Laserfiche WebLink
Business Subsidy Act means Minnesota Statutes, Sections 116J.993 through 116J.995, as <br />amended. <br />City means the City of Elk River, Minnesota; <br />CouM means Sherburne County, Minnesota; <br />Developer means Meritex Elk River, LLC, a Minnesota limited liability company, its <br />successors and assigns; <br />Event of Default means any of the events described in Section 4.1; <br />Lease means the lease agreement between the Developer and Sportech; <br />Legal and Administrative Expenses means the fees and expenses incurred by the City in <br />connection with the adoption and administration of the Tax Abatement Program and the <br />preparation and negotiation of this Agreement; <br />Net Tax Capacity has the meaning provided in Minnesota Statutes, Section 273.13, <br />Subdivision 21b, as it may be amended from time to time; <br />Project means the construction and equipping of an approximately 91,050 square foot <br />expansion to the Developer's existing manufacturing facility located on the Tax Abatement <br />Property to be owned by the Developer and leased to Sportech for use in its manufacturing <br />business. The Project will not be a warehouse or storage facility; <br />Sportech means [Sportech, Inc., a wholly owned subsidiary of Off Road Acquisition <br />Co., LLC], its successors or assigns; <br />State means the State of Minnesota; <br />Tax Abatement Act means Minnesota Statutes, Sections 469.1812 through 469.1815, as <br />amended; <br />Tax Abatement Program means the resolution adopted by the City Council on March 1, <br />2021 pursuant to the Tax Abatement Act, and undertaken in support of the Project; <br />Tax Abatement Property means all and any portion of the real property currently <br />identified as Parcel Identification Number 758280205, Lots 1 and 2, Block 2, Natures Edge <br />Business Center Second Addition, Sherburne County, Minnesota, Sherburne County, Minnesota, <br />located in the City; <br />Tax Abatements means the amount calculated by the City in its sole discretion in each <br />tax -payable year as follows: the City tax rate for such tax -payable year multiplied by the <br />difference between the Net Tax Capacity of the Tax Abatement Property resulting from the <br />construction of the Project, as of January 2 in the prior year, less $106,946 (i.e. the Net Tax <br />Capacity of the existing land and existing building value only of the Tax Abatement Property, as <br />2 <br />LL185\31\703544.v1 <br />