Laserfiche WebLink
• f <br /> City means the City of Elk River,Minnesota; <br /> County means Sherburne County,Minnesota; <br /> Developer means The Bank of Elk River, a Minnesota corporation, its successors and <br /> assigns; <br /> Event of Default means any of the events described in Section 4.1; <br /> Project means the renovation by the Developer its existing facility located on the Tax <br /> Abatement Property in the City and construction an approximately 20,000 square foot expansion <br /> thereto; <br /> State means the State of Minnesota; <br /> Tax Abatement Act means Minnesota Statutes, Sections 469.1812 through 469.1815; <br /> Tax Abatement Program means the actions by the City pursuant to Minnesota Statutes, <br /> Section 469.1812 through 469.1815,as amended, and undertaken in support of the Project; <br /> Tax Abatement Property means all and any portion of the real property identified as <br /> Parcel Identification Numbers 75-405-0340 and 75-405-0320,located in the City; <br /> • Tax Abatements means 100% of the City's share of the property taxes based on the <br /> combined market value of the Tax Abatement Property in excess of$1,697,100 which is the <br /> current market value of Tax Abatement Property as improved by the Developer's existing <br /> facility prior to expansion and renovation determined by the Sherburne County assessor in 2006 <br /> for taxes payable in 2007, as determined on an annual basis by the City's Director of Economic <br /> Development and abated in accordance with the Tax Abatement Program. <br /> • <br /> 1865057v5 2 <br />