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ECONOMIC DEVELOPMENT AUTHORITY OF <br /> THE CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 15-0 7 <br /> RESOLUTION APPROVING ISSUANCE OF A CER'TIF'ICATE OF FORGIVENESS <br /> WHEREAS, Alliance Machine, Inc. (the "Borrower") has heretofore entered into a Loan <br /> Agreement Agreement, dated June 17, 2013, by and between the Economic Development Authority <br /> of the City of Elk River("EDA") and the Borrower(the"Loan Agreement"); and <br /> WHEREAS, in accordance with Section 6 of the Loan Agreement the Borrower has <br /> notified the EDA that all conditions have been met for the loan to be forgiven and has requested <br /> that the EDA issue a Certificate of Forgiveness. <br /> NOW THEREFORE BE IT RESOLVED By the Board of Commissioners(the "Board") of <br /> the Economic Development Authority of the City of Elk River("EDA")as follows: <br /> Section 1. EDA Approval. The EDA hereby finds that conditions have been met for the <br /> loan to be forgiven, and the President and the Executive Director are hereby authorized and directed <br /> to execute the Certificate of Forgiveness on behalf of the EDA and deliver the Note and the <br /> Guaranty(as defined in the Loan Agreement)to the Borrower. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the <br /> City of Elk River this 21st day of December,2015. <br /> si <br /> President <br /> ATTEST: -, <br /> Secretary <br /> 472796v1 EL185-13 <br />