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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />Section 1. Business Subsidy. <br />1.01. The Loan constitutes a business subsidy within the meaning of Minnesota <br />Statutes, Section 116J.993 to 116J.995 (the "Business Subsidy Act"), and the Amended and <br />Restated Loan Agreement includes a "business subsidy agreement" as required under the <br />Business Subsidy Act, <br />1.02. The City has adopted a Business Subsidy Policy (the "Subsidy Policy', which <br />sets the general criteria for all types of subsidies granted by the EDA, all as required under the <br />Business Subsidy Act. <br />Section 2. Consent. <br />2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, <br />the City hereby approves the Amended and Restated Loan Agreement and consents to the <br />EDA entering into the Amended and Restated Loan Agreement and related documents with <br />the Borrower. <br />2.02 The City hereby approves the provision of the Loan to the Borrower in <br />accordance with the terms of the Amended and Restated Loan Agreement in substantially the <br />form submitted to the City Council together such modifications thereof, deletions therefrom <br />and additions thereto as may be necessary and appropriate and approved by legal counsel to the <br />EDA and by the President and Executive Director of the EDA prior to executing said <br />documents; and said officers are hereby authorized to approve said changes on behalf of the <br />EDA. The execution of any instrument by the President and Executive Director shall be <br />conclusive evidence of the approval of such document in accordance with the terms hereof. <br />Passed and adopted this 16th day of September, 2019. <br />W, <br />J� , J. I ietz, n ' yor <br />ATTEST: <br />Tina Allard, City Clerk <br />