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Section 1. Business Subsidy. 1.01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995, as amended (the "Business Subsidy Act"), and the Loan Agreement includes a "business subsidy agreement" as required under the Business Subsidy Act. 1.02. The City has adopted a Business Subsidy Policy (the "Subsidy Policy"), which sets the general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy Act. Section 2. Approval of Documents. 2.01. The Amended and Restated Loan Agreement as presented to the EDA, together with all related documents necessary in connection therewith, including without limitation the following: (i) an Amended and Restated Promissory Note from the Borrower evidencing the Loan, (ii) a Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement providing the EDA with a second position lien on the Borrower's new facility; (iii) an Amended and Restated Security Agreement providing a subordinate security interest in certain equipment of the Entity Guarantor; (iv) an Amended and Restated Entity Guaranty from Distinctive Iron, LLC, and (v) an Amended and Restated Personal Guaranty from Cynthia Mae Hemmer and Steven Michael Hemmer, (all as defined in and described in the Amended and Restated 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 Amended and Restated Loan Agreement and any Loan Documents to which it is a party on behalf of the EDA and to carry out, on behalf of the EDA, the EDA's obligations thereunder. 2.02. 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 EDA 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 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. 611673v2EL185-30