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985 Cliff Rd - Assessment & Def Agree PID#10-02600-55-013- ©a ss-- ©/3 ASSESSMENT AND DEFERMENT AGREEMENT This Assessment and Deferment Agreement ( "Agreement ") is made this 1 day of July 2011, by and between Jo Ellen Abraham and Paul A. Abraham, wife and husband, (hereinafter "Landowner ") and the CITY OF EAGAN, a Minnesota municipal corporation (hereinafter "City "). Landowner and City are hereinafter collectively referred to as the "Parties." WHEREAS, Landowner is the fee owner of property located in the City of Eagan, County of Dakota, State of Minnesota and legally described as: See Exhibit "A" (the "Property"). WHEREAS, as part of City Public Improvement Project 1033 (hereinafter the "Project "), the City assessed the Property for trunk water main improvements at the rate of $2,770.00 per net assessable acre. The Property's full assessment is $9,196.40 for 3.32 net assessable acres. Rate (the "Assessment "). Net Area Total (Acre) Assessment $2,770 3.32 $9,196.40 WHEREAS, the Landowner has agreed to that portion of the Assessment for the City's current single - family trunk water availability fee of $1,325.00 (hereinafter the "Immediate Assessment ") and has requested that the City defer that portion of the Assessment above the Immediate Assessment, consisting of $7,871.40 (hereinafter the "Deferred Assessment "), until the Property is further sold, subdivided, platted, or otherwise developed, or July 5, 2036, whichever occurs first, and WHEREAS, the City is willing to levy the Immediate Assessment and defer collection of the Deferred Assessment upon the terms and conditions contained herein. WHEREAS, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. ASSESSMENT. The Assessment for trunk water main for Project 1033 is $9,196.40. The Assessment shall be divided between the Immediate Assessment and the Deferred Assessment. 2. IMMEDIATE ASSESSMENT. The Immediate Assessment is $1,325.00 and is payable over ten (10) years in equal annual installments, together with interest at the rate of five percent (5 %) per annum. 3. DEFERRED ASSESSMENT. The Deferred Assessment in the amount of $7,871.40 shall be paid pursuant to Minn. Stat. § 429.061, Subd. 2. The Parties agree that the payment of the first installment of the Deferred Assessment, including interest thereon, shall be deferred until the Property is sold, subdivided, platted or otherwise developed, whichever occurs first, at which time the first installment of the Deferred Assessment shall become due and payable. The Deferred Assessment shall bear interest at the rate of five percent (5 %) per annum as set forth in the assessment roll for the Project. When the first installment of the Deferred Assessment becomes due and payable, interest accrued on the Deferred Assessment from July 5, 2011 to December 31 of the year the first installment of Deferred Assessment becomes due and payable shall be added to the original deferred assessment ($7,871.40) and the totals of those amounts shall become the "Principal Assessment Amounts Payable ". The Principal Assessment Amounts Payable shall be divided into five (5) equal annual installments, or such lesser number of equal annual installments as is necessary for the last installment thereof to be payable not more than thirty (30) years after the levy of the Assessments. The first installment of the Principal Assessment Amounts Payable, plus one year interest thereon until December 31 of the year in which the first installment is to be paid, shall be included in the first tax rolls completed after it becomes due and payable, and shall be paid in the same year as the taxes contained therein, and to each subsequent installment shall be added interest for one year on the remaining unpaid installments which shall be paid in a like manner. The Parties agree that, notwithstanding anything in this Agreement to the contrary, the Deferred Assessment and interest thereon must be paid in full no later than July 5, 2041. In the event that the Deferred Assessment has not been paid prior to July 5, 2036, the Principal Assessment Amounts Payable shall be payable in five (5) annual installments commencing January 1, 2037, together with interest thereon at the rate of five percent (5 %) per annum and payable over the next five (5) years. 4. PREPAYMENT. The Landowner may, at any time, pre -pay in full or in part the Deferred Assessment. 5. WAIVER. The Landowner hereby accepts the Assessment and hereby waives the right to object or appeal the Assessment pursuant to Minn. Stat. § 429.081 and further waives notice of hearing on this Agreement, 6. BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the Parties' heirs, successors and assigns, and shall run with the land. LANDOWNER: Jo Ellen Abraham )4 "• \ Ac" Paul A. Abraham CIT, . ! EAGAN: By: Mike Maguire Its: Mayor // By: Christina M. Scipioni Its: City Clerk 3 STATE OF MINNESOTA ) ) SS. COUNTY OF DAKOTA ) JEANETTE ANN JOHNSON NOTARY PUBLIC - MINNESOTA My Commission Expires Jan. 31, 2015 APPROVED AS TO FORM: Public Works Department Dated: 7/72 /// THIS INSTRUMENT WAS DRAFTED BY: Severson, Sheldon, Dougherty & Molenda, P.A. 7300 West 147 Street, Suite 600 Apple Valley, Minnesota 55124 (952) 432 -3136 (Project 1033) (KJP: 206 - 29976) The foregoing instrument was acknowledged before me this -day of July 2011, by Jo Ellen Abraham and Paul A. Abraham, wife and husband. PrsiN Itaky Public STATE OF MINNESOTA ) ) SS. COUNTY OF DAKOTA ) The foregoing instrument was acknowledged before me this y day of Jul /011 b Y July /011, by Mike Maguire and Christina M. Scipioni, the Mayor and City Clerk of the City of Eagan, a Minnesota municipal corporation, on behalf of the municipal corporation. .J' �..!-. G' lf.. rllJl , IJI.JXr.- /./IlJ ✓.l- /,l,,,( MARY L O'BRIEN NOTARY PUBLIC - MINNESOTA My Commission Expires Jan. 31, 15 ( 6 ( iJ1 ti 0 l . lf- /JJ/Jl, /IJJIl Exhibit "A" TRACT A: THE SOUTHEAST 1 /4 OF THE SOUTHWEST 1 /4 OF SECTION 26, TOWNSHIP 27, RANGE 23, EXCEPT THE EAST 330.0 FEET AND EXCEPT THE WEST 660.0 FEET AND EXCEPT THE NORTH 675.0 FEET THEREOF AND EXCEPT THAT PART LYING SOUTH OF THE CENTER LINE OF CLIFF ROAD, ACCORDING TO THE UNITED STATES GOVERNMENT SURVEY THEREOF AND SITUATE IN DAKOTA COUNTY, MINNESOTA. TRACT B: THE NORTH 675.0 FEET OF THE SOUTHEAST 1 /4 OF THE SOUTHWEST 1 /4 OF SECTION 26, TOWNSHIP 27, RANGE 23, EXCEPT THE WEST 660.0 FEET THEREOF, AND ALSO EXCEPT THE EAST 330.0 FEET THEREOF, TOGETHER WITH A ROAD EASEMENT OF THE LAND DESCRIBED AS FOLLOWS: THE WEST 30.0 FEET OF THE EAST 360.0 FEET OF THAT PART OF THE SOUTHEAST 1 /4 OF THE SOUTHWEST 1 /4 OF SECTION 26, TOWNSHIP 27, RANGE 23, LYING NORTHERLY OF THE CENTER LINE OF CLIFF ROAD; EXCEPT THE NORTH 675.0 FEET THEREOF, ACCORDING TO THE UNITED STATES GOVERNMENT SURVEY THEREOF AND SITUATE IN DAKOTA COUNTY, MINNESOTA. 5