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<br /> <br /> <br />Resolution 15-____ <br /> <br /> <br />A Resolution of the City of Elk River Approving Loan Agreement <br />(Distinctive Iron Project) <br /> <br />WHEREAS, <br /> <br />the City Council (the “Council”) of the City of Elk River (the “City”) has <br />received a proposal from (the “Borrower”) that the Economic <br />Hemmer Companies L.L.C. <br />Development Authority of the City of Elk River (the “EDA”) enter into Loan Agreement (the <br />“Loan Agreement”) and related documents in connection with a loan to the Borrower in the <br /> <br />amount of $126,000 (the “Loan”) pursuant to the EDA’s Microloan Program (the “Program”). <br /> <br />WHEREAS, <br /> <br />the EDA has approved the Loan and the Loan Agreement on this same date <br /> <br />and a copy of the Loan Agreement is on file with the City Clerk. <br /> <br />NOW, THEREFORE, BE IT RESOLVED <br />by the City Council of the City of Elk River, <br />: <br />Minnesota, as follows <br /> <br />Section 1. Business Subsidy. <br />1.01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, <br />Section 116J.993 to 116J.995 (the “Business Subsidy Act”), and the Loan Agreement includes a <br />“business subsidy agreement” as required under the Business Subsidy Act. <br />1.02. The City has adopted a Business Subsidy Policy (the “Subsidy Policy”), which sets <br />the general criteria for all types of subsidies granted by the EDA, all as required under the Business <br />Subsidy Act. <br /> <br />Section 2. Consent. <br />2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the <br />City hereby approves the Loan Agreement consents to the EDA entering into the Loan <br />Agreement and related documents with the Borrower. <br />2.02 The City hereby approves the Loan in accordance with the Loan Agreement in <br />substantially the form submitted to the Council together such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by legal <br />counsel to the EDA and by the President and Executive Director of the EDA prior to executing <br />said documents and the City further; and said officers are hereby authorized to approve said <br />changes on behalf of the EDA. The execution of any instrument by the President and Executive <br />Director shall be conclusive evidence of the approval of such document in accordance with the <br /> <br />terms hereof. <br /> <br />th <br />Passed and adopted this 17 day of February, 2015. <br /> <br /> John J. Dietz, Mayor <br />ATTEST: <br /> <br /> <br /> <br />Tina Allard, City Clerk <br /> <br />