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ECONOMIC DEVELOPMENT AUTHORITY <br /> OF THE CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 16-05 <br /> RESOLUTION APPROVING A FIRST AMENDMENT TO LOAN <br /> AGREEMENT AND RELATED DOCUMENTS <br /> (PATRIOT CONVERTING PROJECT) <br /> WHEREAS, the Board of Commissioners (the "Board") of the Economic Development <br /> Authority of the City of Elk River (the "EDA") previously approved a Loan Agreement (the "Loan <br /> Agreement") with Stilwell Holdings, LLC (the "Borrower") for the renovation and equipping of an <br /> existing building located on certain real property in the City of Elk River, Minnesota (the "City") by <br /> providing a loan to the Borrower in the amount of$200,000 (the "Loan") pursuant to the EDA's <br /> Microloan Program (the"Program"). <br /> WHEREAS, the EDA has received a request from the Borrower to amend the Loan <br /> Agreement to amend the equipment provided as security for the Loan. <br /> WHEREAS, the EDA has caused to be prepared a First Amendment to Loan Agreement <br /> (the "First Amendment to Loan Agreement") and First Amendment to Security Agreement (the <br /> "First Amendment to Security Agreement", and together with the First Amendment to Loan <br /> Agreement, the"Amendment Documents"), setting forth, among other things, equipment providing <br /> security for the Loan. <br /> NOW THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Economic <br /> Development Authority of the City of Elk River as follows: <br /> 1.01. The Amendment Documents as presented to the EDA, together with all related <br /> documents necessary in connection therewith (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 EDA is a party on behalf of the EDA and to carry <br /> out,on behalf of the EDA,the EDA'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 EDA 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 EDA. The execution of any <br /> instrument by the President and Executive Director shall be condusive 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 /> 4R7990v1 GAF El]R5-39 <br />