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2.03. Upon execution and delivery of the Development Documents, the officers <br />and employees of the City are hereby authorized and directed to take or cause to be taken <br />such actions as may be necessary on behalf of the City to implement the Development <br />Documents. <br />Section 3. EDA Business SubsidyApproved. <br />3.01. In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, <br />the City hereby approves the Loan Agreement including the business subsidy agreement <br />provided therein and consents to the EDA entering into the Loan Documents with the <br />Borrower. <br />3.02. The City hereby approves the Loan in accordance with the Loan Documents <br />in substantially the forms on file with the City's Economic Development Director together <br />such modifications thereof, deletions therefrom and additions thereto as may be necessary <br />and appropriate and approved by legal counsel to the EDA and by the President and <br />Executive Director of the EDA prior to executing said documents and the City further; and <br />said officers are hereby authorized to approve said changes on behalf of the EDA. The <br />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. <br />Passed and adopted this 171h day of June 2024. <br />John J. Dietz, Mayor <br />ATTEST: <br />Tina Allard, City Clerk <br />P0WEBEU 0Y <br />AWR <br />Page 293 of 372 <br />