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giver <br />Resolution I 5-o9 <br />A ResoluCovn of the City of Elk River Approving Loan Agreement <br />(Distinctive Iron Project) <br />WHEREAS, the City Council (the "Council ") of the City of Elk River (the "City ") has <br />received a proposal from Hemmer Companies L.L.C. (the `Borrower ") that the Economic <br />Development Authority of the City of Elk River (the "EDA ") enter into Loan Agreement (the <br />"Loan Agreement ") and related documents in connection with a loan to the Borrower in the <br />amount of $126,000 (the "Loan ") pursuant to the EDA's Microloan Program (the "Program "). <br />WHEREAS, the EDA has approved the Loan and the Loan Agreement on this same date <br />and a copy of the Loan Agreement is on file with the City Clerk. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br />Section 1. Business Subsidy. <br />1,01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, <br />Section 1161.993 to 116J.993 (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 <br />the general criteria for all types of subsidies granted by the EDA, all as required under the Business <br />Subsidy Act. <br />Section 2. Consent. <br />2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the <br />City hereby approves the Loan Agreement consents to the EDA entering into the Loan <br />Agreement and 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 <br />counsel to the EDA and by the President and Executive Director of the EDA prior to executing <br />said documents and the City further; and said officers are hereby authorized to approve said <br />changes on behalf of the EDA. The execution of any instrument by the President and Executive <br />Director shall be conclusive evidence of the approval of such document in accordance with the <br />terms hereof. <br />Passed and adopted this 17"' day of February, 201 <br />h Di t , ayor <br />ATTEST: <br />L� (V <br />Tina Allard, City Clerk <br />NATUREI <br />