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HomeMy WebLinkAbout1996-094 , e . RESOLUTION NO. 96-94 APPROVAL OF AGREEMENT FOR MUNICIPAL REDEVELOPMENT BETWEEN THE CITY OF STILLWATER AND A.B.S. COMPANY BE IT RESOLVED by the City Council of Stillwater, Minnesota, that the Agreement for Municipal Redevelopment between the City of Stillwater and A.B.S. Company for 402 North Main Street, hereto attached as Exhibit A, is hereby approved, and the appropriate city staff is authorized to sign said Agreement. Adopted by Council this 16th day of April, 1996. J.~4 ATTEST: ~;"lJ~ Modi eldon, CIty Clerk . , f '~ . e .' AGREEMENT FOR MUNICIPAL REDEVELOPMENT BETWEEN THE CITY OF STILLWATER, MINNESOTA AND A.B.S. COMPANY FOR 402 NORTH MAIN STREET STILLWATER, MINNESOTA 55082 THIS INSTRUMENT WAS DRAFTED BY: David T, Magnuson #66400 MAGNUSON LAW FIRM The Desch Office Building 333 North Main Street Suite 202 Stillwater, Minnesota 55082 612/439-9464 , r'" CONTRACT FOR PRIVATE REDEVELOPMENT . THIS AGREEMENT, made this L~ay of ~~1996, between the CITY OF I STILLWATER ("City"), a Home Rule Charter City of the Third Class, having its office at City Hall, 216 North Fourth Street, Stillwater, Minnesota, and A,B,S, COMPANY, a Minnesota General Partnership .. ("Redevelopers"), 402 North Main Street, Stillwater, Minnesota 55082, I. STATEMENT OF AUTHORITY AND PUBLIC PURPOSE 1.1 AUTHORITY, The City has authority pursuant to the Minnesota Tax Increment Financing Act, found in g469 ,174 to g469 ,179 of the Statutes of Minnesota as amended, to finance certain eligible costs with tax increment revenues derived from tax increment finance districts established pursuant to the Minnesota City Development District Act, found in g469,l24 through g469,134 of the Statutes of Minnesota as amended, 1.2 PUBLIC PURPOSE. The public purpose (hat is furthered by this Agreement is the . improvement of the tax base and the tax revenue generation capacity of the City, the increased employment opportunities within the City, the realization of comprehensive planning goals contained in the Comprehensive Plan, and the revitalization of property to create an attractive and efficient area for commercial development and other related uses, 1.3 "BUT FOR" AND OTHER SPECIAL FINDINGS, The property proposed for development ("the Redevelopment Property") is located within Tax Increment Finance District No, I, established on December 12, 1985, and modified February 21, 1989, to adopt a project and a project area, a portion of which was intended for municipal development as defmed in Minnesota Statutes Chapter 469, as amended and, any other similar present or future federal, state or municipal legislation, The Redevelopment Property once contained a building that collapsed because of dilapidation and because of extraordinary site costs has remained vacant and blighted and the Council finds that the development proposed by the . Redevelopers qualifies for tax increment assistance and that because of extraordinary costs associated with . ,/ demolition, site development, soil corrections, drainage improvements, and landscaping costs, the project . would not occur without the Tax Increment assistance provided by this Agreement. Further, the increased market value of the site expected to occur without the tax increment assistance would be less than the increase estimated to result from the private improvements after subtracting the present value of the projected tax increments for the maximum duration of Tax Investment Financing District No, 1. Finally, " the Redevelopers estimate that new jobs will be created in tL~ City because of the private improvements. II. DEFINITIONS 2,1 In this Agreement, the following definitions will be used: "A vaiIable Tax Increment" means the tax increments received by the City with respect to the redevelopment property, in the six months prior to a scheduled payment date, "Certificate of Completion" means the certification, in the form of the certificate contained in Exhibit "C" attached and made a part of this Agreement. . "Construction Plans" means the plans, specifications, drawings and related documents of the construction work to be performed by or on behalf of the Redevelopers on the Redevelopment