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"Benefit Date" means the date of closing on the Purchase Agreement for conveyance of <br /> the Property to Developer. <br /> "Business Day"means any day except a Saturday, Sunday or a legal holiday or a day on <br /> which banking institutions in the City are authorized by law or executive order to close; <br /> "City" means the City of Elk River, Minnesota. <br /> "City Tax Abatement" means the City's Tax Abatement as described in Article 111 <br /> hereof and as authorized by the City Tax Abatement Resolution, pursuant to the Tax Abatement <br /> Act. <br /> "County" means the County of Sherburne, Minnesota. <br /> "County Tax Abatement"means the County's Tax Abatement as described in Article <br /> 111 hereof and as authorized by the County Tax Abatement Resolution, pursuant to the Tax <br /> Abatement Act. <br /> "Developer" means Preferred Powder Coating, LLC, a Minnesota limited liability <br /> company. <br /> "Event of Default" means an action by the Developer listed in Article V of this <br /> Agreement. <br /> "Minimum Improvements" means the approximately 100,000 square foot light <br /> industrial facility to be constructed by the Company upon the Property pursuant to the terms of <br /> this Agreement and the Purchase Agreement. <br /> "Parties" means the Developer and City <br /> "Party" means one of the following: Developer or City <br /> "Project" means the acquisition by Developer of the Tax Abatement Property and <br /> construction of a 100,000 square foot industrial facility, necessary parking, parking lot lighting, <br /> landscaping, City water and sewer connections, and all other construction activities related to the <br /> construction and operation of Developer's powder coating business on the Tax Abatement <br /> Property, in accordance with the Plans and Specifications for the Project approved by the City <br /> and all applicable local, state and federal regulations and relocation of Developer's powder <br /> coating business from Rogers to the Property; <br /> "Property" means Lot 1, Block 3, Nature's Edge Business Center, Sherburne County, <br /> Minnesota, according to the recorded plat thereof. <br /> "State" means the State of Minnesota. <br />