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City of Elk River City Council Resolution 18-45 A Resolution of the City Council of the City of Elk River Approving Loan Agreement for Orluck Industries Project WHEREAS, the City Council (the "Council") of the City of Elk River (the "City") has received a proposal from Orluck Industries, Inc., a Minnesota corporation (the "Borrower") that the Economic Development Authority of the City of Elk River (the "EDA") enter into Loan Agreement (the "Loan Agreement") and related documents in connection with a loan to the Borrower in the amount of $200,000 (the "Loan") pursuant to the EDA's Microloan Program (the "Program"). WHEREAS, the EDA after a duly noticed public hearing, approved the Loan and the Loan Agreement on this same date and a copy of the Loan Agreement is on file with the City Clerk. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as follows: Section 1. Business Subsidy. 1.01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995, as amended (the `Business Subsidy Act'D, and the Loan Agreement includes a "business subsidy agreement" as requited under the Business Subsidy Act. 1.02. The City has adopted a Business Subsidy Policy (the "Subsidy Policy"), which sets the general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy Act. 1.03. On the date hereof, the EDA held a public hearing on the Loan in accordance with the Business Subsidy Act. Section 2. Consent. 2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the City hereby approves the Loan Agreement and the business subsidy agreement provided therein and consents to the EDA entering into the Loan Agreement and related documents with the Borrower. 2.02 The City hereby approves the Loan in accordance with the Loan Agreement in substantially the form on file with the City's Economic Development Director together such PON'EaF1BY r `ATU