Property. "Estimated Market Value" or "Estimated Market Valuation" means the market value of the real property as determined by the County Assessor of the County of Washington, "Private Improvements" means the improvements described in this Agreement and set forth. in the plans that have been reviewed, approved and are on file in City offices, "Redevelopment Property" means the real estate described in the attached Exhibit "A", m. TAX INCREMENT PAYMENTS 3,1 The City agrees to pay to the Redevelopers a sum not to exceed seventy-one thousand nine hundred sixty-eight and nol100 dollars ($71,968,00) to be paid in installments of fifty percent (50%) of the Available Tax Increment, each payable on the first day o~ each September and March commencing on September I, 1998, (the "Scheduled Payment Dates"), the amounts payable on the Scheduled Payment . Dates being the "Scheduled Payment," This Schedule of Payments is based on the assumption that the Redevelopers will receive or are entitled to receive a Certificate of Completion by December 31, 1996, -2- .r' ,I If however, on the fIrst scheduled payment date, no tax increments have been received because of the late completion of the project and tax increment based upon tL'~ completed value is available at the second . scheduled payment date or thereafter additional scheduled payments will be made until the Redevelopers receive seventy-one thousand nine hundred sixty-eight and no/100 dollars ($71,968,00). 3,2 Each payment will be made by check or draft made payable to the Redevelopers or their designee and mailed to 402 North Main Street, Stillwater, Minnesota 55082 or another address if requested by the Redeveloper, 3,3 The scheduled payments due on any Scheduled Payment Date are payable only if the Redevelopers pay when due all real estate taxes and installments of special assessments and to the extent that the City shall have received, as of the Scheduled Payment Date, Available Tax Increments. 3.4 This obligation is not payable from and will not constitute a charge upon any funds of the City and the City will not be subject to any liability or be deemed to have obligated itself to pay from any funds except the Available Tax Increment. 3.5 The Redevelopers will never have or be deemed to have the right to compel any exercise of any taxing power of the City and neither any Council member, officer, employee or agent of the City shall be personally liable for the payment of any funds, . IV. REDEVELOPERS ACTION 4.1 The Redevelopers will construct or cause to be constructed on the Redevelopment Property a manufacturing and office building as described in its application for Tax Increment Financing dated January 8, 1996, now on me with the City, 4,2 The market value of the Redevelopers' completed project is estimated to be increased by at least three hundred eighty thousand and nol100 dollars ($380,000,00) by reason of construction of the Private Improvements, e -3- .~. . " . . V. ELIGIBLE COSTS 5, 1 The Redevelopers have provided to the City assurances satisfactory to the City that the tax increment funds being paid to the Redevelopers are for the reimbursement of costs incurred by the Redevelopers that are legally permissible and qualifying costs and are eligible for reimbursement by the City pursuant to the Minnesota Tax Increment Financing Act. 5,2 The Redevelopers' statement of eligible costs is attached as Exhibit "D", VI. NOT FOR SPECULATION 6,1 The Redevelopers promise to the City that this project is not being built for speculation, VII. CONDITIONS PRECEDENT TO CITY RESPONSffiILITY .' 7,1 The responsibility to provide the tax increment financing assistance set forth in this Agreement is contingent upon the happening of the following events: A, The granting by the City to the Redevt.