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ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 16-01 <br />RESOLUTION APPROVING LOAN AGREEMENT AND RELATED DOCUMENTS <br />(DIE CONCEPTS PROJECT) <br /> <br />WHEREAS, the Board of Commissioners (the ÑBoardÒ) of the Economic Development <br />Authority of the City of Elk River (the ÑEDAÒ) has received a proposal from F & M Properties, <br />LLC (the ÑBorrowerÒ) that the EDA assist in financing the Borrow <br />renovation of an existing building located on certain real property in the City of Elk River, <br />Minnesota (the ÑCityÒ) by providing a loan to the Borrower in the amount of $185,200 (the ÑLoanÒ) <br />pursuant to the EDAÔs Microloan Program (the ÑProgramÒ). <br />WHEREAS, the EDA has caused to be prepared a Loan Agreement (the <br />AgreementÒ) with the Borrower setting forth, among other things, <br />which the EDA will make the loan, a copy of which is on file with the Executive Director. <br />NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic <br />Development Authority of the City of Elk River as follows: <br /> 1.01. Subject to approval by the City Council after a public hearing, the Loan Agreement as <br />presented to the EDA, together with all related documents necessary in connection therewith, including <br />without limitation, a Promissory Note from the Borrower evidencing the Loan, a Mortgage, a Security <br />Agreement in certain equipment and entity guaranty from Die Concepts, Inc., and personal guaranties <br />from Michael Tracey and Fred Trapp (all as defined in and described in the Loan Agreement) <br />(collectively, the ÑLoan DocumentsÒ) are hereby in all respects approved, in substantially the form on <br />file with the CityÔs Economic Development Director; and the President and Executive Director are <br />hereby authorized and directed to execute the Loan Agreement and any Loan Documents to which the <br />EDA is a party on behalf of the EDA and to carry out, on behalf of the EDA, the EDAÔs obligations <br />thereunder. <br /> 1.02. The approval hereby given to the Loan Documents includes approval of such <br />additional details therein as may be necessary and appropriate and such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to <br />the EDA and by the President and Executive Director prior to executing said documents; and said <br />officers are hereby authorized to approve said changes on behalf of the EDA. The execution of any <br />instrument by the President and Executive Director shall be conclusive evidence of the approval of <br />such document in accordance with the terms hereof. In the event of absence or disability of said <br />officers, any of the documents authorized by this Resolution to be executed may be executed without <br />further act or authorization of the Board by any duly designated acting official, or by such other officer <br />or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. <br />477337v3 MJM EL185-40 <br /> <br />