Document:

exv10w16

 

EXHIBIT 10.16

August 8, 2004

Via Mail / Fax: 612-330-9894

Mr. Steve Markham

Senior Merchandiser

Commodity Specialists Co.

310 South Bldg.

Grain Exchange Bldg.

301 Fourth Ave. South

Minneapolis, MN 55415

Dear Steve:

     We are pleased to update this proposal covering 100-150 new 6351 cubic foot
covered hopper cars for the Granite Falls plant.

     Thank you for your continued interest in these hopper cars. The following
proposal will demonstrate Trinity Rail’s ability to meet this current need for
hopper cars required by CSC and your DDG customers.

	 	 	 	 	 
	 	Sincerely,

/s/ Kerry Stokes

Kerry Stokes

Vice President, Sales

Trinity Rail Group, LLC

D40201

 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 
	cc:

	 	Tim Schitter

Kimberly Myers

	 
	Enc:

	 	Specifications to follow

 

 

	 	 	 
	PRICING AND TERMS
	 	 
	 
	CUSTOMER

	 	Commodity Specialists Company

	 
	CAR DESCRIPTION

	 	6351 Cubic foot capacity, 286,000 lb. 

GRL Covered Hopper car with 24”

Trough Hatch and (4) 30” X 30” Gravity

Gates, per Trinity Rail Specification

Number L-40433 dated July 23, 2004 to

follow under separate cover.

	 
	QUANTITY

	 	75 Cars

	 
	FULL SERVICE LEASE PROPOSAL

	 	$640 per month for a 5 year term

	 
	LEASE RATE PER CAR

	 	$625 per month for a 7 year term

The lease rates offered herein are based upon current steel and other raw
material costs of our manufacturing affiliate which may fluctuate subsequent to
this offer. As such, we reserve the right to adjust the offered lease rate
$0.90 for each $100 in additional costs incurred by our manufacturing affiliate
directly or indirectly as a result of cost increases in steel or other raw
materials. Any such adjustment will be communicated in writing to you and will
be reflected in the effective lease rate determined on or before the date of
delivery of any cars ordered pursuant to this offer.

	 	 	 
	TERMS AND CONDITIONS

	 	The terms and conditions of the lease offer

will be governed by the Trinity Industries

Leasing Company (“TILC”) lease agreement.

	 
	DELIVERY

	 	Commencing July 05 /s/ Branjam

Deliver is to Granite Falls, MN Freight

Included in lease rate offered.

 

 

PROPOSAL CONDITIONS AND QUALIFICATIONS

This proposal is subject to modifications or adjustments due to changes arising
from a final agreement on the specification of the subject equipment. This
agreement is expected to result from an engineering and production-planning
meeting between Commodity Specialists Co and Trinity Rail. The adjustments, if
any, may include, but are not limited to sales price or lease rates, car
specifications and delivery quoted.

The manufacturing and administrative processes will be in accordance with
Trinity AAR-Certified Quality Assurance System. Steel surface and exterior
coatings are quoted in accordance with Trinity Quality Standards QS-1024,
QS-1026 and QS-1038 (to be discussed during specification review meeting).

This offer is subject to the TILC Lease Agreement or Trinity Terms and
Conditions.
Any agreement will be subject to Trinity credit approval. Delivery timing will
be subject
to prior commitment of production space. This proposal is valid until August
30,2004.

For your convenience, a space is provided below which allows you to select your
option and sign the proposal to confirm your order. The confirmed order can be
faxed to our office at 530-571-5724.

AGREED AND ACCEPTED BY:

COMMODITY SPECIALISTS COMPANY

	 	 	 	 	 
	/s/ Tom Branham

Signature

TOM BRANHAM

Printed Name

CEO/General Manager

Title

8-13-04

Dateexv10w17

 

EXHIBIT 10.17

JOB OPPORTUNITY BUILDING ZONE

BUSINESS SUBSIDY AGREEMENT

     This Agreement is made on September 20, 2004, (the “Approval Date”), by and between the City
of Granite Falls, Minnesota, a Minnesota municipal corporation and statutory city, (the “City”);
and Granite Falls Energy, a Minnesota limited liability company and a trade or business organized
and operating under the laws of the State of Minnesota (the “Qualified Business”). In order to
satisfy the provisions of the Job Opportunity Building Zone Law (Minnesota Statutes, Sections
469.310 through 469.320) and the Business Subsidy Law (Minnesota Statutes, Sections 116J.993
through 116J.995), the City and the Qualified Business acknowledge and agree as follows:

