Recorded Assessment agreement EDA Roers Bennett001Document Number: A78128O
Filed and/or Recorded on
)an 2, 2025 4i07 PM
Office of the County Recorder/Registrar of Titles
Carver County, Minnesota
Kaaren Lewis, County Recorder
Deputy TH
Document Recording Fees $ 46.00
Document Total $ 46.00
Requesting Party: GuaEnty Commercial Title Inc
Pages: 9
This cover page has been added to this document by Carver County Land Records
and is now an omcial part of this recorded document
ASSE,SSME,NT AGREE,MENT
and
ASSESSOR'S CERTIFICATIoN
By and among
THE CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
and
ROERS CHANHASSEN BENNETT APARTMENTS OWNER LLC
zrnd
COUNTY ASSESSOR FOR CARVEIT COUNTY, MINNBSOTA
This Document was drafted bv
KENNEDY & GRAVEN, Chartered (RHB)
150 South Fifth Street Suite 700
Minneapolis, MN 55402
(612) 337 -9300
Return to:
Guaranty Commarcial Title, lnc.
465 Nicollst Mall, Sulte 230
Minneapoliq MN 55401
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THIS ASSESSMENT AGREEMENT, dated as of this 24hof December. 2024. by and
between the Chanhassen Economic Development Authority, a public body corporate and politic
under the laws of Minnesota (the "EDA"), and Roers Chanhassen Bennett Apartments Owner
LLC, a limited liability company under the laws of Delaware (the "Owner").
WITNESSETH:
WHEREAS, the EDA and the Owner have previously entered into a Contract for Private
Development and a First Amendment to Contract for Private Development (collectively, the
"Agreement") conceming the property legally described on Exhibit A hereto, (the "Development
Property"); and
WHEREAS, pursuant to the Agreement, the Owner will construct a mixed-use
development consisting ofone six-story building including approximately 184 multifamily rental
housing units, I 1,853 sq. ft. of commercial space and 338 structured parking stalls (the "Minimum
Improvements"); and
WHEREAS, the EDA and the Owner desires to establish a minimum market value for the
Development Property and the Minimum Improvements to be constructed thereon, pursuant to
Minnesota Statutes , section 469.177 , Subd. 8l and
WHEREAS, the EDA and the County Assessor for Carver County, Minnesota have
reviewed the Plans for the Minimum Improvements which the Owner has agreed to construct on
the Development Property pursuant to the Agreement.
NOW, THEREFORE, the parties to this Assessment Agreement, in consideration of the
promises, covenants and agreements made herein and in the Agreement by each to the other, do
hereby agree as follows:
l. The Minimum Market Value for the Development Property with the Minimum
Improvements shall be $58,996,000. The parties agree that this Minimum Market Value shall be
placed against the Development Property as of January 2,2026, for taxes payable beginning in
2027 notwithstanding any failure to start or complete construction of such Minimum
Improvements by that date.
2. The Minimum Market Value herein established shall be of no further lorce and
eff'ect and this Assessment Agreement shall terminate on the Termination Date. The Termination
Date has the meaning given to it under the Agreement.
3. This Assessment Agreement shall be promptly recorded by the Owner with a copy
of Minnesota Statutes, section 469.177, Subd. 8 set lorth in Exlibit B hereto. The Owner shall
pay alI costs ofrecording this Assessment Agreement.
4. Neither the preambles nor the provisions of this Assessment Agreement are
intended to, nor shall they be construed as, modifring the terms of the Agreement. Unless the
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context indicates clearly to the contrary. the terms used in this Assessment Agreement shall have
the same meaning as the terms used in the Agreement.
5. This Assessment Agreement shall inure to the benefit oland be binding upon the
parties and their successors and assigns.
6. Each of the parties has authority to enter into this Assessment Agreement and to
take all actions required of it and has taken all actions necessary to authorize the execution and
delivery of this Assessment Agreement.
7. ln the event any provision of this Assessment Agreement shall be held invalid or
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 lbr
colrecting any inadequate, or incorrect, or amended description of the Development Property, or
for carrying out the expressed intention of this Assessment Agreement.
9. Except as provided in Section 8 hereof', this Assessment Agreement may not be
amended nor any of its terms modified except by a writing authorized and executed by all parties
hereto.
10. This Assessment 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 l. This Assessment Agreement shall be govemed by and construed in accordance with
the laws of Minnesota.
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CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
By
Elise Ryan, Presid-r
And by:Wuft,Ll\tP'kAxW\
Laurie Hokkanen. Executive Directort{
STATE OF MINNESOTA
COUNTY OI.-Canty
The foregoing instrument as acknowledged before me ttris t5 day of Duna.u
2024,by Elise Ryan, the President ofthe Chanhassen Economic Development Authority, a public
body corporate and politic under the laws of Minnesota, on behalf of the Economic Development
Authoritv
Notary
STATE OF MINNESOTA JENNIFER ANN POTTER
Notary Public-Minn6sota
My Comml.lbn Epir.. Jen 3r, 2027
The foregoing instrument as acknowledged before me this l& day of D*nl--
2024, by Laurie Hokkanen, the Executive Director of the Chanhassen Economic Development
Authority, a public body corporate and politic under the laws of Minnesota, on behalf of the
Economic Development Authority.
dk
Notary Public
JENNIFER ANN POTTER
Notary Public-Minnesota
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COUNTY OF Co*-
SS
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My Committirn Elpir63 Jrn 3t, 2OA7
SS.
