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TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />THIS AGREEMENT, made as of the day of October, 2016, by and among the City <br />of Elk River, Minnesota (the "City "), a municipal corporation and political subdivision of the <br />State of Minnesota, and Apex Embroidery Design, Inc., a Minnesota corporation (the <br />"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, Sections <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 Tax Abatement and Business Subsidy Agreement, as the same <br />may be from time to time modified, amended or supplemented; <br />Benefit Date means the date on which a Certificate of Occupancy for the Project is issued <br />by the City; <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 />487587v2 JSB EL185 -45 <br />