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HOUSING AND REDEVELOPMENT AUTHORITY <br /> IN AND FOR THE CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION NO.16-01 <br /> RESOLUTION APPROVING LOAN AGREEMENT AND RELATED DOCUMENTS <br /> (DIE CONCEPTS PROJECT) <br /> WHEREAS, the Board of Commissioners (the "Board") of the Housing and <br /> Redevelopment Authority in and for the City of Elk River (the "HRA") has received a proposal <br /> from F & M Properties, LLC (the `Borrower") that the HRA assist in financing the Borrower's <br /> acquisition of certain real property and renovation of an existing building located on that certain real <br /> property in the City of Elk River, Minnesota (the "City") for use by Die Concepts, Inc. ("Die <br /> Concepts") as its manufacturing facility by providing a loan to the Borrower in the amount of up to <br /> $75,000 (the "Loan") pursuant to the HRA's Blighted Properties Forgivable Commercial/Industrial <br /> Loan Program (the"Program"). <br /> WHEREAS, the HRA has caused to be prepared a Loan Agreement (the "Loan <br /> Agreement") with the Borrower setting forth, among other things, the terms and conditions under <br /> which the HRA will make the loan,a copy of which is on file with the Executive Director. <br /> NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing <br /> and Redevelopment Authority in and for the City of Elk River as follows: <br /> 1.01. Subject to approval by the City Council after a public hearing, the Loan Agreement as <br /> presented to the HRA,together with all related documents necessary in connection therewith,including <br /> without limitation, a Promissory Note from the Borrower evidencing the Loan, a Mortgage, an entity <br /> guaranty from Die Concepts, Inc., and personal guaranties from Michael Tracey and Fred Trapp (all as <br /> defined in and described in the Loan Agreement) (collectively,the"Loan Documents") are hereby in all <br /> respects approved, in substantially the form on file with the City's Economic Development Director; <br /> and the President and Executive Director are hereby authorized and directed to execute the Loan <br /> Agreement and any Loan Documents to which the HRA is a party on behalf of the HRA and to carry <br /> out,on behalf of the HRA,the HRA'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, deletions <br /> therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to <br /> the HRA and by the President and Executive Director prior to executing said documents; and said <br /> officers are hereby authorized to approve said changes on behalf of the HRA. The execution of any <br /> instrument by the President and Executive Director shall be conclusive evidence of the approval of <br /> such document in accordance with the terms hereof. In the event of absence or disability of said <br /> officers, any of the documents authorized by this Resolution to be executed may be executed without <br /> further act or authorization of the Board by any duly designated acting official, or by such other officer <br /> or officers of the Board as,in the opinion of the City Attorney,may act in their behalf. <br /> 477382v3 MJM EL185-40 <br />