~opers, or the Redevelopers being entitled to receive, a certificate of completion of the project without any substantial deviation from th~ plans on file with the City, in the form attached as Exhibit "C", on or before December 31, 1996. B. Execution by the Redevelopers of an Assessment Agreement substantially in the form of assessment agreement contained in Exhibit "B". VIII. GENERAL PROVISIONS 8,1 ASSIGNMENT, If requested by the Redevelopers, the City agrees to consent to an assignment of any Scheduled Payments of Tax Increment p~yable under this Agreement to the holder of the construction mortgages on the redevelopment property, 8,2 NOTICES SHALL BE GIVEN BY V.S, MAIL OR PERSONALLY DELIVERED, Any notice to be given by one party to the other party shall be given as follows: In the case of the -4- ~ ,r Redevelopers, to be addressed to or delivered personally at 402 North Main Street, Stillwater, Minnesota 55082, and in the case of the City, addressed to or delivered personally to the City Coordinator of the City, . City Hall, 216 North Fourth Street, Stillwater, Minnesota 55082, Each party may, by notice to the other, designate different addresses. ,/ IX. EVENTS OF DEFAULT 9.1 The following shall be events of default: A. Failure by the Redevelopers to pay, when due, any real estate taxes and special assessments duly levied by the appropriate taxing jurisdictions in an amount based upon the market value of at least the amounts set forth in the Assessment Agreement. B. Failure to satisfy either condition precedent set forth in Article VIT. of this Agreement. X, REMEDIES ON DEFAULT 10. I When an event of default occurs and is continuing, the City may take one or more of the following actions after giving thirty (30) days written notice to the Redevelopers, but only if the event of default has not been cured within thirty (30) days or if the default cannot be cured within thirty (30) days and the Redevelopers do not provide assurances reasonably satisfactory to the City that the event of default will be cured as soon as reasonably possible: A. Suspend its performance under this Agreement until it receives assurances from the Redevelopers that they will cure the default and cont:ilUe their performance under the Agreement. B. Withhold the Certificate of Completion, C. Withhold any scheduled tax increment payments, D, Terminate this Agreement thereby rendering void any covenants, promIses or approvals contained in this Agreement, including the payment of future installments of tax increments, E, Take whatever action, including legal, equitable or administrative necessary to protect -5- . ,.. e . the City, . XI. REPRESENT A TIONS AND WARRANTIES OF THE CITY " 11.1 The City is a body corporate and politic organized under the provisions of the constitution and laws of the State and has the power to enter into this Agreement and to carry out its obligations hereunder, 11,2 The Tax Increment Financing District No, I is a "redevelopment district" within the meaning of Minnesota Statutes Sections 469,124 through 469,134, 11.3 The development contemplated by this Agreeuent is in conformance with the development objectives set forth in the Development Program, XII. EXPIRATION DATE . 12.1 This Agreement will expire if all conditions precedent to City's responsibility pursuant to Article VII of this Agreement have not been substantially completed by December 31, 1996, or upon the fmal payment to the Redevelopers of the scheduled tax increment payments, whichever occurs first. xm. EFFECTIVE DATE 13,1 This Agreement is effective, Nunc pro tunc, July 1,1996. IN WITNESS WHEREOF, the City has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its corporate seal. The Redevelopers have executed this Agreement the day and year first above written, CITY OF STILLWATER e -6- ,/' A.B.S. COMPANY . By Its .r STATE OF MINNESOTA ) ) ss. COUNTY OF WASHINGTON) On this ~ ~ay of ~97, before me, a Notary Public within and for said County, appeared Jay L. Kimble and Modi Weldon, to me personally known who, being duly sworn, did say that they are the Mayor and City Clerk named in the foregoing instrument and that this instrument was signed as the free act and deed of the City of Stillwater, Minnesota, a Minnesota municipal corporation, ~~ Notary Public / tI STATE OF MINNESOTA ) ) ss. ) . COUNTY OF . 