8.2. SR 04/20/2009 - Laserfiche WebLink

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WHEREAS, there will remain after payment of the May 15, 2009 and October 15, 2009 payments the following principal balances on the Existing Assessments: Outlot D, River Park: $4,739.52 per acre; Outlot B, River Park Second Addition: $5,577.71 per acre; Outlot D, River Park Second Addition: $5,578.95 per acre; and WHEREAS, development of the Property is not contemplated to occur for a number of years; and WHEREAS, Developer and Owner have therefore entered into an agreement to cancel the Contract for Deed entered into between them, and Developer has delivered to Owner a quit claim deed transferring all of its rights, title and interest in the Property to Owner; and WHEREAS, Owner intends to return the Property to agricultural uses rather than residential development; and WHEREAS, use of the Property for agricultural purposes will not support payment of the Existing Assessments, nor will use of the Property for agricultural purposes require the installation of utilities which will make use of the Trunk Improvements installed by City; and WHEREAS, Owner has therefore requested that City cancel the Existing Assessments and defer payment on any future assessments until such time as the Property is developed; and WHEREAS, City is willing, due to the unique circumstances outlined above, to cancel the Existing Assessments, but only on condition that Owner petition for and agree to pay special assessments for the Trunk Improvements at such time as the Property is developed. NOW THEREFORE, in consideration of the mutual promises and conditions hereinafter contained, it is hereby agreed as follows: 1. Owner represents and warrants that it is the sole fee owner of the Property and that the Owner's representative signing this Petition, Waiver and Agreement is authorized to do so by Owner. 2. Owner petitions the City of Elk River: A. To cancel the Existing Assessments for Trunk Improvements levied against the Property. 2