EDA RES 20-05 - Laserfiche WebLink

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WHEREAS, the Authority finds that the Loan Agreement is in the best interest of the City and will further the objectives of the Loan Program. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Elk River as follows: Section 1. Approval of Documents. 1.01. The Loan to the Borrower is hereby approved. 1.02. The Loan Agreement as presented to the EDA, together with all related documents necessary in connection therewith, including without limitation, a personal guaranty from [Marco Sorrenol, (as defined in and described in the Loan Agreement) (together, 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 Loan Agreement and any Loan Documents to which the EDA is a party on behalf of the EDA and to carry out, on behalf of the EDA, the EDA's obligations thereunder. 1.03. 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 approval hereby given to the Loan Documents includes the forgiveness of a portion of the Loan in accordance with the terms of the Loan Agreement upon a subsequent determination by the Executive Director that the conditions for such forgiveness set forth in the Loan Agreement have been met. 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. 1.04. Authority staff and officials are authorized to take all actions necessary to give effect to the Loan Agreement and to disburse the loan to the Borrower. Approved by the Board of C mmissioners of the Economic Development Authority of the City of Elk River this 74 day of 20dO 1-0 T President