     Whereas, the Qualified Business is the owner of the real property located at 15045 Highway 23
S.E. in the City of Granite Falls, Chippewa and Yellow Medicine Counties, Minnesota, as described
in Exhibit A (the “Property”);

     Whereas, the Property is located within a designated Job Opportunity Building Zone, as
described in the Granite Falls Community Ethanol Plant Zone Application; and is currently comprised
of vacant land;

     Whereas, the Qualified Business has been identified by the Subzone Administrator as a
non-retail, non-commercial new trade or business start-up within the Subzone;

     Whereas, the Qualified Business began business operations in the subzone on August 15, 2004
when it commence site preparation of the Property;

     Whereas, the Qualified Business agrees to satisfy the provisions of the business subsidy
reporting requirements under the Business Subsidy Law and as required by Minnesota Statutes,
Section 469.320 Subd. 1 identified in Article II of this Agreement.

ARTICLE I

DEFINITIONS

     Section 1.1. “Agreement” means this Job Opportunity Building Zone Business Subsidy Agreement
by and between the City and the Qualified Business.

     Section 1.2. “Approval Date” means the date on which the last party to this Agreement whose
signature is required, signs the agreement as indicated in the first paragraph of this Agreement;
and after which a Qualified Business is deemed approved by the City.

     Section 1.3. “Benefit Date” is the date after which tax benefits shall begin to accrue to the
Qualified Business; for purposes of this Agreement, August 15, 2004.

     Section 1.4. “Business Subsidy” means tax exemptions or tax credits available to the Qualified
Business located in the Zone as provided in Section 2.1, and/or any state or local government
agency grant, contribution of personal property, real property, infrastructure, the

 

 

principal
amount of a loan at rates below those commercially available to the recipient, any reduction or
deferral of any tax or any fee, any guarantee of any payment under any loan, lease, or other
obligation, or any preferential use of government facilities given to a business, and as defined by
the Business Subsidy statute.

     Section 1.5. “Business Subsidy Law” means Minnesota Statutes, Sections 116J.993 through
116J.995.

     Section 1.6. “Business Subsidy Report” means the annual report required to comply with
Minnesota Statutes, Section 116J.994, Subd. 7(b).

     Section 1.7. “Capital Investment” means any investment that is defined as depreciable for
purposes of the U.S. Internal Revenue Service.

     Section 1.8. “City” means the City of Granite Falls, Minnesota which is also a “Grantor” as
defined in Minnesota Statutes, Section 116J.993, Subd. 4.

     Section 1.9. “Construction Plans” means the plans, specifications, drawings and related
documents of the construction work to be performed by the Qualified Business on the Project and the
Property and the plans (a) shall be as detailed as the plans, specifications drawings and related
documents which are submitted to the building inspector of the City, and (b) shall include at least
the following: (1) site plan; (2) foundation plan; (3) basement plans, if any; (4) floor plan for
each floor; (5) cross sections of each (length and width); (6) elevations (all sides); (7) grading
and drainage; and (8) landscape;

     Section 1.10. “DEED” means Minnesota Department of Employment and Economic Development.

     Section 1.11. “Job Zone Term” shall mean January 1, 2004 through December 31, 2015.

     Section 1.12. “JOBZ” means Job Opportunity Building Zone as defined in Minnesota Statutes,
Section 469.310.

     Section 1.13. “JOBZ Law” means Minnesota Statutes, Sections 469.310 through 469.320.

     Section 1.14. “Person” includes an individual, corporation, partnership, limited liability
company, association, or any other entity.

     Section 1.15. “Project” means the approximately 40,000,000 gallon per year dry mill ethanol
production plant to be constructed by the Qualified Business on the Property.

     Section 1.16. “Property” means the parcel or parcels located within the Subzone, as modified,
on which the Qualified Business is or will be operating, excluding any building footprint of a
business operating in the Subzone prior to January 1, 2004; and as identified in Exhibit A.

2

 

     Section 1.17. “Qualified Business” means, generally, a person that carries on a trade or
business at a place of business located within a Job Opportunity Building Zone as referenced in
Minnesota Statutes, Section 469.310 Subd. 11; and, for purposes of this Agreement, means Granite
Falls Energy

     Section 1.18. “Recipient” means any business entity that receives a business subsidy as
defined by Minnesota Statutes, Section 116J.993, and that has signed a Business Subsidy Agreement
with a “Grantor” as defined in Minnesota Statutes, Section 116J.993, Subd. 4.

