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ECONOMIC DEVELOPMENT AUTHORITY <br /> OF THE CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 20-14 <br /> RESOLUTION APPROVING FORGIVENESS FOR COVID-19 SMALL BUSINESS <br /> EMERGENCY MICROLOAN PROGRAM BORROWERS <br /> WHEREAS, the spread of COVID-19 in the United States and Minnesota has raised serious <br /> public health concerns; and <br /> WHEREAS, on March 13, 2020, Governor Tim Walz issued Emergency Executive <br /> Order 20-01 declaring a state of peacetime emergency to address the COVID-19 pandemic in <br /> Minnesota; and <br /> WHEREAS, the Governor subsequently issued additional Executive Orders to combat the <br /> impacts of COV-ID-19 within the State of Minnesota, which include closures of schools, bars, <br /> restaurants, and other places of public accommodation;and <br /> WHEREAS, many businesses within the City of Elk River,Minnesota (the "City") have been <br /> economically impacted by the Governor's Emergency Executive Orders in response to the COVID- <br /> 19 pandemic; and <br /> WHEREAS, in order to retain small businesses in the City, on May 18, 2020, the Economic <br /> Development Authority of the City of Elk River (the"EDA") created the COVID-19 Small Business <br /> Emergency Microloan Program (the "Loan Program") to assist area businesses with the expenses <br /> incurred and specifically caused by the impact of the Governor's Emergency Executive Orders by <br /> providing no-interest loans to small business in the City in an amount of up to $20,000, including a <br /> forgivable portion in an amount not to exceed $5,000; and <br /> WHEREAS, the EDA approved and expended $102,374.00 in Program loans to eight <br /> recipients each of whom is listed in Exhibit A (collectively the `Borrowers") in the amounts listed in <br /> Exhibit A; and <br /> WHEREAS, Borrowers each entered into a Loan Agreement with the EDA (the "Loan <br /> Agreement");and <br /> WHEREAS, since the creation of the Loan Program,additional Emergency Executive Orders <br /> have been issued by the Governor that impact local businesses and the costs of current and prior <br /> business interruptions due to the pandemic are likely to prevent many businesses from continuing to <br /> operate; and <br /> WHEREAS,preservation of existing businesses with a physical location in the City is essential <br /> to stabilizing the City's economy and the City therefore desires to provide economic assistance to <br /> businesses within the City that have been impacted by the economic pressures caused by the COVID- <br />