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proper utilities, will be necessary. <br />C. To ensure proper access to a public right of way for any lots developed on the <br />Subject Property and in the event Property Owner cannot finance the construction of Krypton <br />Street, the Property Owner requests that the City of Ramsey undertake the construction of <br />Krypton Street, including the extension of sanitary sewer, looping of the water main, and <br />associated services. ("Public Improvement"). <br />C. The costs expected to be incurred for the Public Improvement is the amount of the <br />special assessment listed below. <br />NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL <br />COVENANTS, THE PARTIES HERETO AGREE AS FOLLOWS: <br />1. The Property Owner agrees, in the event Property Owner undertakes to further <br />develop the Subject Property, Property Owner will construct Krypton Street. In <br />the event the Property Owner cannot finance the construction of Krypton Street, <br />the Property Owner agrees to allow the City to complete and perform necessary <br />and related work for the construction of Krypton Street ("Public Improvement"), <br />allow the City to incur the cost of construction, and collect payment for same, <br />pursuant to the terms of this Agreement. <br />2. The City will assess the Subject Property for its portion of the Public <br />Improvement. The amount of the special assessment shall be the fair market value <br />for the cost of the Public Improvement shall be equal to the fair market value to <br />complete the Public Improvement at the time the Public Improvement is done. <br />The special assessment principal shall be payable in equal installments over <br />fifteen years, plus interest on the unpaid balance at the fair market interest rate at <br />the time the Public Improvement is done. Interest shall begin accruing upon <br />completion of the Public Improvement. The special assessment principal and <br />interest will be certified to the county and become due and payable on the same <br />schedule as the property taxes for the Subject Property. <br />3. The Property Owner waives any and all procedural and substantive objections to <br />the Public Improvement and special assessments, including, but not limited to, <br />hearing requirements and any claims that the assessment exceeds the benefit to <br />-2- <br />