3.5 EDSR 08-21-2017 - Laserfiche WebLink

Home Browse Search

THIS FIRST AMENDMENT TO TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT (the "First Amendment") is made and entered into this day of August, 2017, between the CITY OF ELK RIVER, MINNESOTA, a municipal corporation and political subdivision under the laws of Minnesota (the "City"), and GATR OF SAUK RAPIDS, INC., a Minnesota corporation (the "Developer"), and their permitted assigns. RECITALS WHEREAS, in June, 2015, the City and the Developer entered into that certain Tax Abatement and Business Subsidy Agreement (the "Original Agreement" and, together with this First Amendment, the "Abatement Agreement"); WHEREAS, capitalized terms used in this First Amendment and not otherwise defined herein have the meanings given to them in the Original Agreement; WHEREAS, the City and the Developer desire to amend the Original Agreement to correct the definition of Tax Abatement Property as set forth herein. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other to amend the Original Agreement as follows: 1. Amendment to Definitions. The following definition will be amended to read as follows: Tax Abatement Property means all and any portion of the real property currently identified as Lots 1 and 2, Block 1, 2nd Phase Nature's Edge Business Park, Parcel ID #s 75-828-0105 and 75-828-0110, respectively, located in the City; 2. No further amendment. Except as amended above, all other terms and conditions of the Original Agreement shall remain in full force and effect. 3. Effective Date. The amendments made to the Original Agreement, as amended by this First Amendment, shall be effective as of the date hereof. 505557v1 JSB ELI 85-32