ROERS CHANHASSEN BENNETT
APARTMENTS OWNER LLC
I
Tom Cronin, Authorized Signatory
STArE oF Miavre.r"*a ;
COUNTY OF znnL ?
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The foregoing instrument was executed before me this lt* day of Dt-tcmbov' ,
2024, by Tom Cronin, the Authorized Signatory of Roers Chanhassen Bennett Aparhnents Owner
LLC, a Delaware limited liability company, on behalf of the company,
./-^_
Noiary Fublicl
PAIGE CAIH€RITE WEESTER
OIARY PIJoUC. itit€Sot
HENT{EPII{ COUNW
My Comm6son ErBro. Jan 31 2@5
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CERTIFICATION BY ASSESSOR
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 are to be
constructed, and being of the opinion that the minimum market value contained in the foregoing
Agreement appears reasonable, hereby certifu as follows: The undersigned Assessor being legally
responsible for the assessment of the described property, hereby certifies that the market value
assigned to such land and improvements at the property, legally described on Exhibit A attached
hereto, shall be not less than Fifty-Eight Million Nine Hundred Ninety-Six Thousand Dollars
($58,996,000) as of January 2"d,2026, for taxes payable beginnin g in 2027, until termination of
this Agreement.
County Asse
Carver Coun
for
, Minnesota
STATE OF MINNESOTA
COUNTY OF CARVER
The fore
2024,by
SS
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)
)
l(going instrument was acknowledged before me this 6
Notary Public
day of b
6
TINA M NEMITZ
Notary Public
Minn6sotg
lity Commblidl E{rBs J8o. 3,|, 2030
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the County Assessor, Carver County, Minnesota.
EXHIBIT A
TO ASSESSMENT AGREEMENT
The Development Property is legally described as follows:
Lot I , Block l, Chanhassen Market Street Addition, Carver County, Minnesota.
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FtxHllilT I]
TO ASSESSMENT AGREEMENT
Section 469.177. subd. 8. Assessment Agreements. An authority may enter into a written
assessment agreement with any person establishing a minimum market value of land, existing
improvements, or improvements to be constructed in a district, if the property is owned or will be
owned by the person. The minimum marke value - -...rl,1rshed by an assessment agreement may
be fixed, or increase or decrease in later years from the initial minimum market value. If an
agreement is fully executed before July I of an assessment year, the market value as provided
under the agreement must be used by the county or local assessor as the taxable market value of
the property for that assessment. Agreements executed on or after July 1 ofan assessment year
become effective for assessment purposes in the following assessment year. An assessment
agreement terminates on the earliest of the date on which conditions in the assessment agreement
lor termination are satisfied, the termination date specified in the agreement, or the date when tax
increment is no longer paid to the authority under section 469.1 76, subdivision I . The assessment
agreement shall be presented to the county assessor, or city assessor having the powers of the
county assessor, of the .jurisdiction in which the tax increment financing district and the property
that is the subject of the agreement is located. The assessor shall review the plans and
specifications for the improvements to be constructed, review the market value previously assigned
to the land upon which the improvements are to be constructed and, so long as the minimum market
value contained in the assessment agreement appears, in the judgment of the assessor, to be a
reasonable estimate, shall execute the following certification upon the agreement:
The undersigned assessor, being legally responsible for the assessment olthe above
described property. certifies that the market values assigned to the land and
improvements are reasonable.
The assessment agreement shall be filed for record and recorded in the office of the county
recorder or the registrar oftitles ofeach county where the real estate or any part thereolis situated.
After the agreement becomes effective for assessment purposes. the assessor shall value the
properfy under section 273.1 I . except that the market value assigned shall not be less than the
minimum market value established by the assessment agreement. 'fhe assessor may assign a
market value to the property in excess of the minimum market value established by the assessment
agreement. The owner of the property may seek, through the exercise of administrative and legal
remedies, a reduction in market value for property tax purposes, but no city assessor, county
assessor, county auditor, board of review, board ofequalization, commissioner olrevenue, or court
of this state shall grant a reduction of the market value below the minimum market value
established by the assessment agreement during the term of the agreement filed of record
regardless of actual market values which may result from incomplete construction of
improvements, destruction, or diminution by any cause, insured or uninsured. except in the case
of acquisition or reacquisition of the property by a public entity. Recording an assessment
agreement constitutes notice ofthe agreement to anyone who acquires any interest in the land or
improvements that is subjecl to the assessment agreement, and the agreement is binding upon
them.
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