7.5 SR 06-17-2024 - Laserfiche WebLink

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EXHIBIT E FORM OF ASSESSMENT AGREEMENT THIS ASSESSMENT AGREEMENT, dated as of , 2024 by and between the City of Elk River, Minnesota (the "City") and PLM Properties, LLC, a Minnesota limited liability company (the "Developer"), and certified by the County Assessor for Sherburne County, Minnesota (the "Assessor"): WITNESSETH WHEREAS, the City, the Developer and Heritage Millwork, Inc., a Minnesota corporation, have entered into a certain Development Assistance Agreement, dated as of , 2024 (the "Development Assistance Agreement"), regarding certain real property located in the City of Elk River, Sherburne County, Minnesota (the "Development Property"), which property is legally described on the Exhibit A attached to and made a part of this Assessment Agreement; WHEREAS, the Development Assistance Agreement provides that the Developer will construct certain improvements (the "Project") on the Development Property; WHEREAS, the City and the Developer desire to establish certain minimum market values for the Development Property and the Project thereon, all as the same may exist from time to time pursuant to Minnesota Statutes, Section 469.177, Subdivision 8; WHEREAS, the Developer represents that it has acquired and now owns fee title to all of the Development Property; WHEREAS, the Developer, the City, and the Assessor have reviewed certain plans for the Project: NOW, THEREFORE, the parties to this Assessment Agreement, in consideration of the promises, covenants and agreements herein, do hereby agree as follows: I. As of January 2, 2026, the minimum market value which shall be assigned to and assessed for the Development Property for purposes of real estate property taxation for taxes payable 2027 through 2035, both inclusive, shall be not less than $8,238,400. It is the express intent hereof that said minimum market value shall apply with respect to the payable 2027 through the payable 2035 real property taxes, both inclusive. 2. This Assessment Agreement and the attached Certification of the Assessor shall be promptly recorded by the Developer, with the County Recorder and/or the Registrar of Titles (as applicable) of Sherburne County, Minnesota, and shall be filed against the Development Property. 3. Neither any preamble nor any provision of this Assessment Agreement is intended to modify the terms of the Development Assistance Agreement. 4. This Assessment Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties, shall be governed by and interpreted pursuant to Minnesota law, and may be executed in counterparts, each of which shall constitute an original hereof and all of which shall A-1 EL185\77\951254.v6 Page 331 of 372