6.4 EDSR 05-15-2017 - Laserfiche WebLink

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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO. 115 -04 RES0I11TION AUTHORIZING `I`WO -YEAR EXTENSION TO THE MATURITY DATE OF THE NOTE AND LOAN AGREE MENTTO 19228 LLC (PROMO PRODUCT, PROJEC I) WHEREAS, the Board of Commissioners (the "Board ") of the Economic Development Authority of the City of Elk Riser (the "EDA ") has received a request from 19228 LLC (the "Borrower ") with a recommendation from First National Bank of Elk River (the "Lender ") that the EDA authorize a two -year extension to the maturity date of its loan to Borrower pursuant to the provisions of the FDA's Microloan Program (the "Program "). WHEREAS, the Lender has proposed to prepare necessary amendments to the Promissory Note, Participation Certificate and Agreement and Loan Agreement (collectively, together with all related documents necessary in connection therewith, the "Loan Documents ") Nvith the Borrower setting forth the two -year extension to the maturity date; and WHEREAS, the EDA has determined that an extension of the maturity date of the loan will benefit the Borrower's economic growth; NOW THEREFORE, BE IT RESOLVED by the Board of Cortunissioners of the Economic Development Authority of the City of Elk River as follows: 1.01. The two -Year extension of the maturity date of the FDA's loan to Borrower from January 13, 2016 to January 13, 2018 is hereby approved together with all amendments to the Loan Documents, necessary in connection therewith, and the President and Executive Director are hereby authorized and directed to execute, on behalf of the EDA, such amendments to the Loan Documents to which the FDA is a party and to carry out, on behalf of the EDA, the £DA's obligations thereunder. 1.02. The approval hereby given to the amendments 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 EDA and by the President and Executive Director prior to executing said documents; and said officers are hereby authotized to approve said changes on behalf of the EDA. 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.