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Recorded Assessment agreement EDA Roers Harlow001Document Number: A78L28L Filed and/or Recorded on Jan 2, 2025 4:07 PM Office of the County Recorder/Registrar of Titles Carver County, Minnesota Kaaren Lewis, County Recorder Deputy TH Document Recording Fees $ 46.00 DocumentTotal $ 46.00 Requesting Party: Guaranty Commercial Title Inc Paqes: 9 This cover page has been added to this document by Carver County Land Records and is now an official part of this recorded document and ASSESSOR'S CERTIFICATION By and among THE CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY and ROERS CHANHASSEN HARLOW APARTMENTS OWNER LLC and COUNTY ASSESSOR FOR CARVER COUNTY, MINNESOTA This Document was drafled br KENNEDY & GRAVEN, Chartered (RHB) 150 South Fifth Street Suite 700 Minneapolis. MN 55402 (612) 337-9300 Return to: Guaranty Commercial Title, lnc' 465 Nicollat Mall. Suite 230 Minneapolis, MN 55401 Errorl Unknown document property name. ASSESSMENT AGREEMENT I i THIS ASSESSMENT AGREEMENT. dated u, or *ir20W oi O.".rU er.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 Harlow 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 of one five-story building, including approximately 126 multifamily rental housing units, 3,029 sq. ft. ofcommercial space, 68 structured parking stalls and 63 surface parking stalls (the "Minimum Improvements"); and WHEREAS, the EDA and the Owner desire to establish a minimum market value for the Development Property and the Minimum lmprovements to be constructed thereon, pursuant to Minnesota Statutes. section 469. I 77 . Subd. 8; 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: 1 . The Minimum Market Value for the Development Property with the Minrmum Improvements shall be $36,971,000. 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 force and effect 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 ol' Minnesota Statutes , section 469.177, Subd. 8 set forth in Exhibit B hereto. The Owner shall pay all 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, modifuing the terms ol the Agreement. Unless the 2 Error! flnknown document property name. 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 ofand be binding upon the parties and their successors and assigns. 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 hereoL 8. The parties hereto agree that they will, from time to time, execute, acklowledge 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 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 modifled 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. J Error: Unknown document prop€rty n{me. 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. CHANHASSEN ECONOMIC DEVEI-OPMENT AUTHORITY x I By Elise Ryan. President And by: Lauric Hokkanen, Executive Director STATE OF MINNESOTA couNTY op cc^yvw The foregoing instrument as acknowledged before me this 15 day of M.Uil*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 Authority. Notary blic STATE OI.'MINNESO-|A /Z0Z ,Lf 'rEf sefilr3 uqaillu,oo IX ?losouury!-cIqnd IJBIoN U]110d NNV U]JINN3I0^,..,n- The foregoing instrument as acknowledged before me this 16 day of) 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. Notary Pu JENNIFER ANN POTTER Notary Pubtic-Minnosota I ) )ss ) SS ) ) ) 4 DOCSOP[IN\CI I I 35\65\995620.v t - | 2l 13 /24 My Commiaaton Expi.e! Jan 3j ,2027 COUNTY OF VA,\ fr4t\awalvqh ROERS CHANHASSEN HARLOW APARTMENTS OWNER LLC 6 Tom Cronin, Authorized S ignatory STArE oF Miy1e1?Jo-h) ) SS. COUNTYOF Acnne.Qrv) The foregoing instrument was executed before me this l8e day of De cernbzv' , 2024, by Tom Cronin, the Authorized Signatory ofRoers Chanhassen Harlow AparEnents Owner LLC, a Delaware limited liability company, on behalf of company, Notary Publi 5 P^IGE CATHERilE WEBSIER NOIARY RJgtIC . H}$€SO'A H€flNtPft COUXTY My Conn ss,on ElprresJan.31. 2025 DOCSOPEN\CH I 35\65\99562Q.v 1 - 1 2/ 1 3124 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 improvonents 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 improvanents at the property, legally described on Exhibit A attached hereto, shall be not less than Thirty-Six Million Nine Hundred Seventy-One Thousand Dollars ($36,971,000) as of January 2nd,2026, for taxes payable beginnirg in 2027, until termination of this Agreernent. C"r.,tye.Gffi"t Carver County, Minnesota STATE OF MINNESOTA COUNTY OF CARVER The regolrlg lns ment was acknowledged before me this \6& day of D<x2",^L\ar- 2024,by Notary blic ) )ss ) 6 TINA M NEMITZ Notary Pubtic Minnesota My Collllnbbt EpilB Jfi. 31, am DOCSOPEN\CH I 35\65\995620.v I - l 2/ I 3/24 /w,- the County Assessor, Carver County, Minnesota. EXHIBIT A TO ASSESSMENT AGREEMENT The Development Property is legally described as follows: Lot 1. Block 2, Chanhassen Market Street Addition" Carver County, Minnesota. 7 Error! Unknown dotunlent property nnme EXHIBIT B 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 market value established 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 I of an 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 for 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 1 . 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 ofthe above described property, certi'fies that the market values assigned to the land and improvements are reasonable. The assessment agreement shall be fited for record and recorded in the office ofthe county recorder or the registrar oftitles ofeach county where the real estate or any part thereofis situated. After the agreement becomes effective for assessment purposes. the assessor shall value the property under section 273.1l, except that the market value assigned shall not be less than the minimum market value established by the assessment agreement. The assessor may assign a market value to the property in excess of the minimum market value established by the assessment agreement. The owner ofthe properfy 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 olequalization, commissioner ofrevenue, 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 llled 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 ol acquisition or reacquisition of the property by a public entity. Recording an assessment agreement constitutes notice of the agreement to anyone who acquires any interest in the land or improvements that is subject to the assessment agreement. and the agreement is binding upon them. 8 Crror! Unknown document property namc.