     Section 1.19. “Relocation Agreement” means a binding written agreement between a relocating
qualified business and the commissioner of DEED pledging that the qualified business will either:

          (1) increase full-time for full-time equivalent employment in the first full year of
operation within the job opportunity building zone by at least 20 percent and maintains that
level of employment for the Job Zone Term, or

          (2) make a Capital Investment on the property equivalent to 10% of the gross revenues
of operation that was relocated in the immediately preceding taxable year;

     and provides for repayment of all tax benefits if the requirements of (a) or (b) are not met.

     Section 1.20. “Subzone” means the parcel or parcel of land designated by the Commissioner of
Employment and Economic Development within the Zone within the boundaries of the City of Granite
Falls to receive certain tax credits and exemptions specified under Minnesota Statutes, Sections
469.310 through 469.320.

     Section 1.21. “Subzone Administrator” means the Community Development Director or such other
person who has been designated by the City to administer the Subzone.

     Section 1.22. “Unavoidable Delays” means delays, outside the control of the party claiming its
occurrence, which are the direct result of strikes, other labor troubles, unusually severe or
prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced by
third parties which, by injunction or other similar judicial action or by the exercise of
reasonable discretion, directly results in delays, or acts of any federal, state or local
governmental unit (other than the City) which directly result in delays.

     Section 1.23. “Zone” means, generally, a Job Opportunity Building Zone or an Agricultural
Processing Facility Zone designated by the commissioner of Employment and Economic Development
under Minnesota Statutes, Section 469.314; and, for purposes of this Agreement, the Granite Falls
Community Ethanol Plant Zone.

3

 

ARTICLE II

BUSINESS SUBSIDY REQUIREMENTS

     Whereas, compliance with provisions of the Minnesota Business Subsidy Law requires the
following and the parties agree that:

     Section 2.1. The Business Subsidy shall include all tax exemptions, job credits or other
business subsidies provided from January 1, 2004 until the last date of the Job Zone Term,
including but not limited to:

          (a) Exemption from individual income taxes as provided under Minnesota Statutes, Section
469.316, provided to the individuals operating and having made a qualifying investment in the
Qualified Business; and

          (b) Exemption from corporate franchise taxes as provided under Minnesota Statutes, Section
469.317; and

          (c) Exemption from the state sales and use tax and any local sales and use taxes on qualifying
purchases as provided in Minnesota Statutes, Section 297A.68, subdivision 37; and

          (d) Exemption from the state sales tax on motor vehicles and any local sales tax on motor
vehicles as provided under Minnesota Statutes, Section 297B.03; and

          (e) Exemption from the property tax as provided in Minnesota Statutes, Section 272.02,
subdivision 64; and

          (f) Exemption from the wind energy production tax under Minnesota Statutes, Section 272.029,
subdivision 7; and

          (g) The jobs credit allowed under Minnesota Statutes, Section 469.318.

     Section 2.2. Other business subsidies provided to the Qualified Business, as described in the
Business Subsidy statute at Minnesota Statutes, Sections 116J.993 through 116J.995, shall be
identified, including the amounts and type of subsidy provided, specifically:

          (a) A no interest loan provided by the City or its Economic Development Authority in the
aggregate principal amount of $500,000.

          (b) A three 3% low interest loan provided by the City, its Economic Development Authority or
other governmental entity or entities in the aggregate principal amount of $100,000.

          (c) A 5% interest West Minnesota Revolving Loan Fund loan provided by the Upper Minnesota
Valley Regional Development Commission in the aggregate principal amount of $110,000.

4

 

     Section 2.3. The public purposes for the Business Subsidy agreed to by the parties hereto
shall include, but not be limited to:

          (a) The enhancement of economic growth and diversity;

          (b) The retention of jobs and high quality job growth; and

          (c) Stabilizing the community by putting vacant land to use.

     Section 2.4. The measurable, specific, and tangible goals for the Business Subsidy shall
include:

          (a) In accordance with the Business Subsidy Law, the Qualified Business shall create at least
10 new full-time equivalent positions within the Subzone boundaries at an average wage of at least
$10.00 per hour within fourteen months of the Benefit Date and at least 10 additional new full-time
equivalent positions within the Subzone boundaries at an average wage of at least $10.00 per hour
within two years of the Benefit Date for a total of 20 full-time equivalent jobs within two years
of the Benefit Date.

          (b) In addition, the Qualified Business shall create at least 10 additional new full-time
equivalent positions within the Subzone boundaries at an average wage of at least $10.00 per hour
within three years of the Benefit Date for a total of 30 full-time equivalent jobs within three
years of the Benefit Date.

