7.5 HRSR 05-01-2017 - Laserfiche WebLink

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HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO. RESOLUTION APPROVING LOAN AGREEMENT AND RELATED DOCUMENTS (TRUCK SHOP, INC. PROJECT) WHEREAS, the Board of Commissioners (the "Board ") of the Housing and Redevelopment Authority in and for the City of Elk River (the "HRA ") has received a proposal from Truck Shop, Inc., or an affiliate thereof (the `Borrower ") that the HRA assist in financing the Borrower's acquisition of certain real property (the "Development Property ") in the City of Elk River, Minnesota (the "City"), removal of existing substandard buildings and the construction of a new light maintenance facility with related office and storage space to be located on the Development Property by providing a loan to the Borrower in an amount of up to $75,000 (the "Loan ") pursuant to the HRA's Blighted Properties Forgivable Commercial /Industrial Loan Program (the "Program "). WHEREAS, the HRA has caused to be prepared a Loan Agreement (the "Loan Agreement ") with the Borrower setting forth, among other things, the terms and conditions under which the HRA will make the loan, a copy of which is on file with the Executive Director. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Elk River as follows: 1.01. Subject to a determination by the City that the Development Property satisfies the conditions necessary to create a redevelopment tax increment financing district in accordance with Minnesota Statutes, Section 469.174, subdivision 10, the Loan Agreement as presented to the HRA, together with all related documents necessary in connection therewith, including without limitation, a Promissory Note from the Borrower evidencing the Loan, a subordinate mortgage, an entity guaranty from Beaudry Oil and Service, Inc., or an affiliate thereof, and a personal guaranty from Kenneth J. Beaudry (all as defined in and described in the Loan Agreement) (collectively, the "Loan Documents ") are hereby in all respects approved, in substantially the form on file with the City's Economic Development Director; and the President and Executive Director are hereby authorized and directed to execute the Loan Agreement and any Loan Documents to which the HRA is a party on behalf of the HRA and to carry out, on behalf of the HRA, the HRA's obligations thereunder. 1.02. The approval hereby given to the Loan Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the HRA and by the President and Executive Director prior to executing said documents; and said officers are hereby authorized to approve said changes on behalf of the HRA. The execution of any instrument by the President and Executive Director shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of said officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. 498530v2 JSB ELI 85-13