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<br /> <br />Block ProDertv for calculation of real DrODertv taxes. SDecificallv. the DeveloDer shall <br />a!!ree to a market value for the Bluff Block ProDertv and the Bluff Block DeveloDment in <br />an amount of $ as of Januarv 2. 200 <br /> <br />!bJ The DeveloDer and the Citv shall execute an Assessment A!!reement relatin!! <br />to the Jackson Block ProDertv Dursuant to the Drovisions of Minnesota Statutes. Section <br />469.177. Subdivision 8. sDecifvin!! the Jackson Block Minimum Market Value for the <br />Jackson Block PrODertv for calculation of real DrODertv taxes. SDecificallv. the DeveloDer <br />shall a!!ree to a market value for the Jackson Block ProDertv and the Jackson Block <br />DeveloDment in an amount of $ as of Januarv 2. 200 <br /> <br />~ Nothin!! in the Assessment A!!reements or this A!!reement limits the <br />discretion of the Countv Assessor to assi!!n a market value to the DrODertv in excess of <br />either the Bluff Minimum Market Value or Jackson Block Minimum Market Value nor <br />Drohibits the DeveloDer from seekin!!. throu!!h the exercise of le!!al or administrative <br />remedies. a reduction in such market value for DrODertv tax DurDoses: Drovided however. <br />the DeveloDer shall not seek a reduction of such market value below the Bluff Block <br />Minimum Market Value for anv vear so Ion!! as the Bluff Block Assessment A!!reement <br />remains in effect for that vear nor below the Jackson Block Minimum Market Value for <br />anv vear so Ion!! as the Jackson Block Assessment A!!reement remains in effect for that <br />~ <br /> <br />Ldl The Assessment A!!reements shall remain in effect until the Termination <br /> <br />Date. <br /> <br />~ The Bluff Block Assessment A!!reement shall be certified bv the Countv <br />Assessor as Drovided in Minnesota Statutes. Section 469.177. Subdivision 8. UDon a findin!! <br />bv the Countv Assessor that the Bluff Block Minimum Market Value reD resents a <br />reasonable estimate based UDon the Dlans and sDecifications for the Bluff Block <br />DeveloDment to be constructed on the Bluff Block ProDertv and the market value <br />Dreviouslv assi!!ned to the Bluff Block ProDertv. <br /> <br />ill The Jackson Block Assessment A!!reement shall be certified bv the Countv <br />Assessor as Drovided in Minnesota Statutes. Section 469.177. Subdivision 8. UDon a findin!! <br />bv the Countv Assessor that the Jackson Block Minimum Market Value reD resents a <br />reasonable estimate based UDon the Dlans and sDecifications for the Jackson Block <br />DeveloDment to be constructed on the .Jackson Block ProDertv and the market value <br />Dreviouslv assi!!ned to the Jackson Block ProDertv. <br /> <br />!gl Pursuant to Minnesota Statutes. Section 469.177. Subdivision 8. the Bluff <br />Block Assessment A!!reement relatin!! to the Bluff Block PrODertv shall be filed for record <br />in the office of the countv recorder or re!!istrar of titles of the Countv. and such filin!! shall <br />constitute notice to anv subseouent encumbrancer or Durchaser of the Bluff Block <br />ProDertv. whether voluntarv or involuntarv. and such Bluff Block Assessment A!!reement <br />relatin!! to the Bluff Block ProDertv shall be bindin!! and enforceable in its entiretv a!!ainst <br />anv such subseouent Durchaser or encumbrancer. includin!! the Construction Lender and <br />the holder of anv mort!!a!!e on the Bluff Block DeveloDment ProDertv. <br /> <br />I 824344vRED V2 to VI; 10/12/05 <br /> <br />39 <br />