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I F 11, 1111 lip I I 11ITTI <br />WHEREAS, the City Council (the "Council") of the City of Elk River (the "City") has received a <br />proposal from F& M Properties, LLC (the "Borrower") that the I Iousing and Redevelopment <br />Authority in and for the City of Elk River (the "HRA") enter into Loan Agreement (the "Loan <br />Agreement") and related documents in connection with a loan to the Borrower in the amount of <br />$75,000 (the "Loan") pursuant to the 14RA's Blighted Properties Forgivable C0111ruercial/Industrial <br />Loan Program (the "Program"). <br />WHEREAS, the HRA has approved the Loan and the Loan Agreement on this same date and a <br />copy of the Lc)an Agreement is on file with the City Clerk. <br />NOW THEREFORE, BE OT RESOLVED by the City Council of the City of Elk River as follows: <br />Section 1. Business Subs1dv. <br />I M1. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, <br />Section 11(�J.993 to 116J.995 (the "Business Subsidy Act"), and the ],()an 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 HRA, all as required under the Business Subsidy <br />A ct. <br />1.03. On the date hereof, tl-.ie City held a public hearing on the Loan iii accordance with the <br />Business Subsidy Act. <br />Section 2. Consent. <br />2.01 In accordance with Section 116:1'.994, Subd. 3(d) of the Business Subsidy Act, the City <br />hereby approves the Loan Agrectnent and consents to the HILA entering into the Loan Agreement and <br />related docutnents with the Borrower. <br />102 'I'he City hereby approves the 1,oan 111 accordance with, the Lo -an Agreement in <br />substantially the form on file with the City's Economic Development Director together such <br />modifications thereof, deletions therefroin and additions thereto as may be necessani and appropriate <br />and approved by legal counsel to the 11RA and by the President and Executive Director of the HRA <br />prior to executing said documents and the City further; and said officers are hereby authorized to <br />approve said changes on behalf of the HRA. '11 -ie execution of any instrument by the President and <br />E,'xecutive Director shall be conclusive evidence of the approval of such document in accordance with <br />the terms hereof. <br />Ip 0 W E R I U <br />NMURE'l <br />