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ity of <br />El - <br />River ReSOOUdGn I S- 06 <br />A Resollu Lion of the Doty of Uk River Elk River Approving Loan Agreement <br />(Coon- 7aoner Project) <br />WHEREAS, the City Council (the "Council ") of the City of Elk River (the "City") has received a <br />proposal from Stonesthrow Properties, LLC (the "Borrower ") that the Economic Development <br />Authority of the City of Elk River (the "EDA ") enter into Loan Agreement (the "Loan Agreement ") <br />and related documents in connection with a loan to the Borrower in the amount of $200,000 (the <br />"Loan ") pursuant to the FDA's Microloan Program (the "Program "). <br />WHEREAS, the EDA has approved the Loan and the Loan Agreement on this same date and a <br />copy of the Loan Agreement is on file with the City Clerk. <br />NOW THEREFORE, BE 7 RESOLVED by the City Council of the City of Elk River as follows: <br />Section 1. Business Subsidy. <br />1.01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, <br />Section 116J.993 to 116J.995 (the `Business Subsidy Act "), and the Loan Agreement includes a <br />"business subsidy agreement" as required under the Business Subsidy Act. <br />1.02. The City has adopted a Business Subsidy Policy (the "Subsidy Policy "), which sets the <br />general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy <br />Act. <br />1.03. The City has previously held a public hearing on the Loan in accordance with the <br />Business Subsidy Act. <br />Section 2. Consent. <br />2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the City <br />hereby approves the Loan Agreement consents to the EDA entering into the Loan Agreement and <br />related documents with the Borrower. <br />2.02 The City hereby approves the Loan in accordance with the Loan Agreement in <br />substantially the form submitted to the Council together such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to <br />the EDA and by the President and Executive Director of the EDA prior to executing said documents <br />and the City further; and said officers are hereby authorized to approve said changes on behalf of the <br />EDA. The execution of any instrument by the President and Executive Director small be conclusive <br />evidence of the approval of such document in accordance with the terms hereof. <br />455493v1 JSBEU85 -29 <br />riN"A"TUR]i <br />