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<br /> <br />EXHIBIT P <br /> <br />BLUFF BLOCK ASSESSMENT AGREEMENT <br /> <br />THIS AGREEMENT. dated as of this davof <br />the Citv of Elk River. Minnesota (the "Citv") and MetroPlains <br />Minnesota limited liabilitv comnanv (the "Develoner"t <br /> <br />. 2005. is between <br />Develonment. LLC. a <br /> <br />WITNESSETH <br /> <br />WHEREAS. on or before the date hereof the Citv and Develoner have entered into <br />an Amended and Restated Develonment A!!reement dated as of . 2005 (the <br />"A!!reement") re!!ardin!! certain real nronertv located in the Citv (the "Bluff Block <br />Pronertv"t <br /> <br />WHEREAS. it is contemnlated that nursuant to said A!!reement. the Develoner will <br />undertake the demolition and clearance of the existin!! structures located on the Bluff <br />Block Pronertv and the construction of annroximatelv 10.820 souare feet of retail snace. <br />to!!ether with related narkin!! facilities. the construction of annroximatelv 68 units of <br />owner-occunied housin!!. to!!ether with related narkin!! facilities. to be constructed on the <br />Bluff Block Pronertv (the "Proiect") in accordance with nlans and snecifications ann roved <br />bv the Citv. <br /> <br />WHEREAS. the Citv and Develoner desire to establish a minimum market value for <br />the Bluff Block Pronertv and the imnrovements constructed or to be constructed thereon. <br />nursuant to Minnesota Statutes. Section 469.177. <br /> <br />WHEREAS. the Develoner has acouired the Bluff Block Pronertv consistin!! of land. <br />the le!!al descrintion of which is attached hereto as Exhibit A. <br /> <br />WHEREAS. the Citv and the Assessor have reviewed nlans and snecifications for <br />the Proiect. <br /> <br />NOW. THEREFORE. the narties to this A!!reement. in consideration of the <br />nromises. covenants and a!!reements made bv each to the other. do herebv a!!ree as follows: <br /> <br />1... As of Januarv 2. 200 . the minimum market value. which shall be assessed <br />for the Proiect. shall not be less than $ <br /> <br />2.. This A!!reement shall terminate on the earlier of (i) December 31. 2007. (in <br />the date on which anv Refundin!! Bonds (as defined in the A!!reement) are issued. <br /> <br />3.... This A!!reement shall be recorded bv the Citv with the Countv Recorder of <br />Sherburne Countv. Minnesota. The Develoner shall nav all costs of recordin!!. <br /> <br />4. Neither the nreambles nor nrovisions of this A!!reement are intended to. or <br />shall thev be construed as. modifvin!! the terms of the A!!reement between the Citv and the <br />Develoner. <br /> <br />1 824344vRED V2 to VI; 10/12/05 <br /> <br />P-l <br />