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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 Subject Property's portion of the assessment shall be allocated <br />Eighty Percent (80%) to Lot 1, Block 1, Gile Addition and Twenty Percent (20%) <br />to Lot 2, Block 1, Gile Addition. The amount of the special assessment to the <br />Subject Property shall be the fair market value for the cost of the Public <br />Improvement shall be equal to the fair market value to complete the Public <br />Improvement at the time the Public Improvement is done. In any event, the <br />assessment to the Subject Property shall not exceed One Hundred Thousand and <br />00/100 Dollars ($100,000.00). The special assessment principal shall be payable <br />in equal installments over fifteen years, plus interest on the unpaid balance at the <br />fair market interest rate at the time the Public Improvement is done. Interest shall <br />begin accruing upon completion of the Public Improvement. The special <br />assessment principal and interest will be certified to the county and become due <br />and payable on the same schedule as the property taxes for the Subject Property. <br />-2- <br />