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<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 /> <br />City means the City of Elk River, Minnesota; <br /> <br />County means Sherburne County, Minnesota; <br /> <br />Developer means Envison Company, LLC, a Minnesota limited liability company; <br /> <br />EDA means the Economic Development Authority of the CityerElk River, Minnesota; <br /> <br />Event of Default means any of the events described in <br /> <br />l' <br />, <br /> <br />Proiect means the construction of an approximat~ly 80,000 squaf~ foot light industrial <br />facility to be constructed by the Developer or Sporte9:l1;Irie. at 17464 T)iler Street NW in the <br />City; <br /> <br />State means the State of Minnesota; <br /> <br />Tax Abatement Act means Minnesota Statutes, <br /> <br />469.1812 through 469.1815; <br /> <br />Tax Abatement Program means t:l1~;ictions by the Cit)ipursuant to Minnesota Statutes, <br />Section 469.1812 through 469.1815, as amended, and.undertaken insiipport of the Project; <br /> <br />Tax Abatement Property means alllmda.riypoglgll of the real property currently <br />identified as Parcel Identifj~;itiQ!'lNo. 75-757-0120, located itilhe City; <br /> <br />Tax Abatemerits.means 100% of the City's share of real estate taxes on the Tax <br />Abatement Property abate<i.~l1 accc)rdance with the Tax Abatement Program. <br /> <br />2159586v2 <br /> <br />2 <br />