7.5 SR 06-17-2024 - Laserfiche WebLink

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by the Business Subsidy Act. 1.06. In addition, the City Council has received a proposal from the Company that the Economic Development Authority of the City of Elk River, Minnesota (the "EDA") enter into a Loan Agreement (the "Loan Agreement" and together with related documents, the "Loan Documents") in connection with a loan to the Borrower in the amount of $200,000 (the "Loan"), pursuant to the EDA's Microloan Program (the "Program"), to provide gap financing for equipment to be used at the Project. The Loan constitutes a business subsidy within the meaning of the Business Subsidy Act, and the Loan Agreement includes a "business subsidy agreement" as required under the Business Subsidy Act. The City has adopted a Business Subsidy Policy (the "Subsidy Policy"), which sets the general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy Act. After a duly noticed public hearing held on this date hereof, the Board of Commissioners of the EDA approved the Loan and the Loan Documents. Section 2. Agreement Approved. 2.01. The City hereby approves the Agreement substantially in accordance with the terms set forth in the form presented to the City Council including the provisions granting a business subsidy to the Developer and the Company, together with any related documents necessary in connection therewith, and without limitation all documents, exhibits, certifications or consents referenced in or attached to the Agreement, including the Purchase Price Note, an assessment agreement, and a personal guaranty, corporate guaranty and mortgage to secure the repayment of the Purchase Price Note by the Developer (collectively, the "Development Documents") and hereby authorizes the Mayor and the City Administrator to negotiate the final terms thereof and, in their discretion and at such time as they may deem appropriate, to direct the Mayor and the City Clerk to execute the Development Documents on behalf of the City, and to carry out, on behalf of the City, the City's obligations thereunder when all conditions precedent thereto have been satisfied. 2.02. The approval hereby given to the Development Documents includes approval of such additional details therein and such additional documents 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 City and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes and documents on behalf of the City. The execution of any instrument by the appropriate officers of the City herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. This Resolution shall not constitute an offer and the Development Documents shall not be effective until the date of execution thereof as provided herein. In the event of absence or disability of the officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the City Council by any duly designated acting official, or by such other officer or officers of the City Council as, in the opinion of the City Attorney, may act in their behalf. P0WEBEU 0Y NAWREI Page 292 of 372