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<br />TAX ABATEMENT AGREEMENT <br /> <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 /> <br />WITNESSETH: <br /> <br />WHEREAS, pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, the <br />City has established a Tax Abatement Program; and <br /> <br />WHEREAS, Envison Company, LLC, a Minnesota limited liability company (the <br />"Developer") desires to purchase certain real propertyidentifie:d as Lot 4, Block 1, <br />NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, ParcelIdentification No. 75- <br />757-0120 (the "Tax Abatement Property") on whiGl:TtheDeveloper or8portech, Inc. will <br />construct an approximately 80,000 square foot light industrial facility locatediat 17464 Tyler <br />Street NW, Sherburne County, Elk River, Minnesota~the "Proje~t"). <br /> <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 "Pur~l1ase Agreement"). <br /> <br />WHEREAS, the Purchase Agreem~ntprovides that the :EDA will convey the Tax <br />Abatement Property to the Developer at less than fair market vahie and the EDA has requested <br />that the City and Sherburne..c:.()unty, Minnesot.a (the "County") reimburse the EDA for the <br />amount of the discountilltheptice of the Tax Abatement Property with tax abatements in <br />accordance with Minnesota Statutes. Sections 469.1812 through 469.1815. <br /> <br />WHEREAS, the City believ.esthat the dev~lbpment and construction of the Project, and <br />fulfillment of.thisAgreemelltl:!re vital. andil:!rein the best interests of the City, will result in <br />preservationalldellhancementbfthe tax base, provide employment opportunities and are in <br />accordl:!nce with the public purpose:i.md provisions of the applicable state and local laws and <br />requirelI1~nts under whicht1:l~Projecthasbeen undertaken and is being assisted; and <br /> <br />NOW,. THEREFORE,jn consideration of the premises and the mutual obligations of the <br />parties hereto,eaeh of them does hereby covenant and agree with the other as follows: <br /> <br />ARTICLE I <br /> <br />DEFINITIONS <br /> <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 /> <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br /> <br />2159586v2 <br />