5.1. SR 06-10-2002 - Laserfiche WebLink

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Abatement Agreement This Abatement Agreement (the "Agreement") is dated as of June 10, 2002; is by and between the City of Elk River, Minnesota (the "City"), and Elk Path, LLC, a Minnesota limited liability company (the "Company"); and provides as follows: Section 1. Recitals. (a) The Company has proposed to construct an approximately 42,000 square foot professional office building on the property located in the City of Elk River on property directly west of the Sherburne County Government Center on Business Center Drive consisting of current tax parcel no. 75-687-0105. Said land and facilities, as they may exist from time to time, are hereinafter collectively referred to as the "Project." (b) In order to assist the Company in completing the Project, the Company has requested the City to grant the abatement hereinafter described (the "Abatement") pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Law"). Section 2. Representations and Covenants of the Company. The Company hereby represents and/or covenants as follows: (a) The Company expects to begin construction and make substantial progress in 2002 on the Project and the Company specifically covenants to substantially complete the Project no later than 2003. The Company covenants that the Project will contain an environmentally efficient geothermal heating and cooling system, consistent with the Company's initial building plans and consistent with the City's "Energy City" goal to support projects which utilize significant energy efficient design and/or materials in construction. (b) The Company is undertaking the Project for lease to and occupancy by the Company's tenants. The Abatement is not being granted for the purpose of land speculation. (c) The Agreement may be terminated by the City upon violation by the Company of any of its obligations hereunder. (d) The Company has and will retain fee title to the real estate for the Project. (e) The Company covenants that all property taxes, special assessments (if any), public utility charges and other City or other governmental levies, charges and impositions shall be paid in full, when due, subject to statutory, ordinance or similar rights to contest the same. Section 3. Abatement. In consideration of this Agreement and the compliance by the Company of its obligations hereunder, the City hereby agrees to grant the following Abatement to the Company: for property taxes payable on the Project beginning in the year 2004 and (to the 1410047vl