2022-04-05 Assessment Agreement with SchererLl
Doc. No. A1503641
RETURN TO:
CHB Title
10850 Old
Plymouth,
LLC
County Rd
MN 55441
15 # 100
This document drafted by:
OFFICE OF THE COUNTY RECORDER
ARIGHT COUNTY, MINNESOTA
Certified Filed and/or Recorded on
April 08, 2022 3:45 PM
Fee: $46.00
Tanya West, County Recorder
ASSESSMENT AGREEMENT
BY AND BETWEEN
CITY OF ALBERTVILLE, MINNESOTA
IMA z10J
SCHERER LIMITED PARTNERSHIP
TAFT STETTINIUS & HOLLISTER LLP
2200 IDS Center
80 South 8th Street
Minneapolis, Minnesota 55402
j&';a C? C'q-) X
732079580
I
ASSESSMENT AGREEMENT
THIS AGREEMENT, dated as of this 1 st day of April, 2022, is by and among the City of
Albertville, Minnesota (the "City"), and Scherer Limited Partnership, a Minnesota limited
partnership (the "Developer"), and the Wright County Assessor (the "Assessor").
WITNES SETH
WHEREAS, the City and the Developer have entered into a Development Agreement
dated as of April 1, 2022 (the "Development Agreement") regarding certain real property located
in the City (the "Development Property") which property is legally described on Exhibit A
attached hereto and made a part hereof.
WHEREAS, it is contemplated that pursuant to said Agreement, the Developer will
construct a Project on the Development Property as described in the Development Agreement.
WHEREAS, the City and Developer desire to establish a minimum market value for the
Development Property and the improvements constructed or to be constructed thereon, pursuant
to Minnesota Statutes, Section 469.177, Subdivision 8.
WHEREAS, the Developer has acquired the Development Property.
WHEREAS, the Assessor has reviewed the plans and specifications for the improvements
and the market value previously assigned to the land upon which the improvements are to be
constructed, and that the "minimum market value" as set forth below is reasonable.
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.
As
of January
2, 2023 through and
thereafter until December
1, 2032 the
minimum
market
value
which
shall
be assessed
for the
Project shall
be not
less than
$5,100,000.
2. The minimum market value herein established shall be of no further force and
effect and this Agreement shall terminate on the earlier of: (i) December 31, 2032; or (ii) the date
of termination of the Development Agreement.
3. This Agreement shall be recorded by the City with the County Recorder of
Wright County, Minnesota. The Developer shall pay all costs of recording.
4. Neither the preamble nor provisions of this
Agreement
are intended
to, or shall
they
be construed
as, modifying
the
terms of
the
Agreement
between the
City and
the
Developer.
5. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the parties.
IN WITNESS WHEREOF, the City, the Developer and the Assessor have caused this
Agreement to be executed in their names and on their behalf all as of the date set forth above.
73207958vl
0
IN WITNESS WHEREOF, the City, the Developer and the Assessor have caused this
Agreement to be executed in their names and on their behalf all as of the date set forth above.
CITY OF ALBERTVILLE, MINNESOTA
(SEAL)
m
STATE OF MINNESOTA )
ss
COUNTY OF WRIGHT )
The foreg oin instrument was acknowledged before me this day of
g
20229 byYeAjo,# the Mayor, and , the City Administrator of the City
of Albertville on behalf o said City.
MICHAEL C COURI
M6 Ili
�
Notary Public, State of Minnesota
My Commission Expires
January 31, 2025
Notary Public
"'Cc
Signature page for Assessment Agreement by and between the City of Albertville, Minnesota,
Scherer Limited Partnership, and the Wright County Assessor.
0
STATE OF MINNESOTA
ss.
cotnvTY of �nnepi lv
SCHERER LIMITED PARTNERSHIP
By S. B. General Partner, Inc., its
partner
general
The foregoing instrument was acknowledged before me this �A day of AM-1 ,
2022, by
Peter L. Scherer
, the President of*
of Scherer Limited Partnership, a
Minnesota limited partnership, on behalf of said limited partnership.
%�S.B. General Partner, Inc., a Minnesota corporation, the general partner
Notary Public
GALE E. LARSON
Notary Public -Minnesota
MY Commission Expires Jan 31, 202s
Signature page for Assessment Agreement by and between the City of Albertville, Minnesota,
Scherer Limited Partnership, and the Wright County Assessor.
K
73207958v1
u
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 certifies as follows: The undersigned Assessor, being
legally responsible for the assessment of the above described property, hereby certifies that the
market values assigned to such land and improvements are reasonable.
for Wright County
STATE OF MINNESOTA )
)ss.
COUNTY OF WRIGHT )
's instrument was acknowledged before me on 2022 b
�Z- klF < kv M -50 the County Assessor of Wright County.
TANYA LYN WEST
NOTARY PUBLIC4MNEWTA
My CM ,tan. Ot . Not 'c
0
Signature page for Assessment Agreement by and between the City of Albertville, Minnesota,
Scherer Limited Partnership, and the Wright County Assessor.
El
73207958A
j
d
EXHIBIT A TO ASSESSMENT AGREEMENT
LEGAL DESCRIPTION OF DEVELOPMENT PROPERTY
Lot 1, Block 1, Scherer Limited Partnership Addition, Wright County, Minnesota
75694092 Q
A-1
73207958vl