Agenda - Council - 03/28/2017 - Laserfiche WebLink

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assessments levied to finance the Improvement Project pursuant to Minn. Stat. Section 429.061, and specifically requests that the Improvement Project be constructed and special assessments levied therefor against the Property without hearings. 5. The Owner waives the right to appeal the levy of the special assessments in accordance with this Agreement pursuant to Minn. Stat. section 429.081, or reapportionment thereof upon land division pursuant to Minn. Stat. section 429.071, subd. 3, or otherwise, and further specifically agrees with respect to such special assessments against the Property or reapportionment that: a. Any requirements of Minn. Stat. chapter 429,with which the City does not comply are hereby waived by the Owner; b. The increase in fair market value of the Property resulting from construction of the Improvement Project will be at least equal to the amount specified in paragraph 3, and that such increase in fair market value is a special benefit to the Property; c. Assessment of 100 percent of the cost of the Improvement Project against the Property is reasonable, fair and equitable and there are no other properties against which such cost should be assessed; and d. The Owner further specifically waives notice and right to appeal reapportionment of such special assessments upon land division pursuant to Minn. Stat. section 429.071, subd. 3. 6. The Owner understands and agrees that a special assessment in the amount of $22,963.75 will be levied against the Property, which special assessment will be payable (spread) over a ten year term and bear interest at the rate of 4.03%per annum. 7. Further, the Owner understands and agrees that the City will determine when the interest will commence to accrue and when the first special assessment installment will be due. 8. The Owner represents and warrants that the Property is not so classified for tax purposes as to result in deferral of the obligation to pay special assessments; and the 3