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AMENDMENT <br /> TO <br /> TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br /> BY AND BETWEEN <br /> CITY OF ELK RIVER,MINNESOTA <br /> AND <br /> THE BANK OF ELK RIVER <br /> AMENDMENT dated ,2014,by and between the CITY OF <br /> ELK RIVER,a Minnesota municipal corporation(referred to herein as "City"), and THE <br /> BANK OF ELK RIVER, a Minnesota corporation(referred to herein as "Developer"). <br /> RECITALS <br /> A. City and Developer entered into a Tax Abatement and Business Subsidy <br /> Agreement dated April 17,2006 for the real property identified as Parcel Identification Numbers <br /> 75-405-0340 and 75-405-0320 ("Agreement"); <br /> B. The Agreement required Developer to meet the following job creation and wage <br /> goals: twenty full-time jobs in connection with the Development Project at a wage of at least <br /> $15.00 per hour,including benefits not required by law,within two years of the date that a <br /> certificate of occupancy was issued for the building to be constructed by Developer; <br /> C. Because Developer had not met the job goals under the terms of the Agreement <br /> within the time period provided under the Agreement,it requested an extension from the City. <br /> On December 21,2009,the City extended the time period to meet the job creation goals under <br /> the Agreement for an additional 2 years("First Extension"); <br /> D. Because Developer had not met the job goals under the First Extension of the <br /> Agreement,it requested an additional extension from the City. On November 11,2011,the City <br /> 174253v4 1 <br />