05.02 - City School Memorandum of Understanding

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�— tax status of the School District); and (b) to provide a source of funding for future infrastructure improvements within the Industrial Park. 2. Given that the tax exempt classification for the Subject Property will not be effective until tax year 2012 (payable 2013) the City and the School District agree that the City's share of the property taxes payable in 2012 ($5,948.75 + $110.71 = $6,059.46) will be deducted from the $100,000.00 payment as the City's share will be reimbursed to the City by Crow Wing County as a result of the payment by the School District of the property taxes payable in 2012. As a result the $100,000.00 payment by the School District to the City will be reduced by $6,059.46 resulting in a direct payment by the School District to the City in the amount of $93,940.54. Attached hereto as Exhibit A is a copy of the proposed 2012 property tax statement for the Subject Property. 3. In the event that the School District presents a Petition to the City for the vacation of a portion of Olson Street the City cannot guarantee that said Petition would be granted but does commit to review all available options in response to such a Petition. 4. This Agreement shall be binding upon the parties, their heirs, successors, or assigns, as the case may be. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Agreement is for any reason held invalid, such decision should not affect the validity of the remaining portions of this Agreement. II. NOTICES Required notices under this agreement to the City or School District shall be in writing and delivered to the following address: Independent School District Number 186: Board of Education Independent School District # 186 Attn: School Board Chairperson 30805 Olson Street Pequot Lakes, MN 56472 City of Pequot Lakes: City of Pequot Lakes Attn: City Clerk 4638 County Road 11 Pequot Lakes, MN 56472 2