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<br />ECONOMIC DEVELOPMENT AUTHORITY OF <br />THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. _________ <br /> <br />RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS <br /> <br /> WHEREAS, Alliance Machine, Inc. (the “Borrower”) has heretofore entered into a Loan <br />Agreement Agreement, dated June 17, 2013, by and between the Economic Development Authority <br />of the City of Elk River (“EDA”) and the Borrower (the “Loan Agreement”); and <br /> <br /> WHEREAS, in accordance with Section 6 of the Loan Agreement the Borrower has <br />notified the EDA that all conditions have been met for the loan to be forgiven and has requested <br />that the EDA issue a Certificate of Forgiveness. <br /> <br /> NOW THEREFORE BE IT RESOLVED By the Board of Commissioners (the “Board”) of <br />the Economic Development Authority of the City of Elk River (“EDA”) as follows: <br /> <br />Section 1. EDA Approval. The EDA hereby finds that conditions have been met for the <br />loan to be forgiven, and the President and the Executive Director are hereby authorized and directed <br />to execute the Certificate of Forgiveness on behalf of the EDA and deliver the Note and the <br />Guaranty (as defined in the Loan Agreement) to the Borrower. <br /> <br /> Approved by the Board of Commissioners of the Economic Development Authority of the <br />st <br />City of Elk River this 21 day of December, 2015. <br /> <br /> <br /> <br /> President <br />ATTEST: <br /> <br /> <br /> <br />Secretary <br /> <br />472796v1 JSB EL185-13 <br />