Loading...
HomeMy WebLinkAboutAmended & Restated Assessment EXECUTION COPY AMENDED AND RESTATED ASSESSMENT AGREEMENT (Columbia Heights Office Center) THIS AGREEMENT, made on or as of the 23rd day of November, 1994 by and between HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF COLUMBIA HEIGHTS, MINNESOTA, a public body corporate and politic under the laws of Minnesota (the "Authority") and Zaidan Holdings, Inc., a Canadian corporation (the "Redeveloper"): RECITALS A. The Authority is administering a redevelopment project (the "Project") pursuant to Minnesota Statutes, Chapter 469. B. The Authority and Terry Evenson (the "Prior Redeveloper") entered into a Contract for Private Redevelopment (Office Facility) dated as of June 1, 1981 (the "Redevelopment Contract") regarding the redevelopment of certain property located in the Project and legally described in Exhibit A hereto (the "Property"). C. Pursuant to the Redevelopment Contract the Authority and the Prior Redeveloper entered into an Assessment Agreement dated September 27, 1984 (the "Original Assessment Agreement"), under which the parties thereto established a minimum market value of $4,800,000 for the Property and the improvements constructed thereon, pursuant to Minnesota Statutes, Section 273.76, Subdivision 8 (now codified at Minnesota Statutes, Section 469.177, Subdivision 8) . D. The Redeveloper is the successor in interest to the Prior Redeveloper, and is subject to all terms of the Redevelopment Contract and the Original Assessment Agreement. E. The Authority and the Redeveloper have determined that it is necessary and in the public interest to amend the Original Assessment Agreement as further provided herein, in accordance with Minnesota Statutes, Section 469.177, Subd. 8. F. The parties have reviewed the Property and improvements thereon and the Assessor's Certification attached hereto. G. This Agreement has been approved by the City Council of the City of Columbia Heights, the Anoka County Board of Commissioners and the school board of Independent School District No. 13, all in accordance with Minnesota Statutes, Section 469.177, Subd. 8. 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. The minimum market value which shall be assessed for the Property described in Exhibit A, together with the improvements thereon, for ad valorem tax purposes, shall be $1,630,800 as of January 2, 1995. SJB78655 CL160-70 2. The minimum market value herein established shall be of no further force and effect and this Agreement shall terminate on the earlier of the following: (a) the date of receipt by the Authority of the last tax increments from the tax increment financing district in which the Property is located; or (b) the date on which the last bonds issued pursuant to Minnesota Statutes Section 469.178 or any predecessor statute to assist redevelopment of th~ Property (including and bonds issued to refund such bonds), are paid, defeased, or redeemed according to their terms. The event referred to in Sections 2(b) of this Agreement shall be evidenced by a certificate or affidavit executed by the Authority furnished forthwith upon occurrence of such event. 3. This Agreement shall be promptly recorded in the Office of the County Recorder, Anoka County by the Redeveloper. The Redeveloper 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 Redevelopment Agreement between the Authority and the Redeveloper. 5. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. This Agreement supersedes the Original Assessment Agreement in all respects. 6. In the event any provision of this Agreement shall be held invalid and unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 7. This Agreement may not be amended nor any of its terms modified except by a writing authorized and executed by the parties hereto. 8. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 9. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 10. Nothing herein shall limit the discretion of the Assessor to assign a market value to the Property and improvements thereon in excess of the minimum market value specified herein nor prohibit the Redeveloper from seeking through the exercise of local or administrative remedies a reduction in such market value for property tax purposes, provided however, that the Redeveloper shall not seek a reduction of such market value below such minimum market value in any year so long as this Agreement shall remain in effect. 