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Resolution 16-23 <br />A Resolution of the City of Elk River Approving Loan Agreement for Die <br />Concepts Project <br />WHEREAS, the City Council (the "Council") of the City of Elk River (the "City") has <br />received a proposal from F & M Properties, LLC (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 $185,200 (the "Loan") pursuant to the EDA's Microloan Program (the <br />"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 as <br />follows: <br />Section 1. Business Subsidy. <br />1.01. The Loan constitutes a business subsidy within the meaning of Minnesota <br />Statutes, Section 116J.993 to 116J.995 (the `Business Subsidy Act'D, and the Loan Agreement <br />includes a "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 <br />sets the general criteria for all types of subsidies granted by the EDA, all as required under the <br />Business Subsidy Act. <br />1.03. On the date hereof, the City held a public hearing on the Loan in accordance <br />with the Business 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 and 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 on file with the City's Economic Development Director together such <br />modifications thereof, deletions therefrom and additions thereto as may be necessary and <br />appropriate and approved by legal counsel to the EDA and by the President and Executive <br />Director of the EDA prior to executing said documents and the City further; and said officers are <br />hereby authorized to approve said changes on behalf of the EDA. The execution of any <br />�AP,OAN//�ialIE�pIi <br />1� URKE! 11 <br />