7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 13:05; Jej #801 ;Page 37/39 • THIS AGREEMENT, dated as of this day of , 1998, by and between the Economic Development Authority In and For the City of Elk River, a body politic and corporate (the"Authority") and Morrell &Morrell, Inc., a Minnesota corporation(the "Developer"). WITNESSETH: that WHEREAS, on or before the date hereof the Authority and Developer have entered into a Contract for Private Development (the "Development Contract") regarding certain real property located in the City of Elk River, pursuant to which the Authority will assist the Developer in the development of certain property, hereinafter referred to as the Development Property, and legally described on Exhibit A hereto; and WHEREAS, it is contemplated that pursuant to said Agreement the Developer will construct a 45,000 square foot building on the Development Property; and WHEREAS, the Authority and Developer desire to establish a minimum market value for said land and the improvements to be constructed thereon, pursuant to Minnesota Statutes, Section 469.1 77, Subdivision 8; and WHEREAS, the Authority and the County Assessor for the County of Sherburne have reviewed the preliminary plans and specifications for the improvements which it is contemplated will • be erected. NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, covenants and agreements made by each to the other, do hereby agree as follows: 1. Commencing on January 2, 1999, and continuing on each assessment date thereafter until the termination of this Agreement, the minimum market value which shall be assessed for the land described in Exhibit A,with the improvements constructed thereon, shall be Two Million Dollars ($2,000,000.00). 2. The minimum market value herein established shall be of no further force and effect, and this Agreement shall terminate, on the date that the Authority's Tax Increment Financing District No. 18 terminates. 3. This Agreement shall be promptly recorded by the Developer. The Developer shall pay all costs of recording. 4. Neither the preambles nor provisions of this Agreement are intended to, nor shall they be construed as, modifying the terms of the Development contract between the Authority and the Developer. 5. This Agreement shall inure to the benefit of and be binding upon the successors and • assigns of the parties. 13eckP S48664.2 D-2