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of E <br /> Resolution 13- <br /> River <br /> TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br /> THIS AGREEMENT, made on or as of the day of July, 2013, by and between <br /> the City of Elk River, a Minnesota municipal corporation (the "City"); Sherburne County, <br /> Minnesota, (the "County"); and Preferred Powder Coating, LLC, a Minnesota limited <br /> liability company, (the "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the City and County believe that the development and construction of a <br /> certain Project as defined herein), and fulfillment of this Agreement are vital and are in the best <br /> interests of the City and County and will result in preservation and enhancement of the tax base, <br /> provide employment opportunities and are in accordance with the public purpose and provisions <br /> of the applicable state and local laws and requirements under which the Project has been <br /> undertaken and is being assisted; and <br /> WHEREAS, the City and the Developer have entered into a Purchase Agreement dated <br /> July , 2013 for the City's conveyance of the property legally described as Lot 1, Block 3, <br /> Nature's Edge Business Center, Sherburne County, Minnesota, ("Property") to the Developer <br /> ("Purchase Agreement") for the purpose of constructing a 100,000 square foot industrial facility <br /> (the "Minimum Improvements"); and <br /> WHEREAS, Developer will acquire the Property, construct the Minimum <br /> Improvements, relocate its powder coating business from its current site in Rogers to the new <br /> industrial facility on the Property ("the Project") and will continue to operate its business in the <br /> industrial facility for a minimum of 5 years following substantial completion of the Project; <br /> WHEREAS, Developer has indicated that construction of the Minimum Improvements <br /> would not occur on the Property due to the extraordinary site development and acquisitions costs <br /> associated with building on the Property but for tax abatement assistance from the City and <br /> County; <br /> WHEREAS, pursuant to the Tax Abatement Act, the City and County may grant an <br /> abatement of the taxes imposed by such governmental units on parcels of property, subject to <br /> certain conditions set forth in such act; <br /> WHEREAS, the Purchase Agreement provides that the City will provide Assistance (as <br /> defined in the Purchase Agreement) to Developer for economic development and job growth <br /> purposes; and <br /> 171419v1 1 <br />