1997, before me, a Notary Public within and for this County, , to me personally known who, being duly sworn, duly enacted This instrument was drafted by: David T, Magnuson #66400 MAGNUSON LAW FIRM The Desch Office Building 333 North Main Street Suite 202 Stillwater, MN 55082 612/439-9464 . -7- " EXHIBIT "A" . Land Description for A,B,S, Company All that part of the follo'n'ing described parcel of land: All that part 0 Bloc~ 10 a~d la~~s lY:~3 east of sa:d cloc~ 10 a~d vac3:~d Che~rf t. and vacated L~~c:~ S~. a~c la~ds lying wes: 0= Main St. of the Or:8 ~ul Town (now C::y) of St:ll~a:e~, according to the Of~icial leiS Perfected Plat of t~e c~:v ct S~~ll~~:;rJ on file and of record in the Office of the Co~n:l Reco~de~, wash:~3ton Cc~ntl, Hi~nesota as pe~ Doc~ment N~mber 41CC~9 desc~ibed as follows: e . . CO~~2~C~~5 at the inte~sec~~c~ of the ~es~ li~e of said Hain S~. (also known as North Main St~eet) and the nc~:h li~e of M~lberry St. (also known as East Mulber~y Strae:), accc~din8 to said Official 1878 Pe=:ec:ed PIa:; thence Nort~ 17 deg=~2s 46 ci~u:es 51 se~oncs west, (bearings are based on the Washington Countv P~oiect Coordinate Syste~), along the easterly line of Eloc~ 17 of ;aid Original TOwn (now City) of Stillwater and along a northe~ly projection of said easterly line of Block 17, a distance of 343.CO feet to the point of beginning of the parcel of land to be desc~ibed; thence North 88 degrees 09 minutes 51 seconds Wesc, a discance of 145.17 feet co its incersection ~ich the east line of saii B~cck 10; c~er.ce So~th 08 deg~ees 38 ",~nu~es 25 second: We:c, a:~n3,saii,eest l:ne of B~ock ~O, a d~s:ance 0= 2/.40 feec to ~:s ~~:~=s=c:~c~ ~~~~ t~e nc=t~ l~~~ 0= vacated Linden St.; thence Scu:~ 73 ~eg=ees 13 ~~~~:~S 43. seconds wesc, alonz said north line of vaca:ed Linde~ St., a distance of 47.00 fee:; thence Na~~h 13 degrees 52 ~~~~:;s 45 se~onds Eas:, a d~stance of 167.27 f;e~; chence No~~h 25 de3=ees 22 ~~~u::s 56 se~~~ds Eas:, a ~is~ance 0: 234.73 feet to 1:s :~te=se~:~=~ ~~:h t~e sc~~~ li~e at vacated Che:~y Sc., (a~so known as,East_Che~~l S:re~c) and t~~ souche=ly ex:e~s~on at the eas~ l~ne c: Yac~:~d Ce~a= S~.j t~a~ce Ncr:h 17.deo~ees 4S minu:es 59 se~=~cs ~es:, a:o~3 said s~~:h~=ly 7x:;~sicn.c: v~cace~ Ceda=.Sc:, a ~~s:~~ce c:, 50.CO fee: ;0 i:s ~n:ersectlcn ~~Cll cne nor:~ l~ne c: vaca:a~ C~e==y S~. (a~sc k~o~n as ~~s- C~e~-y S-~~o~) -~o c~ No~-~ -/~ rl~?-~OS ~~ -~~"-~s 40 se~~~~s :~... ".." '_~__Io.. ,-:.__n._ ~ :,-" - '--:1":-- _~ ...._.....__.. __..: case, a~ang sa~d norcn l~ne O~ 'lac~::d C~2==: S~., a c~s:anc~ 0= 112.69 feec to its i~tersec:~on ~~t~ ~~e ~es: ~i~~ of ~a:~ S:. (also k~c~n as No~:h Ma~~ Sc~eec); C~~~ce So~:~ C2 c:z=e2s 36 ~~~~~:s as sec~nds Wes:, alon3 sai~ wes~ li~e c; ~a~~ S:., a dis:~~c: c: 391.30 l:'Q,o. ~"\ (!" a~""~ 0 ; nt 1.' - ':.J Y .; - <::... . ---~- ~ '0"-" 1 j "'o."'r-~Qs 45 .1.:-__ '-.... h hS-- pc:. ... sa_~ ~.G_..~ "'-.J :.:_..c___ ....~..... '--::J.7~ ~~~~:~s 51 se~~~ds ~st, alon3 sa~~ ~~s: ~~~~ c: ~a~~ St., a c~scance 0: 23.i3 f~e: Co c~e point of be3~~~~~3. This pa~c;l con~ains 52,264 s~~~=: f:e:, =Q:~ c: l~ss, a~d is su:jac: t~ a 5 fooe s~or~ se~e~ ease~e~: =;~=~~eci i~ cook 322 of De~ds, Page 553, in the Office of t~e CC~~:: ~e~~~~~~, ~a3hi~s:on CC~~:l, M~nnesoca. This pa~cel ~$ a:sc S~~~~~: C~ oc~e: ease~e~cs 0= r~~:J:"d.. " Which lies northerly of the follGwin~ described line, towit: Commencing at the northeasterly corn2i of the above described parcel, thence on c recorded bearing of South 08 c:egrees 36 minutes 08 seconds West, alo:.g the easterly line thereof, 191.03 feet to the point of . beginning of the line being described; thence North 79 degrees 30 minutes West, along the line being describec:, 112.59 feet, more or less, to the westerly 1 ine of the above described p~rce: 2nd said line there terminate. Parcel contains 15,666 squcre fee:, c;~re or less. Sub e c t tOe n d tog e the r 'n' i t h 2:-' 'j C the;- 'I c 1 ide c s e men t s,r e s e r vat ion 5 or restr ctions. e Exhibit "A" /' - EXHIBIT "B" ASSESSMENT AGREEMENT AND ASSESSOR'S CERTIFICATE BETWEEN , 1 (~ THE CITY OF STILLWATER, MINNESOTA AND A,B.S, COMPANY, A MINNESOTA GENERAL PARTNERSHIP COUNTY ASSESSOR OF THE COUNTY OF WASHINGTON This instrument was drafted by: David T, Magnuson #66400 MAGNUSON LAW FIRM The Desch Office Building 333 North Main Street Suite 202 Stillwater, Minnesota 55082 612/439-9464 Exhibit "B" Page 1 .r" . . e ASSESSMENT AGREEMENT . THIS AGREEMENT, made on or as of the f/-br day of , 1996, between The City of Stillwater, Minnesota, a municipal corporation (the "City" A,B,S, Company of Stillwater (the "Redevelopers"), and the County Assessor of the County of Washington (the "Assessor"), WITNESSETH, that .1 WHEREAS, on or before the date hereof, the City and Redevelopers have entered into a Contract for Private Redevelopment (the "Redevelopment Contract") for the real property located in the City of Stillwater, hereinafter referred to as the "Redevelopment Property" and legally described in Schedule "A"; and WHEREAS, it is contemplated that pursuant to the Redevelopment Contract the Redevelopers will construct or cause to be constructed a manufacturing and office building upon the Redevelopment Property (the "Minimum Improvements"); and WHEREAS, the City and Redevelopers desire to establish a minimum market value for the Redevelopment Property and the Minimum Improvements to be constructed thereon, pursuant to Minnesota Statutes, Section 469.177, Subdivision 8; and WHEREAS, the City and the Assessor have reviewed the preliminary plans and specifications for the Minimum Improvements which it is contemplated will be erected; . 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. Upon substantial completion of construction of the Minimum Improvements by the Redevelopers, as evidenced by the delivery to the Redevelopers from the City of the Certificate of Completion (as defined in the Redevelopment Contract), the minimum' market value assessed for the Redevelopment Property described in Schedule A, with the Minimum Improvements constructed thereon, for ad valorem tax purposes, will be $448,000.00, The parties to this Agreement expect that the construction of the Minimum Improvements will be substantially completed on or before December 31, 1996, The market value of the land prior to construction of the Minimum Improvements, and for taxes payable in the year 1995 is $68,000,00, 2. The minimum market value shall be of no further force and effect and this Agreement will ' terminate on the date when the Redevelopment Contract either expires or terminates, 3, This Agreement, with the Redevelopment Contract, must be promptly recorded by the Redevelopers with a copy of Minnesota Statutes, Section 469,177, Subdivision 8, as set forth in Schedule B hereto. The Redevelopers must pay all costs of recording, 4, Neither the preambles nor provisions of this Agreement are intended to, nor will they be construed as, modifying the terms of the Redevelopment Contract between the City and the Redevelopers, . Exhibit "B" Page 2 , "J-' 5, 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. . 6. This Agreement will be governed by and construed in accordance with the laws of the State of Minnesota. By: .: By: By Its STATE OF MINNESOTA ) ) ss. COUNTY OF WASHINGTON) On this ~y of ,1997, before me, a Notary Public within and for the County, . personally appeared Jay L. Kimble a Modi Weldon, to me personally known, who, being by me duly sworn, did say that they are the Mayor and City Clerk of the City of Stillwater, that the instrument was signed on behalf of said City by authority of its Council; and said Mayor and City Clerk acknowledged the . instrument to be the free act and deed of the City. . . I~" OAVI RRY MAGNUSON I .~.. . "; NOT PUBLIC - MINNESOTA _ ~: WA INGTON COUNTY . My Comm. Expires Jan, 31. 2OCiO ."'" '^ "'^............vv...v.;o.'.vwv~.v~. STATE OF MINNESOTA ) ) ss. ) COUNTY OF On this ~day of ~~, 1997, a Notary Public within and for the County, personally appeared tf tJJf/Tf 'ba/NE , to me personally known, who, being duly sworn, did say that he is the pA-/'l.rN~ of the Redeveloper, that the instrument was signed on behalf of the Redeveloper and he acknowledged the instrument to be the free act and deed of the Redeveloper and pursuant to a duly authorized Resolution of Redeveloper. ~~CL~ ~~ ~~ J Exhibit "B" Page 3 . - . I~OA VIO TERRY MAGNUSON I ~, NOTARY PUBt/C - MINNESOTA ~ WASHLNG10N COUNTY __~ ~~.:~.es :1If1.:.~1.:_~ ...........,.. ...~....n ...-""".n...n"". . ./ . SCHEDULE" A" A 11 tne.t pert of the : T <j."'; n~sqipti.n.B fOl' A.B.,~ ,-'Comcnan}; 1 1 fJ ....I."l(J';l1 ... rr :: t: _ _ '- I J. I.,; _ _ ~ crrc _ ... of land: A:: t~a: ~~~: c E~c~~ 10 a~d l!~~s l!~~; eas: __ sa~i E:cc~ lC a~d v~c~:~~ C~e::! :. a~~ va=i:ad L~~:~~ s:. a~~ l~~~s l::~3 ~~s: 0; Hai~ s:. c.: C:,,~ c-.