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2022343.006 111111111111111111111111111111111111111111111 Record ID 2405764 ASSESSMENT AGREEMENT THIS ASSESSMENT AGREEMENT (this "Agreement") is made this 20th day of May, 2011, by and between City of Ramsey, a Minnesota municipal corporation (the "City") with offices at 7550 Sunwood Drive N.W., Ramsey, Minnesota 55303, and Hageman Holdings, LLC, a Minnesota limited liability company ("Owner") having an address of 13200 43rd St. NE, St. Michael, MN 55376, and is based on the following facts: A. Owner is the owner of fee title the Property, as defined in the Development Contract. B. Owner has applied to the City for approval of a subdivision of the Property into Lot 1, Block 1, and Outlots A, B, C and D, Alpha Development, Anoka County, Minnesota, pursuant to the plat of Alpha Development (the "Plat"). C. The City has approved the Plat subject to certain conditions as specified in that certain Development Contract between the City and Owner, dated May 19, 2011 (the "Development Contract"). D. The Development Contract contemplates that the City and Owner will enter into this Agreement. NOW, THEREFORE, in consideration of the facts stated above, the mutual promises and agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the City and Owner, the parties hereby agree as follows: 1. Recitals Incorporated. The facts stated above are hereby incorporated into this Agreement and made a part of this Agreement by this reference. 2. Definitions. Capitalized terms used but not defined in this Agreement are defined as provided in the Development Contract. 3. Assessment. A special assessment (the "Assessment") is hereby levied against the Property under Minnesota Statutes Chapter 429 in an amount (the "Aggregate Assessment Amount") equal to the amount of the "Project Costs" of the Stage I City Improvements as defined in the Development Contract. For purposes of this Agreement, "Project Costs" means the actual total cost of the Stage I City Improvements including: 1) 5% contingency, 2) 16% for for construction engineering and administration fees, and; 3) trunk fees. The Aggregate Assessment Amount shall not exceed $1,701,077.34, and the assessment shall be allocated to and levied against portions of the Property created by the Plat as follows: Commercial Partners Title, LLC 200 South Sbdh Street Suite 1300 Minneapolis, MN 55402 3 37-1 G b 0