A-3. Attachment 4-Assessment Agreement
PUBLIC IMPROVEMENT
AND
SPECIAL ASSESSMENT AGREEMENT
AGREEMENTmade this ________ day of ________________, 2017, by and between the
CITY OF CHANHASSEN,a Minnesota municipal corporation ("City") and CHANHASSEN
FRONTIERLLC,a Delawarelimited liability company (the "Property Owner").
RECITALS
A.Property Owner is the fee owner of the following property located in the City of
Chanhassen, County of Carver, State of Minnesota (the "Subject Property"):
Parcel A
Lot 2, Block 1, Frontier Cinema Addition, Carver County Minnesota
Parcel B
Outlot A, Frontier Cinema Addition, EXCEPT that part thereof now platted into
Chanhassen Transit Station, described as follows:
Commencing at the southeast corner of said Outlot A, Frontier Cinema Addition,
Carver County, Minnesota; thence North 00 degrees 33 minutes 26 seconds West,
an assumed bearing, along the east line of said Outlot A, a distance of 110.00 feet;
thence North 17 degrees 52 minutes 40 seconds East along said east line of Outlot
A, a distance of 6.11 feet to the point of beginning; thence North 11 degrees 09
minutes 45 seconds West a distance of 98.29 feet; thence North 78 degrees 50
minutes 15 seconds East a distance of 31.70 feet to said east line of Outlot A;
thence southerly along said east line of Outlot A to the point of beginning.
Parcel C
Lot 3, Block 1, Chanhassen Transit Station, EXCEPT that part of said Lot 3 lying
southerly of Lot 2, Block 1, said Chanhassen Transit Station, and easterly of the
following described line:
Beginning at the northeast corner of Outlot A, Frontier Cinema Addition, said
Carver County, Minnesota; thence North 00 degrees 33 minutes 27 seconds West,
assumed bearing along the Northerly extension of the east line of said Outlot A, a
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distance of 40.00 feet; thence South 89 degrees 26 minutes 33 seconds West a
distance of 54.37 feet to the southerly extension of the west line of said Lot 2;
thence North 00 degrees 01 minutes 05 seconds West, along said line extended a
distance of 78.92 feet to the southernmost corner of said west line and said line
there terminating, Carver County, Minnesota
B.Property Owner has requested that the City widen and overlay Market Boulevard,
construct left and right turn lanes at various intersectionson Market Boulevard, replace the railroad
crossing,storm sewer system and pedestrian trail (“City Project”).
NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS
THE PARTIES AGREE AS FOLLOWS:
1.PUBLIC IMPROVEMENTS.The City will construct the City Project if the City
Council determines it is in the City’s best interest to do so (“Public Improvements”).
2.SPECIAL ASSESSMENT. If the City’s Economic Development Authority and
the Property Owner have entered into an Agreement to provide the Property Owner tax increment
financing and if the Public Improvements have been ordered by the City, the City will then assess
the Subject Property the principal amount of $2,100,000, but not to exceed the cost of the Public
Improvements.The not to exceed amount shall be adjusted for inflation from the date of this
Agreement to the date the City levies the special assessment against the Subject Property. The
adjustment shall be determined by using the Consumer Price Index for all Urban Consumers (CPI-
U) U.S. city average all items. The amount of the special assessment is further restricted to an
amount not to exceed the taxincrement dollars received by the Property Owner.The assessment
when levied shall be spread over ten (10) years, together with interest at the prime rate at the time of
the award of the construction contract plus 2% interest. Interest shall accrue from the date the City
levies the special assessment. The first installment shall be due and payable with taxes the year
after the City levies the assessments. The Property Owner waives any and all procedural and
substantive objections to the Public Improvements and special assessments, including,but not
limited to,hearing requirements and any claim that the assessment exceeds the benefit to the
Subject Property. The Property Owner waives any appeal rights otherwise available pursuant to
Minn. Stat. § 429.081.
3.BINDING EFFECT; RECORDING.This Agreement shall be binding upon the
Property Owner and the Property Owner's successors and assigns. This Agreement may be recorded
against the title to the Subject Property.
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\[Signature Page Follows.\]
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CITY OF CHANHASSEN
BY: _______________________________
Denny Laufenburger, Mayor
(SEAL)
AND ______________________________
Todd Gerhardt, City Manager
PROPERTY OWNER:
CHANHASSEN FRONTIER LLC
BY: ________________________________
Its__________________________
STATE OF MINNESOTA)
( ss.
COUNTY OF CARVER )
The foregoing instrument was acknowledged before me this _____ day of ______________,
2017, by Denny Laufenburgerand Todd Gerhardt, respectively the Mayor and City Manager of the
City of Chanhassen, a Minnesota corporation, on behalf of the corporation and pursuant to the
authority granted by its City Council.
__________________________________
NOTARY PUBLIC
STATE OF ___________)
( ss.
COUNTY OF __________)
The foregoing instrument was acknowledged before me this _____ day of ______________,
2017, by _________________________ the _________________________ of Chanhassen Frontier
LLC, a Delawarelimited liability company, on behalf of the limitedliability company.
__________________________________
NOTARY PUBLIC
Drafted By:
CAMPBELLKNUTSON,P.A.
860 Blue Gentian Road, Suite 290
Eagan, Minnesota 55121
Telephone: (612) 452-5000
\[RNK\]
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