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L-1') ' i tea i <br /> x. a Lr <br /> • City means the City of Elk River, Minnesota; <br /> County means Sherburne County, Minnesota; <br /> Developer means LLC, a Minnesota limited liability <br /> company, its successors and assigns; <br /> Event of Default means any of the events described in Section 4.1; <br /> Project means the construction by the Developer of an approximately 20,000 square foot <br /> light industrial facility to be located in the City; <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 currently <br /> identified as Lot 2, Block 2,Northstar Business Park, located in the City; <br /> Tax Abatements means 90% of the City's share of annual real estate taxes on the Tax <br /> • Abatement Property abated in accordance with the Tax Abatement Program. <br /> • <br /> 1796183v1 2 <br />