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EXHIBIT B <br /> <br />FORM OF ASSESSMENT AGREEMENT <br /> <br />THIS AGREEMENT, dated as of this 1st day of April, 2020, is by and among the City of <br />Ramsey, Minnesota (the "City"), and Ramsey Hotel Group LLC, a Minnesota limited liability <br />company (the "Developer"), and the Anoka County Assessor (the "Assessor"). <br />WITNESSETH <br />WHEREAS, the City and the Developer have entered into a Development Agreement dated <br />as of _____________, 2020 (the "Development Agreement") regarding certain real property <br />located in the City (the "Development Property") which property is legally described on Exhibit <br />A attached hereto and made a part hereof. <br />WHEREAS, it is contemplated that pursuant to said Agreement, the Developer will <br />construct a Project on the Development Property as described in the Development Agreement. <br />WHEREAS, the City and Developer desire to establish a minimum market value for the <br />Development Property and the improvements constructed or to be constructed thereon, pursuant <br />to Minnesota Statutes, Section 469.177, Subdivision 8. <br />WHEREAS, the Developer has acquired the Development Property. <br />WHEREAS, the Assessor has reviewed the plans and specifications for the improvements <br />and the market value previously assigned to the land upon which the improvements are to be <br />constructed, and that the "minimum market value" as set forth below is reasonable. <br />NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, <br />covenants and agreements made by each to the other, do hereby agree as follows: <br />1. As of January 2, 20__ through and thereafter until December 31, 20__ the minimum <br />market value which shall be assessed for the Project shall be not less than $4,275,000. <br />2. The minimum market value herein established shall be of no further force and effect <br />and this Agreement shall terminate on the earlier of: (i) December 31, 20__; or (ii) the date of <br />termination of the Development Agreement. <br />3. This Agreement shall be recorded by the City with the County Recorder of Anoka <br />County, Minnesota. The Developer shall pay all costs of recording. <br />4. Neither the preamble nor provisions of this Agreement are intended to, or shall they <br />be construed as, modifying the terms of the Agreement between the City and the Developer. <br />5. This Agreement shall inure to the benefit of and be binding upon the successors <br />and assigns of the parties. <br />B-1 <br />12472188v2 <br /> <br />