- _-1 T-,._ (-0" C'.'.) c= s-" '''a-~- a"'---"'-- Co che C::...-~ , 1'--:-;: ..~- ..I.i....~.. _--I :- --:-.. -:--:' _._.....'-_..~. ... _____a~ c:o r~=:;c:a~ r!a: c: c~~ C~:? c: S:~~~~~:a:, C~_ t:le a~d at ~~==:: i~ ~~e a:~ic~ of ~~; CO~~:: R~~==~2~f ~~~~~~;:=~ ~~~~:y, ~~~~~SC:2 as pe= Dcc~=en: Nu:be= 4l~aLg ~es==~~~~ as follc~s: ,I . . . CC:7_-:~:-:c:'~~ at c::e i~:~:"sa-=::.~:-: c: :::~ \'''2S: i ~ -;;10 c: sa:.~ Ha:.n S::. (also k:-.o,...~ as Mo:;,c::. Mai:-. Sc:;,e~:) a:::: :::~ ::0:;'::-: " -~ cf M:;!.b~;-:'1 S::. (also k:-.o..n as Eas:: M:;lbe:;':;'l S:::ee:), ac::c=~i.::; :c sai.d C.:ficial laiS ?~==~~:~~ ?:a:; ~h~~ce No~:~ 17 da;=~~s 46 =~~~:~S 51 se~~n~s wes~, (JQ~-' ~~s a-Q b~s ,j o~ ""D \'~s:'; ~_._- C-..--,. ~-- ;~~. C-o-~' -~..~ -:"-h5 ...- ~. a_ ~.. \0...._ 1~.h_4'~':"':':... ...J....u-L '" :...,~_~: _, "':-_._:-...; Sys,-~=) r a.:..:::; :::..e easce:-lj l:.~a c; c.:..cc~, 11 c.: sa.:.::. C:-:3:.::.a..:.. .LO'An (~o~ Ci.:l) of S~ill..ace~ a~d a!.=~3 a ~::;':::e:;,l! ~::jec:i:n of said e~s:~~ll li~e cf al~ck li, a d~s:~::.=~ ct 3LJ.=2 :~2: t~ ~~e pc:nc cf be3i~~i~3 of ~~e pa:-cel of la~c to ba C2sc=i:e~: :~~~ce Nc~ch sa ca3=~es C9 ~~~~:~S Sl sec:n~s ~~s:, a cis~a~~~ c; lu5.Li f~2~ eo ics i~:e=se~:i~~ ~~:~ t~e e~s: li~e of saii a:c:k le; :~~~=a SC~:~ 08 c::ll--~d1s ~c'" -';~l-~ -, era.-"'''''''' ".:to'" ~~-- ~.:,.: ~~-- 1;",,:~ ,..,= ':1C~::<:: 10 -~:-- .. 1i.:..U::_s....i.: ___.....io~~ w_~...., a.:._..~.s___._~~_ __.._...~ l.o-:-....... ..' a C:s:~~=a 0; 2, .~u :e~: ~~ ~:s :.~:e:3a~:~c~ ~~~~ :~= ~~=:~ l~~a 0= 'la:a:!d Li~~~~ S~.; t~en=e Scu:~ 73 ~~l=~es 13 =i~~:~s ~3. sa~=n~s . Y~$:, a:~~6 sa~ci ~c=:~ l~~a of vac~:~~ L~~~~~ S:. J a c~s~a~=: 0: 4i.CO ~~:~:~:~;:1:~~l~~~e~~::~!~~~:;~:;~~~::~:~~:=.;~~~~~:;~:~:~~~~~:~~~~~ea ~~c~:a~ C~e==l s:. (a:so k~o~~ as ~~s: C~e==: S:=a~~) a~~ ~~= ~~~:~::l! e~::~s~o~ cf t~e eas~ l~~~ c: 'la:~:~~ ::~a= s:.; :~a~=a ~(==:~ !7.ci~3:a=s ~S =~~~:es 59 S~==~~S ~~s:, a:=~i s2~d s~~:~~=:7 ~~~:~~~~~~~; :~~~~~;~C~~~~~S~~;eac~~~~~~~:~c~~~;;~cs;~~(a~~~~~~~~n as ~~s: C~=~=J S:=:e:) :~~~C= ~C~:~ i1 C~;7~:S 2~ =~~~::s 40 s~~:~ds ~~~~6ge~~:~ ~~it:~o~~~e;~:~:~;~~~~~~;~~;~~~~~ ~~~~ ~fc;:~~::~~.c~al~o ~~~~~ as Nc::i ~~~~ Sc=ae~); t~!;.c= SC~:~ C2 ~~;==~S 36 ~~~~~~S CS ~~;~;;;,;~:1~~~1:~:::~;~:;11~;:~~~;.:~;i:';~~~~~,'~;~~'l;:~,;:~~:::~:, s:;::~;~i~~9::~e~=~~~~~;~~ ~;~;;~~~~~~~~~f~:~;~~~~ei.~::;~~331~~~.:i3 :~e~~, ?u;~ SS3, ~~ C~e C::ice ~_ t~e C~~~~: ~~~=~~~~I ~as~:~~~=r. C~~~:;, ~~~~~s=:a. T~~s Fa:cel ~~ a:z= S~:~~~= := o~~e: ease~e~:s c: -~....-_... ~ --...... -. ''';hich lies northerly af the follc'tiir:-; described line, towit: COr.iiiienC i r.-; c.~ t:-:e no;-thecsterly CGr.!:::- G~ tr:::: coo'!e described parcel, trlence 0;; c reccrcec: bee.r-ing of Sou::, 02 cegrees 36 minutes 08 seconds, West, cIe::; t;-;= e=.sterly line therec~ IS~ .03 feet to the point of beg in" in; c ~ t:, e 1 i i, e b e i n r; c e 5 C rib ~ C L. ;-, e :- -::: ~I 0 r t h 7 9 d e g r e e s 30m i nut e 5 'rlest, c~cr;';" t:-e lne beLr,; c:escribec. 12.:;:: fee:, liiore or less, to the 'r{ e s L. e r 1. 'j ~ ~ r;:. c ~ t :-: e e. b c 'I e des r: r i :: e: . - c :; c: s;: i c I i net her e t e r m i net e Fc.;-c~l c':J;~~~i~s i5.c56 s~~~~e 1__... _ or lE5s C I' '- = -: ~ .. G r: C tee == t ~i e r ';1: t :-: .: - . I ,_... ~ _ '/ ~ 1 ice -= s em e Ii t s res e r vet i G ~ S CT" r;:.~-:-,.. - ~ -' ,.. ~ .. _ '4 . 4 ,_ . Schedule "A" of Exhibit "B" ,/ ,/ - SCHEDULE "B" ,1 Section 469.177, Subd, 8, Assessment agreements, An authority may, upon entering into a development or redevelopment agreement pursuant to section 469.176, subdivision 5, enter into a written assessment agreement in recordable form with the developer or redeveloper of property within the tax increment financing district which establishes a minimum market value of the land and completed improvements to be constructed thereon until a specified termination date, which date shall be not later than the date upon which tax increment will no longer be remitted to the authority pursuant to section 469.176, 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 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 a.sessment agreement appears, in the