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IP <br /> TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br /> THIS AGREEMENT, made as of the _ day of April, 2004, by and among the City of <br /> Elk River, Minnesota (the "City"), a municipal corporation and political subdivision of the State <br /> of Minnesota, and Orluck Industries, Inc., a Minnesota corporation (the "Developer"), <br /> WITNESSETH: <br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, the <br /> City has established a Tax Abatement Program; and <br /> WHEREAS, the City believes that the development and construction of a certain Project <br /> (as defined herein), and fulfillment of this Agreement are vital and are in the best interests of the <br /> City, will result in preservation and enhancement of the tax base, provide employment <br /> opportunities and are in accordance with the public purpose and provisions of the applicable state <br /> and local laws and requirements under which the Project has been undertaken and is being <br /> assisted; and <br /> WHEREAS, the requirements of the Business Subsidy Law, Minnesota Statutes, Section <br /> 116J.993 through 116J.995, apply to this Agreement; and <br /> WHEREAS, the City has adopted criteria for awarding business subsidies that comply <br /> with the Business Subsidy Law, after public hearings for which notice was published; and <br /> WHEREAS, the Council has approved this Agreement as a subsidy agreement under the <br /> Business Subsidy Law. <br /> NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br /> parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> ARTICLE I <br /> DEFINITIONS <br /> Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein <br /> shall have the following meanings unless a different meaning clearly appears from the context: <br /> Agreement means this Agreement, as the same may be from time to time modified, <br /> amended or supplemented; <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 /> ank County means Sherburne County, Minnesota; <br /> 1623869v 1 <br />