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TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />THIS AGREEMENT, made as of the _ day of August, 2007, 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 Metal Craft Machine & Engineering, Inc., a Minnesota corporation (the <br />Developer"). <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Sections <br />City has established a Tax Abatement Program; and <br />WHEREAS, the City believes that the <br />as defined herein), and fulfillment of this <br />City, will result in preservation and <br />opportunities and are in accordance with the <br />and local laws and requirements under which the <br />assisted; and <br />WHEREAS, the requirements <br />116J.993 through 116J.995, apply to this <br />WHEREAS, the City has adopted <br />with the Business public <br />subsidies that comply <br />was published; and <br />as a subsidy agreement under the <br />DEFINITIONS <br />Section 1. <br />shall have the <br />All capitalized terms used and not otherwise defined herein <br />unless a different meaning clearly appears from the context: <br />Agreement this Agreement, as the same may be from time to time modified, <br />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 />2045533v2 1