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HomeMy WebLinkAbout2017-2833.12CONTRACT NO[ : 2017-012 CONTRACT DATE: 11/27/17 tffm U*Mfl W ASSESSMENT AGREEMENT ME ASSESSOR'S CERTIFICATION By and Between COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY ME COLUMBIA HEIGHTS LEASED HOUSING ASSOCIATES 111, LLLP This Document was drafted by: KENNEDY & GRAVEN, Chartered 470 U.S. Bank Plaza Minneapolis, Minnesota 55402 511546v I MNI CL205 66 RETURN TO: Commercial Partners Title 200 S. Sixth Street #1300 Minneapolis, MN 55402 — PAZ() ASSESSMENT AGREEMENT THIS AGREEMENT, made on or as of the 271" day of November, 2017 by and betweentheColumbiaHeightsEconomicDevelopmentAuthority, a public body corporate and politicthe "Authority") and Columbia Heights Leased Housing Associates 111, I. a Minnesotalimitedliabilitylimitedpartnership (the "Redeveloper"). WITNESSETH, that WHEREAS, on or before the date hereof the Authority and Redeveloper have enteredintoaContractforPrivateRedevelopmentdatedAugust7, 2017, as amended by a FirstAmendmenttheretodatedasofNovember6, 2017 (as so amended, the "RedevelopmentContract"), pursuant to which the Authority is to facilitate development of certain property in theCityofColumbiaHeightshereinafterreferredtoasthe "Property" and legally described inExhibitAhereto; and WHEREAS, pursuant to the Redevelopment Contract the Redeveloper is obligated to construct certain improvements (the "Minimum Improvements") upon the Property; and WHEREAS, the Authority and Redeveloper desire to establish a minimum market valueforthePropertyandtheMinimumimprovementstobeconstructedthereon, pursuant toMinnesotaStatutes, Section 469. 177, Subdivision 8; and WHEREAS, the Authority and the Anoka County Assessor (the "Assessor") have reviewed the preliminary plans and specifications for the improvements and have inspected suchimprovements; NOW, 'rHEREFORE, the pat-ties 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 ad valorem tax purposesforthePropertydescribedinExhibitA, together with the Minimum Improvements constructedthereon, shall be $11,544,000 as of January 2, 2019, and $17,760,000 as of January 2, 2020 notwithstanding the progress of construction by such date, and as of'each January 2 thereafteruntilterminationofthisAgreementunderSection2hereof. I The minimurn market value herein established shall be of no further force and effect and this Agreement shall terminate on the Termination Date, as defined in theRedevelopmentContract. Tile event referred to in Section 2 of this Agreement shall be evidenced by a certificate oraffidavitexecutedbytheAuthority. 3. This Agreement shall be promptly recorded by the Authority. Tile Redeveloper shall pay all costs of recording. 5 1540v9 rvINI C120.5.66 4, Neither the preambles nor provisions of this Agreement are intended to, nor shall they be construed as, modifying the ternis of the Redevelopment Contract between the AuthorityandtheRedeveloper, 5. This Agreement shall intire to the benefit of and be binding upon the successors and assigns ofthe: pat-ties, C. Each of the parties has authority to enter into this Agreement and to take all actions required of it, and has taken all actions necessary to authorize the execution and deliveryofthisAgreement, 7. 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 8. The parties hereto agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements, amendments and modifications hereto, and such further instruments as may reasonably be required for correcting any inadequate, or incorrect, or amended description of the Property ortheMinimumImprovementsorforcarryingouttheexpressedintentionofthisAgreement, including, without limitation, any further instruments required to delete frown the description of the Property such part or parts as may be included within a separate assessment agreement. 9. Except as provided in Section 8 of this Agreement, this Agreement may not be amended nor any of its terms modified except by a writing authorized and executed by all partieshereto. 10. 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, I I. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 511546vi MNI C1205-66 KAI' Big" MIXIONWAIUM By 4ItsPresident By Its Executive Dire or s'rATE OF MINNESOTA S& COUNTY OF' ANOKA The foregoing instrument was acknowledged before me this -dAay of 2017 by Marlaine Szurek and Walter R. Fehst, the President and Executive Director of the Columbia Ileights Economic Development Authority, on behalf of the Authority. Notary Pub 511546v1 MST] C'L2015 -66 SHELLEY SUE, HANSON NOTARY PU81.1C - MINNESOTA My CommIssivi Expires Jan. 31, 2021 COLUMBIA HEIGHTS LEASED HOUSING ASSOCIATES 111, LLLP, a Minnesota Limited Liability Limited Partnership By: Columbia Heights Leased Housing Associates III, J"LC Its General Partner STATE OF MINNESOTA SS. COUNTY OFHENNEPIN The foregoing instrument was acknowledged before me this 27th day of November, 2017 by Owen Metz, the Authorized Representative of Columbia Heights Leased Housing Associates111, LLC, a Minnesota limited liability company, the General Partner of Columbia Heights Leased Housing Associates 111, LLLP, a Minnesota limited liability limited partnership, onbehalfofthepartnership. KERRY J KOCH NOTARY PUBUC MINNESOTA 1A) 5 ! 1546v I MNI CI-205-66 b '-0Z Notary Pub A 01 11 The undersigned, having reviewed the plans and specifications for the improvements to be constructed and the market value assigned to the land upon which the improvements arc to be constructed, hereby certifies as follows: The undersigned Assessor, being legally responsible for the assessment of the above described property, hereby certifies that the values assigned to the land and improvements are reasonable. r t–'Vssess,o 4 ---- Anoka Cou STATE OF MINNESOTA ss COUNTY OFANOKA The foregoing instrument was acknowledged before me thi 4e-'day of C0L)-4-&eC_12017, byG Qy-- the Assessor of Anoka County, IJ KD. STEPAN MrTrN*hVetty TV ldnr ftor 008 Cc MN Nftijomcer (ON-ofk* notary PuDhc)j Wm'att' 511546v1 MNJ CL205-66 Nlotav – ry Publi Legal Description of Property Lots I and 2, Block 1, Grand Central Lofts, Anoka County, Minnesota wt Outlot A, Grand Central Lofts, according to the recorded plat thereof, Anoka County, Minnesota. 511546v] MNI C1,205-66