Agenda - Council - 02/24/2026 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the mutual promises and covenants of each to the other contained in this Agreement and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do covenant and agree as follows: 1. The Owner hereby petitions the City to finance and construct the Improvement Project. The Owner acknowledges and agrees that this Agreement constitutes a petition pursuant to Minn. Stat. § 429.035 for the 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 Subject Property as herein provided, shall obtain consent from any parties that are mortgagees, easement holders, or holders of any rights in the Subject Property that might be superior to this Agreement, and that as of the date hereof, they have fee simple absolute title in the Subject Property. 3. The Owner requests that 100% of the cost of the assessment fees associated with the Improvement Project be assessed against the Subject Property. The parties agree and understand that the principal amount to be assessed for the assessment fees associated with the Improvement Project will not exceed $54,234.69. 4. The Owner waives notice of hearing and hearing pursuant to Minn. Stat. § 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. § 429.061, 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 Minn. Stat. § 429.081, or reapportionment thereof upon land division pursuant to Minn. Stat. § 429.071, subd. 3, or otherwise, and further specifically agrees with respect to such special assessments against the Subject Property or reapportionment that: a. Any requirements of Minn. Stat. Ch. 429 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 the Improvement Project will be at least equal to the amount specified in paragraph 3, and that such increase in fair market value is special benefit to the Subject Property; and 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. 6. The City shall provide for the payment of such special assessments in installments over a period of 10 years bearing an interest rate of 6.83 percent. Owner agrees to pay the assessment amount with the payment of property taxes. The City agrees the Owner may prepay some or all of