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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. 2018-_________
<br />RESOLUTION APPROVING LOAN AGREEMENT AND RELATED DOCUMENTS
<br />(ALAN ARNOLD CORPORATION / RALPHIE’SMINNOCOENERGY PROJECT)
<br />
<br />WHEREAS, the Board of Commissioners (the “Board”) of the Economic Development
<br />Authority of the City of Elk River (the “EDA”) has received a proposal from Alan Arnold
<br />Corporation (the “Borrower”),for a secondloan to assist the Borrower withenergy efficiency
<br />improvements to a building (the “Property”) located at 13374 U.S. Highway 10, Elk River,
<br />Minnesota (the “City”).
<br />WHEREAS, on September 10, 2013, the EDA provided a loan to the Borrower pursuant to
<br />the EDA Energy Efficiency Improvement Program (the “Program”), in the amount of $74,999 (the
<br />“Original Loan”) pursuant to an Energy Efficiency Improvement Program Loan Agreement,
<br />dated September 10, 2013 (the “Original Loan Agreement”), between the Borrower and the
<br />EDA. The Original Loan was secured by (i) a Promissory Note, dated September 10, 2013, from the
<br />Borrower to the EDA; (ii) a Security Agreement, dated September 10, 2013, from Borrower to the
<br />Lender providing a security interest in certain equipment purchased with the proceeds of the
<br />Original Loan; (iii) a Personal Guaranty, dated September 10, 2013, from Brian Brehmer to the
<br />EDA; (iv) a Personal Guaranty, dated September 10, 2013, from Nancy Brehmer to the EDA; (v) a
<br />Personal Guaranty, dated September 10, 2013, from Allen Meyer; (iv) a Corporate Guaranty, dated
<br />September 10, 2013, from Yankee Doodle Enterprises, LLC to the EDA; and (vii) a Mortgage and
<br />Assignment of Rents and Security Agreement and Fixture Financing Statement, dated September
<br />10, 2013,from the Corporate Guaranty to the EDA. The current outstanding principalbalanceof
<br />the Original Loan is $40,482.91.
<br />WHEREAS, the Borrower has requestedan additional loan in the amount of $19,175.00(the
<br />“NewLoan”) pursuant to the Program. Proceeds of the New Loanwill be used by the Borrower to
<br />increase energy efficiency of the Propertyby purchasing new interior and exterior lights. In total, the
<br />outstanding principal of the Original Loan and New Loan (together, the “Loan”)will be
<br />$59,657.91.
<br />WHEREAS, the EDA has caused to be prepared an Amended and Restated Loan
<br />Agreement (the “Loan Agreement”)with the Borrower setting forth, among other things, the terms
<br />and conditions under which the EDA will make the Loan,a copy of which is on file with the
<br />Executive Director. The Loan Agreement amends and restates theOriginal Loan Agreement to
<br />provide for the issuance of the New 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.TheLoan Agreement as presented to the EDA, together with all related documents
<br />necessary in connection therewith, including without limitation, an Amended and RestatedPromissory
<br />Note from the Borrower evidencing the Loan,an Amended and Restated Mortgage and Assignment
<br />534126v1 JSB EL185-57
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