Laserfiche WebLink
TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />THIS AGREEMENT, made as of the 4th day of September, 2007, by and among the City <br />of Elk River, Minnesota (the "City°'), a municipal corporation and political subdivision of the <br />State of Minnesota, and Mo~~ry Properties; LLC, a Minnesota limited liability company (the <br />"Developer'). <br />WITNESSETH: <br />RrHEREAS, pursuant to Minnesota Statutes, Sections 469.1812 through 469.181 ~, the <br />City has established a Tax Abatement Program; and v <br />VtiTHEREAS, the City believes that the deve]oprnent and construction of a certain Project <br />(as defined herein), and fulfillment of this Agreement are vital and are in the best interests of the <br />City, will result in preservation and enhancement of the flax base, provide employment <br />opportunities and are in accordance ~~ith the public purpose and provisions of the applicable state <br />and local laws and requirements under which the Project has been undertaken and is being <br />assisted: and <br />V+rI-iEREAS, the requirements of the Business Subsidy Law; Minnesota Statutes; Section <br />116J.993 through 116J.99~, apply to this Agreement; and <br />V~~IEREAS; the City has adopted criteria for awarding business subsidies that comply <br />with the Business Subsidy Law, after public hearings for which notice was published; and <br />~ZIEREAS, the Counci} has approved this Agreement as a subsidy agreement under the <br />Business Subsidy Law. y <br />NOVV, THEREFORE; in consideration of the premises and the mutual obligations of the <br />parties hereto; each of them does hereby covenant and agxee with the other as follows: <br />ARTICLE I <br />DEFINITIONS <br />Section 1.1 Definitions. All capitalized terms used and nat otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented: <br />Benefit Date means the date on which a Certificate of Occupancy for the Project is issued <br />by the City; <br />Business Dav means any day except a Saturday. Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />20A5~33vQ <br />