Agenda - Council - 04/09/2024 - Laserfiche WebLink

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NOW, THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 1. The Owner hereby petitions the City for construction of the Improvement Project. 2. The Owner represents and warrants that they are the owner of 100 percent of the Subject Property, that they have full legal power and authority to encumber the Subj ect Property as herein provided, and that as of the date hereof, they have fee simple absolute title in the Subject Property, which is not subject to an liens, interests or encumbrances. 3. The Owner requests that up to $8,963 of the cost of the Improvement Project be assessed against the Subject Property. The parties agree and understand that the principal amount to be assessed for the Improvement Project will not exceed$8,963. 4. The Owner waives 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 Subject Property without hearings. 5. The Owner waives the right to appeal the levy of the special assessments in accordance with this Agreement pursuant to Minnesota Statutes section 429.081, or reapportionment thereof upon land division pursuant to Minnesota Statutes section 429.071, subdivision 3, or otherwise, and further specifically agrees with respect to such special assessments against the Subject Property or reapportionment that: a. Any requirements of Minnesota Statutes chapter 429 or the City Charter with which the City does not comply are hereby waived by the Owner, b. The increase in fair market value of the Subject Property resulting from construction of the Improvement Project will be at least equal to the amount specified in paragraph 3,and that such increase in fair market value is a special benefit to the Subject Property; c. Assessment of the above-specified cost of the Improvement Project against the Subject Property is reasonable, fair and equitable and there are no other properties against which such cost should be assessed; and d. The Owner further specifically waives notice and right to appeal reapportionment of such special assessments upon land division pursuant Minnesota Statutes section 429.071, subdivision 3. 6. The Owner understands and agrees that the City may provide for the payment of such special assessments in installments over a period of ten (10) years bearing an interest rate set at 2% over the rate at which the city sells bonds,or 2%over the 10-year treasury rate if the City does not bond for funding the Improvement Project. However, the decision regarding the period of time over which the special assessments may be paid and the interest rate to be applied is the absolute and sole discretion of the city council, subject only to limitations imposed by law. 7. The Owner represents and warrants that the Subject Property is not so classified for tax purposes as to result in deferral of the obligation to pay special assessments, and Owner agrees that it will take no action to secure such tax status for the Subject Property during the term of this Agreement. 2