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<br />County means Sherburne County, Minnesota; <br /> <br />Developer means Quality Label, Inc., a Minnesota corporation, its successors and <br />assIgns; <br /> <br />Event of Default means any of the events described in Section 4.1; <br /> <br />Proiect means the construction by the Developer of an approximately 25,000 square foot <br />light industrial facility to be located in the City; <br /> <br />State means the State of Minnesota; <br /> <br />Tax Abatement Act means Minnesota Statutes, Sections 469.1812 through 469.1815; <br /> <br />Tax Abatement Program means the actions by the City pursuant to Minnesota Statutes, <br />Section 469.1812 through 469.1815, as amended, and undertaken in support ofthe Project; <br /> <br />Tax Abatement Property means all and any portion of the real property currently <br />identified as Lot 2, Block 2, Elk River Business Park, located in the City; <br /> <br />Tax Abatements means 100% of the City's share of real estate taxes on the Tax <br />Abatement Property abated in accordance with the Tax Abatement Program. <br /> <br />1844748vl <br /> <br />2 <br />