minimum Improvements prior to December 31, 2005; and WHEREAS, the City and the Developer desire to establish minimum market values for the Development Property and the Minimum Improvements to be constructed thereon, pursuant to M.S. § 469.177, Subdivision 8; and WHEREAS, the county assessor has reviewed the plans and specifications for the Minimum Improvements which will be constructed. NOW THEREFORE, the parties agree as follows: 1. On January 2, 2006, the Minimum Market Value of the Minimum Improvements and the Development Property (the "Combined Property") shall be Six Hundred Forty Seven Thousand and 00/100's Dollars ($647,000.00). The Minimum Market Value of the Combined Property will remain in effect for the term of this Agreement as described in paragraph 4 hereof. 2. Nothing in this Agreement shall limit the discretion of the county assessor or any other public official or body having the duty to determine the Market Value of the Combined Property for ad valorem tax purposes to assign to the Combined Property a Market Value in excess of the Minimum Market Value specified in this Agreement. 3. Neither the preambles nor the provisions of this agreement are intended to modify nor shall they be construed as modifying, the terms of the Agreement. 4. This agreement shall remain in effect and inure to the benefit and be binding upon the successors and assigns of the parties through the Maturity Date as described in the Agreement. 5. As provided in M.S. § 469.177, Subdivision 8, nothing contained herein shall be deemed to limit the right or opportunity of the Developer to challenge, through any legal means, that part of any valuation on the market value of the Combined Property, which is in excess of the stipulated Minimum Market Value contained in this agreement, provided, however, that the Developer may not institute or 34