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WHEREAS, in order to retain small businesses in the City, the Authority has determined to <br /> create the COVID-19 Small Business Emergency Microloan Program (the "COVID-19 Loan <br /> Program' to assist area businesses with the expenses incurred and specifically caused by the impact of <br /> the Governor's Emergency Executive Orders;and <br /> WHEREAS, the COVID-19 Emergency Loan Program is expected to be funded for <br /> qualifying businesses on a first come, first serve basis until the funds are exhausted or the City declares <br /> the state of emergency declaration is lifted,whichever comes first;and <br /> WHEREAS, guidelines for the COVID-19 Emergency Loan Program are on file with the <br /> Executive Director and have been presented before the Board of Commissioners of the Authority. <br /> NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the <br /> Economic Development Authority of the City of Elk River,Minnesota as follows: <br /> 1. The COVID-19 Emergency Loan Program and the implementation thereof is hereby <br /> approved. <br /> 2. The President and the Executive Director are hereby authorized to execute and deliver <br /> any and all documents deemed necessary to carry out the intentions of this resolution and the <br /> COVID-19 Emergency Loan Program. <br /> 3. This resolution shall be in full force and effect as of the date hereof. <br /> Adopted by the Economic Development Authority of the City of Elk River,Minnesota this 18`' <br /> day of May,2020. <br /> President <br /> ATTEST: <br /> Executive Director <br /> EL185-13(GAF) <br /> 652532v1 <br /> 2 <br />