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TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />THIS AGREEMENT, made as of the day of March, 2021, by and among the City of <br />Elk River, Minnesota (the "City"), a municipal corporation under the Constitution and laws of <br />the State of Minnesota, and Meritex Elk River, LLC, a Minnesota limited liability company (the <br />"Developer"), as acknowledged by Sportech, Inc., a wholly owned subsidiary of Off Road <br />Acquisition Co., LLC. <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, as <br />amended, the City has established a Tax Abatement Program (as hereinafter defined); 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 Minnesota Statutes, Sections 116J.993 through <br />116J.995, as amended (the "Business Subsidy Act"), apply to this Agreement; and <br />WHEREAS, the City has adopted criteria for awarding business subsidies that comply <br />with the Business Subsidy Act, after public hearings for which notice was published; and <br />WHEREAS, in connection with the assistance provided under this Agreement, this <br />agreement constitutes a subsidy agreement under the Business Subsidy Act. <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 />1 <br />LL185\31\703544.v1 <br />