     Section 2.5. The City has adopted, after holding a properly noticed public hearing, a Business
Subsidy Policy identifying the criteria that a Recipient must meet in order to be eligible to
receive a Business Subsidy as required by Minnesota Statutes, Section 116J.994, Subd. 2. The City
has submitted a copy of the criteria to the Department of Employment and Economic Development along
with the first annual report.

     Section 2.6. A properly noticed public hearing was held by the City’s Economic Development
Authority on the Business Subsidy by the City on September 15, 2004 as required by Minnesota
Statutes, Section 116J.994, Subd. 5.

     Section 2.7. If the goals set forth in Section 2.4(a) (the “Goals”) are not met or the
Qualified Business ceases operations on the Property during the Job Zone Term, the Qualified
Business agrees to repay the amount of the total tax reduction pursuant to Section 2.1(a) through
(f) and any refund under pursuant to Section 2.1(g) in excess of tax liability, received during the
two years immediately before it ceased to operate in the Zone to the Minnesota Department of
Revenue or Chippewa County (in the case of property or county sales tax reductions) or the City of
Granite Falls (in the case of city sales tax reductions), as required by Minnesota Statutes,
Section 469.319.

     Section 2.8. If the Goals set forth in Section 2.4(a) are not met, the Qualified Business
agrees to repay all or a part of the Business Subsidy (including but not limited to the total tax
reduction and any refund in excess of tax liability) to the City, plus interest (“Interest”) set at
the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subd. 2, accruing from
and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Qualified

5

 

Business will repay a portion of the Business Subsidy (plus Interest) determined by multiplying the
Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which
were not created at the wage level set forth above and the denominator of which is 20 (i.e. number
of jobs set forth in Section 2.4(a)), as required by Minnesota Statutes, Section 116J.994, Subd. 6;
provided, however, the City agrees that if Section 469.319 of the JOBZ Law is subsequently
interpreted by the Commissioner of Revenue or a court of competent jurisdiction or amended by the
legislature in a manner that would indicate that Section 469.319 of the JOBZ Law supercedes Section
116J.994, Subd. 6 of the Business Subsidy Law, the City will waive the repayment provisions of this
Section 2.8.

     Section 2.9. The Qualified Business shall continue operations on the Property for at least
twelve (12) years after the Benefit Date.

     Section 2.10. The Qualified Business agrees to (i) report its progress on achieving the Goals
to the City until the later of the date the Goals are met or the end of the JOBZ term, or, if the
Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the
information required in Minnesota Statutes, Section 116J.994, Subd. 7 on forms developed by DEED,
and (iii) send completed reports to the City. The Qualified Business agrees to file these reports
no later than March 1 of each year commencing March 1, 2005, and within 30 days after the deadline
for meeting the Goals. The City agrees that if it does not receive the reports, it will mail the
Qualified Business a warning within one week of the required filing date. If within 14 days of the
post marked date of the warning the reports are not made, the Qualified Business agrees to pay to
the City a penalty of $100 for each subsequent day until the report is filed up to a maximum of
$1,000, as required in Minnesota Statutes, Section 116J.994, Subd. 7.

     Section 2.11. The City will provide the Qualified Business with all of the local tax benefits
and property tax benefits permitted under Minnesota Statutes, Section 469.315.

     Section 2.12. The Qualified Business receiving sales tax exemptions provided under Minnesota
Statutes, Section 297A.68, subdivision 37(b) and (c) and (d) shall comply with prevailing wages
requirements under Minnesota Statutes, Section 116J.871 to the extent projects were not bid prior
to May 2004.

     Section 2.13. During the Job Zone Term, the Qualified Business shall not sell, lease, assign
or otherwise convey its interest in the Property without the prior written consent of the City,
which shall not be unreasonably withheld.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND ADDITIONAL COVENANTS OF THE QUALIFIED BUSINESS

     Section 3.1. The Qualified Business makes the following representations and warranties:

          (a) The Qualified Business is a Minnesota limited liability company and has the power and
authority to conduct business within the State, to enter into this Agreement and to

6

 

perform its
obligations hereunder and is not in violation of its articles, operating agreement or member
control agreement or the laws of the State.

          (b) Neither the execution and delivery of this Agreement, the consummation of the transactions
contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this
Agreement is prevented, limited by or conflicts with or results in a breach of, the terms,
conditions or provision of any contractual restriction, evidence of indebtedness, agreement or
instrument of whatever nature to which the Qualified Business is now a party or by which it is
bound, or constitutes a default under any of the foregoing.

