Agenda - Council - 08/24/2021 - Laserfiche WebLink

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EXHIBIT D Form of Assessment Agreement THIS AGREEMENT, dated as of this day of , 2021 (the "Agreement"), is by and among the City of Ramsey, Minnesota (the "City"), Oppidan Incorporated, a Minnesota corporation (the "Developer") and Ramsey Industrial Owner LLC, a Delaware limited liability company (the "Owner"), and the Anoka County Assessor (the "Assessor"). WITNES SETH WHEREAS, the City, the Developer and the Owner have entered into a Tax Increment Financing (TIF) Agreement dated as of August 1, 2021 (the "TIF Agreement") regarding certain real property located in the City (the "Development Property") which property is legally described on Exhibit A attached hereto and made a part hereof. WHEREAS, it is contemplated that pursuant to the TIF Agreement, the Developer will construct a Project on the Development Property as described in the Development Agreement. WHEREAS, the City, Developer and Owner desire to establish a minimum market value for the Development Property and the improvements constructed or to be constructed thereon, pursuant to Minnesota Statutes, Section 469.177, Subdivision 8. WHEREAS, the Owner has acquired the Development Property. WHEREAS, the Assessor has reviewed the plans and specifications for the improvements and the market value previously assigned to the land upon which the improvements are to be constructed, and that the "minimum market value" as set forth below is reasonable. NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. As of January 2, 2023 through and thereafter until the earlier of (i) December 31, 2031; or (ii) the Termination Date (as defined in the TIF Agreement), the minimum market value which shall be assessed for Phase 1 (as defined in the TIF Agreement) of the Project shall be not less than $20,100,000. 2. As of January 2, 2024 through and thereafter until the earlier of (i) December 31, 2031; or (ii) the Termination Date (as defined in the TIF Agreement), the minimum market value which shall be assessed for Phase 2 (as defined in the TIF Agreement) of the Project shall be not less than $11,500,000. The minimum market value herein established for Phase 1 and for Phase 2 shall be of no further force and effect and this Agreement shall terminate on the earlier of: (i) December 31, 2031; or (ii) the Termination Date of the TIF Agreement. 3. This Agreement shall be recorded by the City with the County Recorder of Anoka County, Minnesota. The Developer shall pay all costs of recording. D-1 13580713v3