judgment of the assessor, to be a reasonable estimate, shall execute the following certification upon such agreement: The undersigned assessor, being legally responsible for the assessment of the above-described property upon completion of the improvements to be constructed thereon, hereby certifies that the market value assigned to such land and improvements upon completion shall not be less than $ Upon transfer of title of the land to be developed or redeveloped from the authority to the developer or redeveloper, such assessment agreement, together with a copy of this subdivision, shall be filed for record and recorded in the office of the county recorder or filed in the office of the registrar of titles of the county where the real estate or any part thereof is situated, Upon completion of the improvements by the developer or redeveloper, the assessor shall value the property pursuant to Section 273,11, except that the market value assigned thereto shall not be less than the minimum market value contained in the assessment agreement. Nothing herein shall limit the discretion of the assessor to assign a market value to the property in excess of the minimum market value contained in the assessment' agreement nor prohibit the developer or redeveloper from seeking, through the exercise of adminis~rative and legal remedies, a reduction in market value for property tax purposes; provided, however, that the developer or redeveloper shall not seek, nor shall the city assessor, the county assessor, the county auditor, any board of review, any board of equalization, the commissioner of revenue or any court of this state grant a reduction of the market value below the minimum market value contained in 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' or filing of an assessment agreement complying with the terms of this subdivision shall constitute notice of the agreement to any subsequent purchaser or encumbrancer of the land or any part thereof, whether voluntary or involuntary, and shall be binding upon them, Schedule "B" of Exhibit "B" Page 1 , ,/ . . e . ,/ . . - CERTIFICATION BY COUNTY 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 certified as follows: The undersigned Assessor, being legally responsible for the assessment of the property described in Schedule "A", hereby certifies that the market value assigned to such land and ~provements upon completion of the improvements to be constructed thereon shall not be less than $ i 51~ ~, tJ" until termination of this Agreement. Ik;m~ County Assessor , Washington County STATE OF MINNESOTA ) ) ss. COUNTY OF WASHINGTON) The foregoing instrwnent was acknowledged before me this dL day of at... Cl Lt..tA- , 1996, , by r 4 C-aL c;zS./ ?~ ._..' County Assessor elf the Co~nty of Washmgton. ~JawJOLk~ Notary Public @ EUlNEJ.~'1OH ...,PUIUC..-aclTA ____ ElIlllrn_ 31. ZOllO Schedule "B" of Exhibit "B" Page 2 ./ EXHIBIT "C" CERTIFICATE OF COMPLETION . ,I WHEREAS, the City of Stillwater, Minnesota, a municipal corporation (the "City"), entered into a certain Contract for Private Redevelopment with A.B.S, Company of Stillwater (the "Redeveloper"), dated as , 1996, (the "Agreement") and recorded in the Office of the County Recorder or the Registrar of Titles in and for the County of Washington and State of Minnesota, as Document Number , which provided for the development of the following land described in Schedule "A" in the County of Washington and the State of Minnesota, (the "Property"), NOW THEREFORE, this is to certify that all building construction and other physical improvements specified to be done and made by the Redevelopers have been completed in accordance with all lawful Codes, Laws, Rules and Ordinances now in effect. Dated this _ day of ,1996, THE CITY OF STILLWATER By: Jay L. Kimble, Its Mayor By: . Morli Weldon, Its Clerk STATE OF MINNESOTA ) ) ss. COUNTY OF WASHINGTON) On this _ day of ,1996, before me, a Notary Public within and for said County, personally appeared Jay L. Kimble and Morli Weldon, to me personally known, who, being by, me duly sworn, did say that they are the Mayor and City Clerk of the City of Stillwater, that the instrument was signed on behalf of the City of Stillwater, that the instrument was signed on behalf of the CitY, by authority of its Council; and the Mayor and City Clerk acknowledged the instrument to be the free act and deed of the City. Notary Public Exhibit "C" . .,;' SCHEDULE "A" . Land Description for A.B.S, Company of Stillwater All the.t pert of the foILo',dr,g ces:::rLt:::c pe.rcel of land: A:: ::.;,.