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FIRST AMENDMENT TO TAX ABATEMENT AND <br />BUSINESS SUBSIDY AGREEMENT <br />THIS FIRST AMENDMENT TO TAX ABATEMENT AND BUSINESS SUBSIDY <br />AGREEMENT (the "Amendment"), dated as of the day of February, 2008, by and between <br />the CITY OF ELK RIVER, MINNESOTA (the "City"), a municipal corporation and political <br />subdivision of the State of Minnesota, and MOWRY PROPERTIES, LLC, a Minnesota limited <br />liability company (the "Developer") <br />WITNESSES: <br />WHEREAS, the City and the Developer have entered into a Tax Abatement and Business <br />Subsidy Agreement, dated as of August , 2007 (the "Agreement") in connection with the <br />construction of an approximately 60,000 square foot light industrial facility (the "Project"); and <br />WHEREAS, the City and the Developer wish to amend the Agreement as provided in this <br />Amendment to reflect the change in the description of the Tax Abatement Property as a result of <br />the Tax Abatement Property being subdivided and replatted; and <br />WHEREAS, the City and the Developer have both duly authorized the Amendment; and <br />NOW, THEREFORE, the Agreement is amended as provided herein. <br />1. Section 1.1 Definitions is amended and restated as follows: <br />"Tax Abatement Property means all and any portion of the real property owned or to be <br />owned by the Developer and described as Lot 1, Block 1, Portside Addition located in the City." <br />2. Except as herein amended, all terms and provisions of the Tax Abatement and <br />Business Subsidy Agreement, as originally executed as of August , 2007 shall remain in full <br />force and effect. <br />2141342v1 <br />C:\Users\cmehelichWppData\Local\Microsoft\Windows\Temporary Internet Files\OLK4635\PCDOCS-#2141342-v1- <br />Elk River Metal Craft AMENDMENT TO ABATEMENT AND BUSINESS SUBSIDY AGREEMENT.DOC <br />