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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-____ <br /> <br /> <br />RESOLUTION APPROVING A FIRST AMENDMENT TO LOAN <br />AGREEMENT AND RELATED DOCUMENTS <br />(PATRIOT CONVERTING PROJECT) <br /> <br />WHEREAS, the Board of Commissioners (the Board) of the Economic Development <br />Authority of the City of Elk River (the EDA) previously approved a Loan Agreement (the Loan <br />Agreement) with Stilwell Holdings, LLC (the Borrower) for the renovation and equipping of an <br />existing building located on certain real property in the City of Elk River <br />providing a loan to the Borrower in the amount of $200,000 (the <br />Microloan Program (the Program). <br />WHEREAS, the EDA has received a request from the Borrower to amend the Loan <br />Agreement to amend the equipment provided as security for the Loan. <br />WHEREAS, the EDA has caused to be prepared a First Amendment to <br />(the First Amendment to Loan Agreement) and First Amendment to Security Agreement (the <br />First Amendment to Security Agreement, and together with the F <br />Agreement, the Amendment Documents), setting forth, among other things, equipment providing <br />security for the Loan. <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.The AmendmentDocumentsas presented to the EDA, together with all related <br />documents necessary in connection therewith (collectively, the Loan Documents) are hereby in all <br />respects approved, in substantially the form on file with the Citys Economic Development Director; <br />and the President and Executive Director are hereby authorized a <br />Agreement and any Loan Documents to which the EDA is a party on behalf of the EDA and to carry <br />out, on behalf of the EDA, the EDAs obligations thereunder. <br /> <br /> 1.02. The approval hereby given to the Loan Documents includes approva <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 appropri <br />the EDA and by the President and Executive Director prior to exe <br />officers are hereby authorized to approve said changes on behalf o <br />instrument by the President and Executive Director shall be conc <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 <br />further act or authorization of the Board by any duly designated <br />or officers of the Board as, in the opinion of the City Attorney, may act in <br />487990v1 GAF EL185-39 <br /> <br />