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City of <br /> Elk aft*,� City of Elk River <br /> River Housing and Redevelopment Authority <br /> Resolution 1 7-01 <br /> A Resolution of the Housing and Redevelopment Authority of the City of Elk <br /> River Approving Loan Agreement and Related Documents (Truck Shop, Inc. <br /> Project <br /> • <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 <br /> proposal from Truck Shop,Inc.,or an affiliate thereof(the"Borrower") that the HRA assist <br /> in financing the Borrower's acquisition of certain real property (the"Development <br /> Property")in the City of Elk River,Minnesota(the"City"),removal of existing substandard <br /> buildings and the construction of a new light maintenance facility with related office and <br /> storage space to be located on the Development Property by providing a loan to the <br /> Borrower in an amount of up to$75,000 (the"Loan") pursuant to the HRA's Blighted <br /> Properties Forgivable Commercial/Industrial 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 <br /> under which the HRA will make the loan, a copy of which is on file with the Executive <br /> Director. <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Housing and Redevelopment Authority in and for the City of Elk River as follows: <br /> 1. Subject to a determination by the City that the Development Property satisfies the <br /> conditions necessary to create a redevelopment tax increment financing district in <br /> accordance with Minnesota Statutes, Section 469.174, subdivision 10, the Loan Agreement <br /> as presented to the HRA, together with all related documents necessary in connection <br /> therewith, including without limitation, a Promissory Note from the Borrower evidencing <br /> the Loan, a subordinate mortgage, an entity guaranty from Beaudry Oil and Service, Inc., <br /> or an affiliate thereof, and a personal guaranty from Kenneth J. Beaudry (all as defined in <br /> and described in the Loan Agreement) (collectively, the "Loan Documents") are hereby in <br /> all respects approved, in substantially the form on file with the City's Economic <br /> Development Director; and the President and Executive Director are hereby authorized <br /> and directed to execute the Loan Agreement and any Loan Documents to which the HRA <br /> is a party on behalf of the HRA and to carry out, on behalf of the HRA, the HRA's <br /> obligations thereunder. <br /> 2. The approval hereby given to the Loan Documents includes approval of such additional <br /> 11111111111 :11riA�'U <br />