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<br />Exhibit D <br /> <br />ASSESSMENT AGREEMENT AND <br />CERTIFICATION OF ASSESSOR <br /> <br />THIS AGREEMENT, made and entered into this day of , 1996, <br />by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office <br />at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota (City), and First State Bank of <br />Isanti, a Minnesota Corporation, having its principal office at 29 West Main Street, Isanti, <br />Minnesota (Developer): <br />WITNESSETH: <br />WHEREAS, the City is administering City Development District No. 1 created pursuant <br />to Minnesota Statutes, ~469.124 through ~469.134: and <br />WHEREAS, the City is administering Tax Increment Financing Districts created pursuant <br />to Minnesota Statutes, ~469.174 through ~469.179: and <br />WHEREAS, the parties have entered into a Contract for Private Development <br />(Development Agreement), dated , 1996, regarding the development of certain <br />real property located in City Development District No. 1 within the City and legally described as <br />shown in Exhibit A; and <br />WHEREAS, it is contemplated that pursuant to said Development Agreement, the <br />Developer will construct the Minimum Improvements described in such Development Agreement <br />and shall complete them prior to March 1, 1997; and <br />WHEREAS, the City and the Developer desire to establish minimum market values for <br />said land and the Minimum Improvements to be constructed thereon (collectively, the Property), <br />pursuant to Minnesota Statutes, s469.177, Subd. 8; and <br />WHEREAS, the county assessor has reviewed the plans and specifications for the <br />Minimum Improvements which will be constructed. <br /> <br />NOW THEREFORE, the parties do hereby agree as follows: <br /> <br />1. On January 1, 1998, the minimum total market value of the Property shall Two <br />Hundred Ten Thousand and 00/100 Dollars ($210,000.00). Said minimum marlcet <br />value shall remain in effect for the term of this Agreement as described in paragraph <br />4 hereof. . <br /> <br />2. Nothing in this Agreement shall limit the discretion of the county assessor or any <br />other public official or body having the duty to determine the market value of the <br />Property for ad valorem tax purposes to assign to the Property a market value in <br />excess of the minimum market value specified in this Agreement <br /> <br />3. Neither the preambles nor the provisions of this Agreement are intended to modify <br />nor shall they be construed as modifying, the terms of the Development Agreement. <br /> <br />Page 29 <br />