          (c) The Qualified Business has conducted its own independent investigations into the
requirements of the JOBZ Law and the process taken by the City to approve the business subsidy
agreement.

     Section 3.2. The Qualified Business shall pay the City’s administrative costs for initial
review, including the fees of the City’s legal counsel and fiscal consultants, and for
participation in the program as well as annual fees for monitoring and reporting as required by the
JOBZ Law or the Business Subsidy Law.

     Section 3.3. The Qualified Business will cooperate fully with the City with respect to any
litigation commenced with respect to the Project.

     Section 3.4. The Qualified Business will cooperate fully with the City in resolution of any
traffic, parking, trash removal or public safety or public nuisance problems which may arise in
connection with the operation of the Project.

     Section 3.5. If the Qualified Business fails to observe or perform any covenant, condition,
obligation or agreement on their part to be observed or performed under this Agreement and such
failure continues for more than 30 days after notice of such failure from the City, and if the City
employs attorneys or incurs other expenses for the collection of payments due or to become due or
for the enforcement or performance or observance of any obligation or agreement on the part of the
Qualified Business herein contained, the Qualified Business agrees that it shall, on demand
therefor, pay to the City the reasonable fees of such attorneys and such other expenses so incurred
by the City.

     Section 3.6. (a) The Qualified Business covenants and agrees that the City, its governing body
members, officers, agents, including the independent contractors, consultants and legal counsel,
servants and employees thereof (hereinafter, for purposes of this Section, collectively the
“Indemnified Parties”) shall not be liable for and agrees to indemnify and hold harmless the
Indemnified Parties against any loss or damage to property or any injury to or death of any person
occurring at or about or resulting from any defect in the Project, provided that the foregoing
indemnification shall not be effective for any actions of the Indemnified Parties that are not
contemplated by this Agreement.

          (b) Except for any willful misrepresentation or any willful or wanton misconduct of the
Indemnified Parties, the Qualified Business agrees to protect and defend the Indemnified Parties,
now and forever, and further agrees to hold the Indemnified Parties harmless from any claim,
demand, suit, action or other proceeding whatsoever by any person or

7

 

entity whatsoever arising or
purportedly arising from the actions or inactions of the Qualified Business (or if other persons
acting on its behalf or under its direction or control) under this Agreement, or the transactions
contemplated hereby or the acquisition, construction, installation, ownership, and operation of the
Project; provided, that this indemnification shall not apply to the warranties made or obligations
undertaken by the City in this Agreement or to any actions undertaken by the City which are not
contemplated by this Agreement.

          (c) The Qualified Business agrees to protect and defend the Indemnified Parties, now and
forever, and further agrees to hold the Indemnified Parties harmless from any claim, demand, suit,
action or other proceeding whatsoever by any person or entity whatsoever in the event that the
agreement is found to be invalid, or Chippewa County or the State of Minnesota fails to make any
required or expected payment or benefit to the Qualified Business.

          (d) All covenants, stipulations, promises, agreements and obligations of the City contained
herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of
the City and not of any governing body member, officer, agent, servant or employee of the City.

ARTICLE IV

EVENTS OF DEFAULT

     Section 4.1. The following shall be “Events of Default” under this Agreement and the term
“Event of Default” shall mean whenever it is used in this Agreement any one or more of the
following events:

          (a) Failure by the Qualified Business to construct the Project pursuant to the terms,
conditions and limitations of this Agreement.

          (b) Failure of the Qualified Business to observe or perform any other covenant, condition,
obligation or agreement on its part to be observed or performed under this Agreement.

          (c) If the Qualified Business shall:

          (1) file any petition in bankruptcy or for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under the United
States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or

          (2) make an assignment for the benefit of its creditors; or

          (3) admit in writing its inability to pay its debts generally as they become due; or

          (4) be adjudicated a bankrupt or insolvent; or if a petition or answer proposing the
adjudication of the Qualified Business as a bankrupt or its reorganization under any present
or future federal bankruptcy act or any similar federal or state law shall

8

 

be filed in any
court and such petition or answer shall not be discharged or denied within sixty (60) days
after the filing thereof; or a receiver, trustee or liquidator of the Qualified Business, or
of the Project, or part thereof, shall be appointed in any proceeding brought against the
Qualified Business, and shall not be discharged within sixty (60) days after such
appointment, or if the Qualified Business, shall consent to or acquiesce in such
appointment.

