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WHEREAS, due to the continued economic hardship 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 the outstanding balance in the amount of$16,000.00 of the loan provided to <br /> the Borrower pursuant to the Program including the portion of the outstanding loan not used for <br /> property tax relief and not intended to be forgiven under the Loan Agreement executed by the <br /> Borrower and the EDA. <br /> NOW THEREFORE BE IT RESOLVED By the Board of Commissioners (the "Board's of <br /> the Economic Development Authority of the City of Elk River(the"EDA' as follows: <br /> 1.01. The EDA hereby authorizes forgiveness of the loan made to the Borrower, and <br /> authorizes and directs the President and the Executive Director to execute a certificate or letter of <br /> forgiveness on behalf of the EDA to the Borrower,together with all related documents in connection <br /> therewith (the "Forgiveness Documents'); and the President and Executive Director are hereby <br /> authorized and directed to carry out,on behalf of the EDA,the EDA's obligations thereunder and deliver <br /> the cancelled Personal Guaranty(as defined in the Loan Agreement) to the Borrower. <br /> 1.02. The approval hereby given to the Forgiveness Documents includes approval of such <br /> details therein as may be necessary and appropriate and approved by legal counsel to the EDA and by <br /> the President and Executive Director prior to executing said documents;and said officers are hereby <br /> authorized 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 act or <br /> authorization of the Board by any duly designated acting official, or by such other officer or officers <br /> of the Board as,in the opinion of the City Attorney,may act in their behalf. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the City <br /> of M, River this 15'day of March,2021. <br /> President <br /> ATTEST: <br /> ,��l ( - <br /> Secretary <br /> EL185-13-707977.v2 <br />