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r s 1 <br />County A Resolution of the City of Elk River Economic Development Authority, <br />of of • . Approving Lt Agreement <br />Related Documents (Distinctive Iron Project) <br />WHEREAS, the Board of Commissioners (the "Board ") of the Economic Development <br />Authority of the City of Elk River (the "EDA ") has received a proposal from Hemmer <br />Companies L.L.C. (the `Borrower ") that the EDA assist in financing the Borrower's <br />acquisition certain real property by providing a loan to the Borrower in the amount of <br />$126,000 (the "Loan ") pursuant to the EDA's Microloan Program (the "Program "). <br />WHEREAS, the EDA has caused to be prepared a Loan Agreement (the "Loan <br />Agreement ") with the Borrower setting forth, among other things, the terms and conditions <br />under which the EDA will make the loan, a copy of which is on file with the Executive <br />Director. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority <br />of Elk River, Minnesota, as follows: <br />1.01. The Loan Agreement as presented to the EDA, together with all related <br />documents necessary in connection therewith, including without limitation, a Promissory Note <br />from the Borrower evidencing the Loan, a Mortgage in certain real property, a Security <br />Agreement in certain equipment and entity guaranty from Distinctive Iron, LLC, and personal <br />guaranties from Cynthia Mae Hemmer and Steven Michael Hemmer, (all as defined in and <br />described in the Loan Agreement) (collectively, the "Loan Documents ") are hereby in all <br />respects approved, in substantially the form submitted and the President and Executive <br />Director are hereby authorized and directed to execute the Loan Agreement and any Loan <br />Documents to which it is a party on behalf of the EDA and to carry out, on behalf of the EDA, <br />the EDA's obligations thereunder. <br />1.02. The approval hereby given to the Loan Documents includes approval of such <br />additional details therein as may be necessary and appropriate and such modifications thereof, <br />deletions therefrom and additions thereto as may be necessary and appropriate and approved by <br />legal counsel to the EDA and by the President and Executive Director prior to executing said <br />documents; 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 shall be <br />conclusive evidence of the approval of such document in accordance with the terms hereof. In <br />the event of absence or disability of said officers, any of the documents authorized by this <br />Resolution to be executed may be executed without further act or authorization of the Board by <br />any duly designated acting official, or by such other officer or officers of the Board as, in the <br />opinion of the City Attorney, may act in their behalf. <br />