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TAX ABATEMENT AGREEMENT <br />THIS AGREEMENT, made as of the day of May, 2008, by and between the City of <br />Elk River, Minnesota (the "City"), a municipal corporation and political subdivision of the State <br />of Minnesota, and the Economic Development Authority of the City of Elk River (the "EDA"). <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, the <br />City has established a Tax Abatement Program; and <br />WHEREAS, Envison Company, LLC, a Minnesota limited liability company (the <br />"Developer") desires to purchase certain real property_ ,;identified as Lot 4, Block 1, <br />NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75- <br />757-0120 (the "Tax Abatement Property") on which the Developer or Sportech, Inc. will <br />construct an approximately 80,000 square foot light industrial facility located at 17464 Tyler <br />Street NW, Sherburne County, Elk River, Minnesota (the "Project"). <br />WHEREAS, the EDA and the Developer have entered into a Purchase Agreement <br />providing for the EDA's conveyance of the Tax Abatement Property to the Developer for the <br />purpose of constructing the Project (the "Purchase Agreement"). <br />WHEREAS, the Purchase Agreement provides that the EDA will convey the Tax <br />Abatement Property to the Developer at less than fair market value and the EDA has requested <br />that the City and Sherburne County, Minnesota (the "County") reimburse the EDA for the <br />amount of the discount in the price of the Tax Abatement Property with tax abatements in <br />accordance with Minnesota Statutes, Sections 469.1812 through 469.1815. <br />WHEREAS, the City-.believes that the development and construction of the Project, and <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, provide employment opportunities 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 />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 />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br />2159586v2 <br />