11. The Redeveloper agrees and understands that it is Redeveloper's responsibility to obtain the certification of the Assessor attached hereto, record this Agreement, and obtain any reduction in market value from the Original Assessment Agreement to the extent permitted under this Agreement. The Redeveloper releases and agrees to indemnify, defend and hold harmless the Authority from any claim, BJB78655 CL160-70 2 demand, suit, action or other proceeding relating to the validity or enforceability of this modification of the Original Assessment Agreement, including without limitation any failure by Redeveloper for any reason to obtain a reduction in market value of the Property below that specified in the Original Assessment Agreement. HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF COLUMBIA HEIGHTS \r1 ~ By: '{()d~/Ju~ ~ . ByfJ20fX:A~~~ Its Executive Director STATE OF MINNESOTA ) ) ss. COUNTY OF ANOKA ) On this Z;EIL day of ~ ,1994, before me, a notary public }Vithin and for Anoka County, personally appeared D,.:r. ~.and ifI-4J.I R. ~othe Chair and Executive Director, respectively, of the 0 sing and Redevelopment Authority in and for the City of Columbia Heights, Minnesota (the "Authority") named in the foregoing instrument and acknowledged said instrument on behalf of the Authority. GREBECCA S. TOWNSLEY : .: NOTARY PUBUC.MINNESOTA . . . ANOKA COUNTY . MyComm. Exp.January 3'. 2000 IG.t..uM "'!. 7".-<-(.'-11-" 0(1/ Notary Public s.m1865!S CL160-70 3 ,I <\:' ci;4'/ '~ STATE OF V1A; "'~u -k. ) 1"> ) ss. COUNTY OF I<-I'wv--Sfl-.( ) On this ~ day of No~~, 1994, before me, a notary public within and for /Z-""'^"~ County, personally appeared ~~"'- ;;?...;o....~ . the 1',u.."~-r- of Zaidan Holdings, Inc., a Canadian corporation, and acknowledged the foregoing instrument on ~~ . Ie TIMOTHY M I'IAlSH . -:l NOTARY PUBlIC'-:,' "EDlA J ,_" RAMSfY CC' -v M Comrn .....01, .. Y. E)(pire~ ~ ;,;r. 13. 1996 . No ary Public This document was drafted by: HOLMES & GRAVEN, Chartered 470 Pillsbury Center Minneapolis, Minnesota 55402 Telephone: 337-9300 aJB78655 CL160-70 4 CERTIFICATION BY COUNTY ASSESSOR The undersigned Assessor, being legally responsible for the assessment of the above described property, hereby certifies that the valueB~ssigned to the land and improvements are reasonable. ~-- ~ STATE OF MINNESOTA ) ) ss COUNTY OF ANOKA ) "d The foregoing instrument was acknowledged before me this2>> day of '(\o,Q.IY'\\uA , 1994 by 'C..du;(~vd.- L. ThU(<,.\cnthe County Assessor of the County of Anoka. XII"~":""'~ .~~;.:~~:~~~. ...x~ '. 'J." NOTARYPUBUC.IIflNESOTA . ANOKA coUNTY . My C<:""''Tl. Fv"l ~..". 24, 1"''''l1, _ : ;- -.,...------. ,. ~,kct~ Nra Public 8JB7865!S CL160-70 5 EXHIBIT A of ASSESSMENT AGREEMENT Legal Description of Property Lot 32. Block 6. Reservoir Hills. Lots 25 through 28. Block 1. Waiton's rearrangement of Lots 33 and 34. Block 6, Reservoir Hills. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6. Reservoir Hills. Those parts of Lots 28 through 31, Block 6, Reservoir Hills, Lots 23 and '24. Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lot 33 and 34, Block 6, Reservoir Hills. lying Southwesterly and Westerly of the following described line: Beginning at a point on the South line of said Block I, Waiton's Rearrangement, said point being 18.00 feet West of the Southeast comer of Lot 23, of said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with said East line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the North line of Lot 30 of said Block 6, Reservoir Hnls. said point being 47.23 feet Easteriy of the Northwest corner of said Lot 30 and there termlnadng, all In Anoka County. Reserving and subject to easements to the City of Columbia Heights for roadway purposes over the North 4.00 feet of the West 232.00 feet of said Block 6, Reservoir hills, and over the area described as follows: Beginning at the Northwest comer of Lot 30, Block 6. Reservoir Hills; thence East along the North lot line of said Lot 30 a distance of 12.0 feet; thence Southerly and parallel to the West line of said Block 6 a distance of 130.00 feet; thence Southwesteriy In a straight line to a point 225.0 feet from said Northwest comer of Lot 30 along the West line of Block 6. Reservoir Hills and Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; thence North 225.0 feet to the point of beginning. Reserving to the City of Columbia Heights a utility easement over, under and across the East 15.00 feet of the West 27.00 feet of the abovlK1escribed parcel. SJB78655 CLl60-70 A-I