=.: ~~:-:: c: b~':-:.< 10 a:-.c 11::C:5 ::":'::3 eas: c; s.=.:.: a:.c=:< lC a:--.:: v~c~::~ C~e~~1 s~. a~~ va=i::1 L:~:~~ s:~ a::= l2~=S l!:'~3 ~~s: 0: Hai~ s:, c: C::e C-'-'--' 7-,...- (:10'.J C'."J c= S-'11"a-~- a----"'-- to t"e ::._..., __:-j-"~- '"" '._,,' . ..--,1 ~ .-:-.. ':'~:' ---"'--"~. ..~ .. C_____a_ LeiC F~--~r-~"! ~'a- C. t-~ C' -', c- s--, ,,,~.~- C. f-'~ and 0" ~~~~~;e;~ ~~ep~~~~~~~~~~~;~~;,~~~:i~~~~~~~=:~~~~:~~~~;~::~~~~~;~ - ./ 'Ccr:.-:~::C':':13 a~ t:he =-::::e:-se~::.=~ c: ~~~ .....25;: I.-~ c: sa:'':' Hai.:l S:=.. (:.!:sc k::c....r: as Nc=::~ Hai:\ s:=:!!:) a::~ :::~ ::;::-=:. .. -2 cf ~.., ;"~--'I s- (~lso k~o~n as Eas: ~~lbe:=7 Sc:a~:)r ac====~~~ :: sai~ CE~i;i~l 1878 ?~=:~~:~~ ?:a:; ~~~~=2 Mo=:~ 17 ca;:~~s 4c =i~~=~s 51 se~~ncs wesC, (~e~~i~3s ;~e base1 C~ th~ Was::i~3:=~. c=~~:~ ?:=je~7 C=c~~i~;te Sys~~=), a~=~3 :~e eas~e~il l~~a c; c~cck 11 c= sa~~ C~~3~~a~ To~n (~c~ C~:7) 0: S~~ll~ac~~ a~d alcn3 a r.==:~2=~l p==je~:~:n cf said e~s:e=~l li~e cf Slock li, a ci:s:a~:~ c: 3~3.=2 :e~: ~~ ~~e ~c~nc cf be3i~~i~3 of. ~~e pa:cel at la~~ ~Q b~ C~sc=i:=~;_:~;~=~_N:cCh sa . ce3=ees C9 ro~~~:~s 51 seccn~s ~es:, a c~s:a~~~ c; tu;.ll ~~~~ ~o ~cs ~:!.:e=se':..:i::J~. -..:':11 t:~: eas:: li.~~ ct sa~.: a:.c~:~:. _1:; :~~~::= S:I';.:~ C~ ~=3::~s ~a ~~~u:~s 4~ sec=n~s w~s:, a~~~; sa~~ 2as: ~:~~ c= o~cc~ lOr a d~3:ance c~ 27.~Q :e~= := i:s i~:e~s~':.:~c~ ~~~~ :~e ~==:~ l~~a ot -;a.::a:e-: Li.:::.::: S:.; ~::~nc~ SC'.l::~ i3 ::~,;=a~s 13 =:..:::.:::~ :::'3. sa-:::r.~s . ~~s:, al:~~ sa~~ r.c::~ l~~e of ~aca::d L~~~~~ S:., a ~~s:a~::: of ~i.Ca fe~:; :~:~c: ~c::~ l~ c:~:=es 51 =:~~:~S '5 sa=:~~s ~ZS:, a d:s:a~c~ c: 157.27 :;~:; ~~a~c: Uo~~h 22 C:3=~~S 12 =~~~:=s :c sa~:~~s ~as:r a ~~s:a~:~ c~ 234.73 f:~: c= i:s ~~:~=s:~:~=~ ~~:~ :~~ ~c~:~ li~e c! . :~~~~:;l;~::~~~;~~~(~~s~::;~~~~~a~i~~s~=c~:~:~e;:~:~~; ~~~;~~~e~~e ~(=~:~ 17 d~3;=es '~S =~~~::s 5; S~~=~~S ~es:, a::~; sa:~ s~~:~~=:1 ~~~:~~;~~i~; :~~~:~;eC~~~~hS~~;~ac~i~~~~~:~c~~;;;;CS;~e(~~~~i~~c~n as ~~s: C~e~=7 S:==~:) ::~e~ca ~c;:~ iZ c~~7a~s ~~ =~~~::$ ~G sa~:~cs Z~3:, a:c~3 sa~~ ~o~:~ l~n; 0: la-::a::~ C~e=~: S:., a C~S:2~C~ c: 1:Z.6S .e~~,: ::~ i:.s i.:::e=s:~::'::-_ ....:.c:-. ~::a .";::5: :.~::-: ::: ~:a:.:: S:. (also ~~=~~ as Hc=:h ~a~:: S:=ee:); ~~:~c~ SC~:~ C2 ~~;=~~S 35 ~~~~:~S CS ~::~~~~ ~:s~;i~~C;~i:~i~:~::~~l~~~~C~:~~~~~~~;~ ~c~~~:~~~~e~~e~:~~~C ~~:~~~~35~e:~~~~~~::~~~~~~1~~3c~;~~~~~~~ _i~: == ~~i: S:" ~ ~is~~~~e s~::~;~i~=~::~e~=~~~~~;~~ ;;~;~~e:~~~~~:=~:~;~~~~ei~::;~~32L~~~=iS 2~~~s, ?~;~ 553, ~~ :~e C~=~~~ ~_ ~~e C~~~~: ~~~=~~e~l ~~~~~~;:c~ C~~~:;, ~~~~~sc:a. ~~~s (a~~~l ~~ a:~~ S~:~:~: ~: C~~:~ eas~~e~:s c~ ==-=:::.. ',./h i c h CariiiiienC r.; thence 0.. e. West, elc:;; beginriin; CT ''';est, clc.:,; 1 i c 3 nor the r 1 y eft h e f G L L G 'fi i ri; C e s c rib e d 1 i n e, to Vi it: c: ~~e northecsterly cor"e: G~ ~~e e.bave described parcel, rec'Jrcec bee.rin~ of SQu:,h C2 ce;rees 36 minutes 08 seconds t:-:::: e~s~erly line therecf i::~ .03 ree: to the point of t:: e 1 i Ii e be [ n <;; G e s c rib '= c : .-, e - ': e ~I oJ r t h 79 de 9 r e e s 30m i nut e s t~~ Lrie bs:~~ describ~.: T ~ 2.:~ Tee:, fiiore or less, to the __ _H c:-:C: ~~[c Line there termine.te cf ~;..,c t... 'I _ 2 C G '/ e 'r/ '2 S t e :-- 1 '/ Fc.;-c~: cs~~~i~s i S IE 6 6 C'.:::l,,-~il..=-" - - '.., ...... - - SCL.:;;;-e -::: -:; .. 1 G:'"' 1 e s s ~ ~ :; -= <: , . '- =.r- ~~~ tc~et~e~ wit~ 1- .l. :--. _ '/ -= I ;,..J E: C S -:: men t s resef'';2tiGns C7" r=~-:-,... - ~ -' . Schedule "A" ,/ ,/ EXHffiIT "D" REDEVELOPERS' STATEMENT OF ELIGIBLE COSTS .1"'. Demolition Import/Export of Soils Utilities - On Site Drain Tile Stone Retaining Wall Concrete - Building Waterproofmg Soil Inspection and Test Architecture Structural Engineering Superintendent Floodproofmg $ 5,670,00 22,680.00 7,371.00 3,402.00 6,409.00 9,639.00 2,041.00 567.00 567.00 567.00 1,701.00 11,354,00 $71,968,00 Exhibir "D" . .J . . .