Agenda - Economic Development Authority - 08/12/2021

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(3) It will not seek any tax deferral or abatement, either presently or prospectively authorized under Minnesota Statutes, Section 469.1813, or any other State or federal law, of the ad valorem property taxation of the Development Property between the date of execution of this Agreement and the Termination Date. (4) The Developer and the Owner will not seek a reduction in the market value as determined by the Anoka County Assessor of the Project or other facilities that it constructs on the Development Property, pursuant to the provisions of this Agreement, for so long as the TIF Note remains outstanding. Section 3.6. Lease of Project. (1) Pursuant to the provisions of Minnesota Statutes Section 469.176, Subdivision 4c, the Owner and the Developer agree that, until termination of this Agreement, the Project shall be leased to a tenant or tenants and shall, in any such lease, limit the space within the Project to be occupied by such tenant or tenants to the following uses: (a) the manufacturing or production of tangible personal property, including processing resulting in the change in condition of the property; (b) warehousing, storage, and distribution of tangible personal property, excluding retail sales; and (c) space necessary for and related to the activities listed in (a) and (b). (2) Upon execution of a lease of the Project the Developer shall submit to the City evidence that the operation of the Project conforms to (1) above, it being acknowledged and agreed that a copy of the specific "use" clause from the respective lease shall be deemed to constitute sufficient evidence in satisfaction of this clause. 9 13580713v2