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TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />THIS TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT (the <br />"Agreement"), made as of the day of May, 2023, by and between the CITY OF ELK <br />RIVER, MINNESOTA (the "City"), a municipal corporation and political subdivision of the <br />State of Minnesota, and HARVEST REAPER, LLC, a Minnesota limited liability company (the <br />"Developer"). <br />WITNESSETH <br />WHEREAS, the Developer has requested tax abatement assistance from the City in <br />connection with acquisition, construction and equipping of a certain Project (as hereinafter <br />defined) located within the City; and <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) after a duly <br />noticed public hearing held on May 15, 2023; and <br />WHEREAS, the City believes that providing financial assistance for the Project, and the <br />fulfillment of this Agreement are vital and are in the best interests of the City, will result in <br />preservation and enhancement of the tax base, help retain and create employment opportunities <br />in the City and the State, help an existing business expand in the City and the State, and are in <br />accordance with the public purpose and provisions of the applicable state and local laws and <br />requirements under which the Project has been undertaken and is being 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; 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 />Administrative Costs shall have the meaning set forth in Section 3.10; <br />1 <br />EL 185\74\870137.v5 <br />