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.. ,. . l ., 4 - .J \. AGREEMENT IN REGARD TO ASSESSMENTS ON ERA PROPERTY This Agreement, made this ~..{, day of February, 1977 by and between the Housing and Redevelopment Authority of New Brighton, Minnesota, hereinafter referred to as "ERA" and the city of New Brighton, hereinafter referred to as "City", witnesseth: WHEREAS, ERA is engaged in the planning and execution of certain redevelopment and other projects for improvement of areas in the city of New Brighton, and WHEREAS, in furtherance of this activity ERA has acquired certain parcels of land within the City of New Brighton, and WHEREAS, BRA desires that such parcels should be placed in a tax exempt status until the time of their redevelopment, and WHEREAS, in order for such parcels to be placed in such tax exempt status, city must abate and cancel any out~ standing special assessments against said parcels, and WHEREAS, city is desireous of facilitating the redevelopment plan of ERA through abatement of such special assessments, and WHEREAS, M.S.A. 462.581(6) and (8) provide that cities and ERA's may enter into agreements to do any and all things necessary or convenient to aid in the planning, undertaking, construction or operation of redevelopment projects, and WHEREAS, both ERA and City are desireous that the cost of improvements benefitting ERA property should eventually be paid, Now, Therefore, in consideration of the mutual covenants and promises cQntained herein, the parties agree as follows: 1. City shall abate and cancel in full all special assessments outstanding in regard to the following descri:bed property: I i a. Lots 12, 13, 14, and 15, Block 12, First Addition : to New Brighton, together with the easterly . i half of the vacated alley to said lots and all j - of the vacated Fourth Avenue Northwest lying adjacent to said lots (63-54800-l5l-l2)~ i, b. The Westerly 300 feet of that part of the NE~ of the SE~ of Section 29, Township 30 North, Range I 23 West lying Easterly of the First Addition to New Brighton and Southerly of the prolongation Easterly of the Southerly lot line of Lots 8 and 23, Block 12, First Addition to New Brighton (63-02900-ll0-77)~ i