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19; and <br />S7HEREAS, due to the continued economic hatdship for local businesses resulting from <br />COVID-19 and the EDA's continued desire to retain existing businesses in the City, the EDA has <br />determined to forgive all outstanding loans ptovided to the Borrowets Pursuant to the Ptogtam <br />including the portion of the outstanding loans not used for property tax relief and not intended to be <br />fotgiven under the Loan Agreements executed by the Borrowers and the EDA. <br />NOW THEREFORE BE IT RESOLVED By the Board of Commissionets (the'tsoard") of <br />the Economic Development Authority of the City of Elk River (the "EDA") as follows: <br />1.01. The EDA hereby authodzes forgiveness of the loans made to the Borrowers, and <br />authodzes and dfuects the President and the Executive Director to execute a certificate or lettet of <br />forgiveness on behalf of the EDA to each Borrowet, together with all related documents in connecdon <br />therewith (the "Forgiveness Documents"); and the President and Executive Director are heteby <br />authodzed and directed to cany ouq on behatf of the EDA, the EDA's obligations thetetrnder and deliver <br />the cancelled Personal Guaranty (as defined in the Loan Agteement) to the Borowet. <br />1.02. The approval hereby given to the Forgiveness Documents includes approval of such <br />details therein as firay be necessary and appropdate and approved by legal counsel to the EDA and by <br />the President and Executive Director prior to executing said documents; and said officers ate hereby <br />authodzed to approve said changes on behalf of the EDA. The execution of any instrument by the <br />President and Executive Director shall be conclusive evidence of the approval of such document in <br />accordance with the terms hereof. In the event of absence or disability of said officers, any of the <br />documents authorized by this Resolution to be executed may be executed without further ^ct or <br />authodzation of the Board by any duly desrgnated acting official, or by such othet officer ot officers <br />of the Board as, in the opinion of the City Attorney, m^y act in their behalf. <br />Approved by the Board of Commissioners of the Economic Development Authodty of the City <br />of ElkRiverthis 27" dzy of Decembe42020. <br />ATTEST: <br />4/ //--' <br />Secretary <br />1 <br />1 <br />President