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i mm- WIN lei <br />R,l�S(,)I.t,JTI(-)N.APPRC)-\TIN(., LOAN AGRf.,.ENIF',NT <br />(PATRIOT C'ONVER17ING PRQJECT) <br />WHEREAS, the City Council (the "Council") of the (Jity of I.'-,'Ik River (the "C"ity") has <br />received a proposal from Stilwell Holdings, LIX, (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 Nficroloan Program (the "Program"). <br />WflF"REAS, the F"11)A has approved the Loan and the Loan Agreement on this sarne date <br />and a copy of the l.,oan Agreement is on file with the City, Clerk. <br />follows: <br />NOW THER.LFORl1-,, BE IT RFSOINED by the City Council of the City of Flk River as <br />Section 1. Business Subsidy. <br />1.()1. The Loan constitutes a business subsidy Within the meaning of Minnesota Statutes, <br />Section 1161.993 to 1161.995 (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 has adopted a Business Subsidy policy (the "Subsidy Policy"), which sets the <br />,general criteria for all tyes of subsidies granted by the EDA, all as required under the Business Subsidy <br />p <br />Act, <br />1.01 On the date hereof, the City held a public hearing *g on the I..,oan in accordance with the <br />Business Subsidy Act. <br />Section 2. Consent. <br />2.04 In accordance with Section 116 ' 1.994, Subd. 3(d) of the Business Subsidy y <br />Act, the Cit <br />hereby approves the I Axan Agreement and consents to the EDA entering into the Loan Agreement: and <br />related docum.ents with the Borrower. <br />2.02 The City hereby approves the Loan in accordance with the Loan Agreement 1.11 <br />substantially the form on file with the City's Economic Development Director together Such <br />modifications thereof, deletions tbereft-orn and additions thereto as, may be necessary and appropriate <br />and approved by legal counsel to the EDA. an.d by the President and Executive Director of the EDA <br />prior to executing said docuti-ients and the City further; and said officers are, hereby authorized to <br />approve said changes on behalf of the EDA. The execution of any instrument by the President and <br />I'll <br />Executive Director shall be conclusive evidence: of the approval of such document in accordance with <br />the teri-n-, hereof. <br />473XAQvl NR F1 ,'IN5-'iia <br />