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WHEREAS, the Purchase Agreement provides that the Developer agrees to proceed with <br /> the Project, as hereinafter defined, upon satisfaction of certain conditions, including the <br /> commitment to receive Tax Abatement, as hereinafter defined, as provided in this Agreement; <br /> WHEREAS, the Tax Abatement for the Project provided by the City and County <br /> constitutes a business subsidy (the "Business Subsidy"), pursuant to Minnesota Statutes, Sections <br /> 116J.993-.995 (the "Business Subsidy Act"); <br /> WHEREAS, the City and County each held a public hearing on the Tax Abatement <br /> following more than 10 days' but less than 30 days' published notice; <br /> WHEREAS, the City and the County desire to pledge Tax Abatement to encourage <br /> development of the Project; <br /> WHEREAS, the Developer agrees to satisfy the provisions of the business subsidy <br /> reporting requirements under the Business Subsidy statute at Minn. Stat. Section 116J.993-.995 <br /> and as required by Minn. Stat. 469.320, subd. 1, and as amended, identified in the Business <br /> Subsidy Requirements of this Agreement; <br /> WHEREAS, the City and County have adopted a set of criteria for awarding business <br /> subsidies that comply with Minnesota Statutes §116J.994; <br /> WHEREAS,the Project is not located within a tax increment financing district; and <br /> WHEREAS, the City and County believe that the Project and fulfillment generally of <br /> this Agreement is in the best interest of the City and County and the health, safety, morals and <br /> welfare of the residents of the City and County and in accord with the public purposes and <br /> provisions of the Business Subsidy Act, and applicable state and local laws and requirements; <br /> NOW, THEREFORE, in consideration of the Purchase Agreement, and of the premises <br /> and the mutual obligations of the parties hereto, each of them does hereby covenant and agree <br /> with the others as follows: <br /> ARTICLE I. <br /> DEFINITIONS <br /> In this Agreement, unless a different meaning clearly appears from the context: <br /> "Agreement" means this Tax Abatement and Business Subsidy Agreement between the <br /> City, County and the Developer, as the same may be from time to time modified, amended or <br /> supplemented. <br /> "Articles and Sections" mentioned by number only are the respective Articles and <br /> Sections of this Agreement so numbered. <br /> 171419v1 2 <br />