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ELK RIVER RECREATIONAL COMPLEX <br />NAMING RIGHTS AGREEMENT <br />THIS NAMING RIGHTS AGREEMENT ("Agreement") is made as of this 21s' day of August <br />2023 (the "Effective Date"), by and between the CITY OF ELK RIVER, a Minnesota municipal <br />corporation ("City"), and PLANTS AND THINGS, INC./FURNITURE AND THINGS, INC., <br />a Minnesota Corporation ("Primary Sponsor"). The following recitals form the basis for this <br />Agreement and are made a part hereof. <br />RECITALS <br />1. The City of Elk River owns the Elk River recreational complex ("Facility") with a street <br />address of 9950 165th Avenue, Elk River, MN 55330 and 9730 165th Avenue, Elk River, MN. <br />2. Primary Sponsor is a furniture retailer located at 15612 Jarvis ST NW Elk River, MN 55330 <br />with the intent of attaining exclusive naming rights to the Facility. <br />3. The City and Primary Sponsor enter into this Agreement whereby in exchange for Primary <br />Sponsor's agreement to make initial and annually recurring Contributions (as hereinafter <br />defined) to the City for deposit to the Facility fund, the City agrees to grant to Primary <br />Sponsor the naming rights for the Facility, as set forth and agreed to in this Agreement. <br />4. Other than the naming rights set forth and agreed to in this Agreement, the City is not giving <br />Primary Sponsor anything of value for the Contributions. <br />AGREEMENT <br />NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, THE <br />MUTUAL PROMISES AND CONSIDERATIONS SET FORTH BELOW, AND OTHER <br />GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF <br />WHICH ARE HEREBY ACKNOWLEDGED, THE CITY AND PRIMARY SPONSOR <br />AGREE AS FOLLOWS: <br />Article I <br />Facility Name and Naming Rights <br />Facility. The City grants to Primary Sponsor exclusive naming rights for the Facility. <br />2. Facility Name and Logo. The City and Primary Sponsor will work together to create a name <br />and logo for the Facility that showcases Primary Sponsor's business. <br />a. The name and logo will be agreed on by the parties and approved by the Elk River City <br />Council. <br />3. Facility Signage and Related Naming Rights Assets. <br />a. Primary Sponsor will be permitted Facility signage as listed and depicted in Exhibit A, <br />which is attached hereto and incorporated herein. <br />Page 97 of 273 <br />