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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'b <br />day of May, 2020. <br />ATTEST: <br />'executive Director <br />EL185-13 (GAF) <br />652532v1 <br />2 <br />President <br />