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services. ("Public Improvement"). <br />D. 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 COVENANTS, <br />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 157th Avenue NW. In <br />the event the Property Owner cannot finance the construction of 157th Avenue NW, <br />the Property Owner agrees to allow the City to complete and perform necessary and <br />related work for the construction of 157th Avenue NW ("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 (the south half of the <br />roadway) of the Public Improvement. The Subject Property's portion of the <br />assessment shall be allocated One Hundred Percent (100%) to Lot 1, Block 1, Voice <br />of Hope Church Addition. The amount of the special assessment to the Subject <br />Property shall be the fair market value for the cost of the Public Improvement shall <br />be equal to the fair market value to complete the Public Improvement at the time <br />the Public Improvement is done. In any event, the assessment to the Subject <br />Property shall not exceed One Hundred Thousand and 00/100 Dollars <br />($100,000.00). The special assessment principal shall be payable in equal <br />installments over fifteen years, plus interest on the unpaid balance at the fair market <br />interest rate at the time the Public Improvement is done. Interest shall begin <br />accruing upon completion of the Public Improvement. The special assessment <br />principal and interest will be certified to the county and become due and payable <br />on the same 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 the <br />Subject Property. The Property Owner waives any right to appeal pursuant to Minn. <br />Stat. §429.081. <br />3. Property Owner may prepay the entire special assessment without interest. <br />2 <br />