2025-06-01 Assessment AgreementASSESSMENT AGREEMENT
THIS AGREEMENT, dated as of this 1st day of June, 2025, is by and among the City ofAlbertville, Minnesota (the "City"), and Glacier Ridge Properties LLC, a Minnesota limited
liability company (the "Developer"), and the Wright County Assessor (the "Assessor").
WITNESSETH
WHEREAS, the City and the Developer have entered into a Development Agreement dated
as of June 1, 2025 (the "Development Agreement") regarding certain real property located in theCity (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, pursuanttoMinnesotaStatutes, 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 1, 2026, through and thereafter until December 31, 2034, the
minimum market value which shall be assessed for the Project shall be not less than $3,650,000.
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, 2034; 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 theybeconstruedas, 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.
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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.
SEAL)
STATE OF MINNESOTA
ss
COUNTY OF WRIGHT
CITY OF ALBERTVILLE, MINNESOTA
Its ayor
Byle4--- L
Its City Admi ator
The foregoing ins ent was acknowledged before me this 45 day ofjjj6hj2025, by /I e Mayor, and s Wp"d- , the City Administrator of the CityofAlbertvilleonbehalfofsaidCity.
ra R KRISTINEANN LUEDKE; NOTARY
PUBLIC MINNESOTA
fhytX1 +yo`' AAy COnv*-1On ExPi'" ,ley 31a 2= i'' o
Public Signature
page for Assessment Agreement by and between the City of Albertville, Minnesota, Glacier
Ridge Properties LLC, and the Wright County Assessor. 172705206v2
GLACIER RIDGE PROPERTIES LLC
STATE OF MINNESOTA )
ss.
COUNTY OF j/yr' )
The foregoing instrument was acknowledged before me s 12 day of2025b4r ' Yiil Ci ,the Co/rr' , (S o Glacier Ridge Properties LLC, a
Minnesota limited liability company, on behalf of said limited liability company.
a KRISTINE ANN LUEDKE ;-
9-M.14,14 NOTARY PUBLIC
MINNESOTA
ydo tnYaefanExpMee ie w Y91.2Q18t
otary Public
Signature page for Assessment Agreement by and between the City of Albertville, Minnesota,
Glacier Ridge Properties LLC, and the Wright County Assessor.
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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, certifies with respect to the land legally described as follows:
Lot 3, Block 10, Barthel's Industrial Park and Lot 1, Block 4, Barthels Industrial Park 2nd Addn
Properties combined, Proposed Replat as Glacier Ridge Properties Addition Lot 1, Block 1)
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.
Nothing herein shall limit the discretion of the undersigned assessor or any other public
official or body having the duty to determine the market value of the above -described Project and
Development Property for ad valorem tax purposes, to assign to such Project and Development
Property a market value in excess of the minimum market value specified in the Assessment
Agreement of which this certification is a part. —
for Wright County
STATE OF MINNESOTA )
ss.
COUNTY OF WRIGHT )
This instrument was acknowledged before me on 2025, by
the County Assessor of Wright County.
TRINITY N. NATHE 6otary Publi
n. no .—
x
NOTARY PUBLIC•MINNESOTA
My Comm. Exp. Jeri. 31, 2020
Signature page for Assessment Agreement by and between the City of Albertville, Minnesota,
Glacier Ridge Properties LLC, and the Wright County Assessor.
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EXHIBIT A TO ASSESSMENT AGREEMENT
LEGAL DESCRIPTION OF DEVELOPMENT PROPERTY
Lot 3, Block 10, Barthel's Industrial Park and Lot 1, Block 4, Barthels Industrial Park 2nd
Addn (Properties combined, Proposed Replat as Glacier Ridge Properties Addition Lot 1,
Block 1)
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EXHIBIT A TO ASSESSMENT AGREEMENT
LEGAL DESCRIPTION OF DEVELOPMENT PROPERTY
Lot 3, Block 10, Barthel's Industrial Park and Lot 1, Block 4, Barthels Industrial Park 2nd
Addn (Properties combined, Proposed Replat as Glacier Ridge Properties Addition Lot 1, Block
1)
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