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2022343.006 <br />Record ID 2405764 <br />ASSESSMENT AGREEMENT <br />TI-IIS ASSESSMENT T AGREEMENT (this "A reement") is made this 2 th day of May, <br />2011, by and between City of Ramsey, a Minnesota municipal corporation (the "City..) with <br />offices at 7550 Sunwood Drive .W., Ramsey. 'Minnesota 55303, and Hageman Holdings, <br />LLC, a Minnesota limited liability company ("Owner"having an address of 13200 rd t. NE, <br />St. Michael, MN 55376, and is based on the following facts: <br />A. Owner is the owner of fee title the Property, as defined in the Development <br />Contract. <br />E. Owner has applied to the City for approval of a subdivision of the Property into <br />Lot 1, Block 1, and Outlots A, B, C and D, Alpha Development, Anoka County, Minnesota, <br />pursuant to the plat of Alpha Development (the "Plat"). <br />C. The City has approved the Plat subject to certain conditions as specified in that <br />certain Development Contract between the City and Owner. dated May 19. 2011 (the <br />::Development Contract"). <br />D. The Development Contract contemplates that the City and Owner will enter into <br />this Arement. <br />Nov. THEREFORE, in consideration of the facts stated above, the mutual promises and <br />agreements set forth below, and for other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged by the City and Owner, the parties hereby agree <br />, <br />as 'Mows: <br />1. Recitals Incorporated. The facts stated above are hereby incorporated into this <br />Agreement and made a part of this Agreement by this reference. <br />. Definitions. Capitalized terms used but not defined in this Agreement are defined <br />as provided in the Development Contract. <br />3. Assessment. A special assessment (the "Assessment") is hereby levied against <br />the Property under Minnesota Statutes Chapter 429 in an amount (the ``Aggregate Assessment <br />Amount") equal to the amount of the ;`Project Costs" of the Stage I City Improvements as <br />defined in the Development Contract. For purposes of this Agreement, "Project Costs" means <br />the actual total cost of the Stage I City Improvements including: 1) 5% contir encv, 2) 16% for <br />for construction engineering and administration fees, and; 3) trunk fees. The Aggregate <br />Assessment Amount shall not exceed $1,701,077.3 , and the assessment shall be allocated to and <br />levied against portions of the Property created by the Plat as follows: <br />Commercial Partners Titfe, LLC <br />200 South Sbcltti Street <br />Suite 1300 <br />Minneapolis, MN 55402 <br />3 )�.3 e 6.) -st) to <br />