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<br />City means the City of Elk River, Minnesota; <br /> <br />County means Sherburne County, Minnesota; <br /> <br />Developer means The Bank of Elk River, 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 renovation by the Developer its existing facility located on the Tax <br />Abatement Property in the City and construction an approximately 20,000 square foot expansion <br />thereto; <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 of the Project; <br /> <br />Tax Abatement Property means all and any portion of the real property identified as <br />Parcel Identification Numbers 75-405-0340 and 75-405-0320, located in the City; <br /> <br />Tax Abatements means 100% of the City's share of the property taxes based on the <br />market value of the Tax Abatement Property in excess of $ which is the current <br />market value of Tax Abatement Property as improved by the Developer's existing facility prior <br />to expansion and renovation determined by the Sherburne County assessor in 2006 for taxes <br />payable in 2007, abated in accordance with the Tax Abatement Program. <br /> <br />1865057v3 <br /> <br />2 <br />