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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 of the Project <br />including without limitation this Agreement and the resolution of the City authorizing the Tax <br />Abatements and the findings of fact set forth therein; <br />Tax Abatement Property means all and any portion of the real property currently <br />identified as Parcel Identification Number 75-930-0105, located in the City; <br />Tax Abatements means a portion of the City's share of annual real estate taxes received <br />by the City with respect to the Tax Abatement Property in an amount calculated in each tax - <br />payable year as follows: the City tax rate for such tax -payable year multiplied by the difference <br />between the Net Tax Capacity of the Tax Abatement Property as improved by the Project as <br />determined by the City in its sole discretion, as of January 2 in the prior year, less $2,838 (i.e. the <br />Net Tax Capacity of the Tax Abatement Property, as established by the County assessor on <br />January 2, 2023, for taxes payable in 2024), then abated in accordance with the Tax Abatement <br />Program; <br />Tenant means Beaudry Oil, LLC, a to be created Minnesota limited liability company, or <br />an entity affiliated with or related thereto; <br />Termination Date means the earliest of (i) February 1, 2036; (ii) any earlier date this <br />Agreement is cancelled in accordance with the terms hereof, or (iii) the date the Reimbursement <br />Amount is paid or deemed paid in full in accordance with the terms hereof, <br />Unavoidable Delays means delays, outside the control of the parry claiming its <br />occurrence, which are the direct result of strikes, other labor troubles, unusually severe or <br />prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced <br />by third parties which, by injunction or other similar judicial action or by the exercise of <br />reasonable discretion, directly results in delays, or acts of any federal, state or local <br />governmental unit (other than the City, with respect to its respective obligations only) which <br />directly result in delays. <br />3 <br />EL 185\74\870137.v5 <br />