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<br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2016-____ <br /> <br /> <br />RESOLUTION APPROVING LOAN AGREEMENT <br />(PATRIOT CONVERTING PROJECT) <br /> <br />WHEREAS, the City Council (the “Council”) of the City of Elk River (the “City”) has <br />received a proposal from Stilwell Holdings, LLC (the “Borrower”) that the Economic Development <br />Authority of the City of Elk River (the “EDA”) enter into Loan Agreement (the “Loan Agreement”) <br />and related documents in connection with a loan to the Borrower in the amount of $200,000 (the <br />“Loan”) pursuant to the EDA’s Microloan Program (the “Program”). <br />WHEREAS, the EDA has approved the Loan and the Loan Agreement on this same date <br />and a copy of the Loan Agreement is on file with the City Clerk. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as <br />follows: <br /> <br /> Section 1. Business Subsidy. <br /> <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 /> <br /> 1.02. The City has adopted a Business Subsidy Policy (the “Subsidy Policy”), which sets the <br />general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy <br />Act. <br /> <br />1.03. On the date hereof, the City held a public hearing on the Loan in accordance with the <br />Business Subsidy Act. <br /> <br /> Section 2. Consent. <br /> <br /> 2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the City <br />hereby approves the Loan Agreement and consents to the EDA entering into the Loan Agreement and <br />related documents with the Borrower. <br /> <br />2.02 The City hereby approves the Loan in accordance with the Loan Agreement in <br />substantially the form on file with the City’s Economic Development Director together such <br />modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate <br />and approved by legal counsel to the EDA and by the President and Executive Director of the EDA <br />prior to executing said documents and the City further; and said officers are hereby authorized to <br />approve said changes on behalf of the EDA. The execution of any instrument by the President and <br />Executive Director shall be conclusive evidence of the approval of such document in accordance with <br />the terms hereof. <br />473889v1 JSB EL185-39 <br />