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WHEREAS, the Authority finds that the Loan Agreement is in the best interest of the City <br />and will further the objectives of the Loan Program. <br />NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic <br />Development Authority of the City of Elk River as follows: <br />Section 1. Approval of Documents. <br />1.01. The Loan to the Borrower is hereby approved. <br />1.02. The Loan Agreement as presented to the EDA, together with all related documents <br />necessary in connection therewith, including without limitation, a personal guaranty from Jeff Krueber, <br />Owner (as defined in and described in the Loan Agreement) (together, the "Loan Documents") are <br />hereby in all respects approved, in substantially the form on file with the City's Economic Development <br />Director; and the President and Executive Director are hereby authorized and directed to execute the <br />Loan Agreement and any Loan Documents to which the EDA is a party on behalf of the EDA and to <br />carry out, on behalf of the EDA, the FDA's obligations thereunder. <br />1.03. The approval hereby given to the Loan Documents includes approval of such <br />additional details therein as may be necessary and appropriate and such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to <br />the EDA and by the President and Executive Director prior to executing said documents; and said <br />officers are hereby authorized to approve said changes on behalf of the EDA. The approval hereby <br />given to the Loan Documents includes the forgiveness of a portion of the Loan in accordance <br />with the terms of the Loan Agreement upon a subsequent determination by the Executive <br />Director that the conditions for such forgiveness set forth in the Loan Agreement have been <br />met. The execution of any instrument by the President and Executive Director shall be conclusive <br />evidence of the approval of such document in accordance with the terms hereof. In the event of <br />absence or disability of said officers, any of the documents authorized by this Resolution to be executed <br />may be executed without further act or authorization of the Board by any duly designated acting official, <br />or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their <br />behalf. <br />1.04. Authority staff and officials are authorized to take all actions necessary to give effect to <br />the Loan Agreement and to disburse the loan to the Borrower. <br />Approved by the Board of commissioners of the Economic Development Authority of the <br />0. <br />President <br />