Agenda - Council - 10/10/2017 - Laserfiche WebLink

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Agreement In consideration of the recitals 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 parties., the parties hereby agree as follows! 1. Recitals Incoreorated. The recitals stated above are hereby incorporated into this Agreement and made a part of this Agreement by reference, 2. Petition. The Owners hereby petition the City for construction of the Improvement Project. 3. Authority. a. Riverstone Development represents and warrants that it is the owner of 100 percent of the Riverstone Property as described in Exhibit A, that it has full legal authority to encumber the Rivcrstone Property as provided in this Agreement, and that as of the date of this Agreement, it has fee simple absolute title in the Riverstorre Property, which is not subject to any liens, interests or encumbrances, except as listed in Exhibit ), b. Hagerman Holdings represents and warrants that it is the owner of 100 percent of the Iiagemari Property as described in Exhibit A, that it has full legal authority to encumber the Hagerman Property as provided in tliKs Agreement, and that as of the date of this Agreement, it has fee simple absolute title in the Hagman Property, which is not subject to any liens, interests or encumbrances, kept as listed in Exhibit E. 4. Waiver of Hearines. The Owners waive notice of hearing and hearing pursuant to Minn. Stat. section 429.031, on the Improvement Project, notice of hearing and hearing on the special assessments levied to finance the Improvement Project pursuant to Minn. Stat, section 429,061, and any notice of hearing or procedure specified under the City Charter, and specifically requests that the Improvement Project be constructed and special assessments be levied against the Property without hearings. 5. 'Waiver of Appeal or Reannortionrrient. Each Owner, as to the portion ofthe Property owned by it, waives the right to appeal the levy of the special assessments pursuant to Minn. Stat. section 429.4g1, , and further specifically agrees with respect to such special assessments that: a, Any requirements of Minn. Stat. chapter 429 or the City Charter with which the City does net comply are hereby waived; b. The increase in fair market value of its portion of the Property resulting from construction of the Improvement Project will be at Least equal to the cost of the Improvement Project as set forth herein, and that such increase in fair market value isa special benefit to the Property; c. Assessment gibe above -specified cost of the Improvement Project against its portion of the Properly is reasonable, fair and equitable and there arena other properties against which such cost should be assessed, 6. No Deferral, Each Owner represents and warrants that its portion ofthe Property is not so classified for tax purposes as to result in deferral of the obligation to pay special assessments, and Owner Page 2 of 12