     Section 4.2. Whenever any Event of Default referred to in Section 4.1 occurs and is
continuing, the City, as specified below, may take any one or more of the following actions after
the giving of thirty (30) days’ written notice to the Qualified Business, but only if the Event of
Default has not been cured within said thirty (30) days:

          (a) The City may cancel and rescind the Agreement.

          (b) The City may take any action, including legal or administrative action, in law or equity,
which may appear necessary or desirable to enforce performance and observance of any obligation,
agreement, or covenant of the Qualified Business under this Agreement.

     Section 4.3. No remedy herein conferred upon or reserved to the City is intended to be
exclusive of any other available remedy or remedies, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under this Agreement or now or
hereafter existing at law or in equity or by statute. No delay or omission to exercise any right
or power accruing upon any default shall impair any such right or power or shall be construed to be
a waiver thereof, but any such right and power may be exercised from time to time and as often as
may be deemed expedient.

     Section 4.4. In the event any agreement contained in this Agreement should be breached by any
party and thereafter waived by any other party, such waiver shall be limited to the particular
breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent
breach hereunder.

     Section 4.5. Whenever any Event of Default occurs and the City shall employ attorneys or incur
other expenses for the collection of payments due or to become due or for the enforcement or
performance or observance of any obligation or agreement on the part of the Qualified Business
herein contained, the Qualified Business agrees that it shall, on demand therefor, pay to the City
the reasonable fees of such attorneys and such other expenses so incurred by the City.

ARTICLE V

MISCELLANEOUS

     Section 5.1. Any titles of the several parts, articles and sections of the Agreement are
inserted for convenience of reference only and shall be disregarded in construing or interpreting
any of its provisions.

     Section 5.2. Except as otherwise expressly provided in this Agreement, a notice, demand or
other communication under this Agreement by any party to any other shall be

9

 

sufficiently given or
delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt
requested, or delivered personally, and

          (a) in the case of the Qualified Business is addressed to or delivered personally to:

	 	 	 
	

	 	Granite Falls Energy
	

	 	P.O. Box 216
	

	 	Granite Falls, MN 56241-0216
	

	 	Telephone Number: (320) 564-3100

          (b) in the case of the City is addressed to or delivered personally to the City at:

	 	 	 
	

	 	City of Granite Falls, Minnesota
	

	 	885 Prentice Street
	

	 	Granite Falls, MN 56241-1520
	

	 	Phone: (320) 564-3011

     or at such other address with respect to any such party as that party may, from time to time,
designate in writing and forward to the other, as provided in this Section.

     Section 5.3. This Agreement may be executed in any number of counterparts, each of which shall
constitute one and the same instrument.

     Section 5.4. This Agreement will be governed and construed in accordance with the laws of the
State of Minnesota.

     Section 5.5. This agreement shall become effective upon its Approval Date and shall expire
upon the expiration of the Job Zone Term, unless earlier terminated or rescinded in accordance with
its terms.

     Section 5.6. In the event the JOBZ Law is repealed or substantially modified, the City shall
have no obligations under this Agreement except to the extent authorized by law.

10

 

     IN WITNESS WHEREOF, the City and the Qualified Business have acknowledged their assent
to this agreement and agree to be bound by its terms through the signatures entered below:

	 	 	 	 	 
	

	 	GRANITE FALLS ENERGY
	

	 	 	 	 
	

	 	By
	 	      /s/ Tom Branhan
	

	 	 	 	

	

	 	Title
	 	      CEO/General Manager
	

	 	 	 	

	

	 	Date
	 	      10-16-04
	

	 	 	 	

S-1

 

	 	 	 	 	 	 	 
	

	 	 	 	CITY OF GRANITE FALLS, MINNESOTA
	

	 	 	 	 	 	 
	

	 	 	 	By	/s/
David Smiglewski
	

	 	 	 	 	Its Mayor
	

	 	 	 	 	 	 
	

	 	 	 	Attes	ted By	William P. Lavin
	

	 	 	 	 	Its Manager
	

	 	 	 	 	 	 
	

	 	 	 	Date	October 19, 2004

S-2

 

Exhibit A

     Approximately 56 acres of real property located in Chippewa County, Minnesota described as:

     The Northeast Quarter of the Northeast Quarter (NE 1/4 NE 1/4) and part of the East one-half of
the Northeast Quarter (E 1/2 NE 1/4) of Section One (1), Township One Hundred Fifteen (115), Range
Thirty-nine (39), excepting therefrom the right of way of Minnesota Highway 23.

A-1

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