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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. 2018- 03
<br />RESOLUTION APPROVING LOAN AGREEMENT AND RELATED DOCUMENTS
<br />(ALAN ARNOLD CORPORATION / RALPHIE'S MINNOCO ENERGY PROJECT)
<br />WHEREAS, the Board of Commissioners (the "Board") of the Economic Development
<br />Authority of the City of Elk River (the "EDA") has received a proposal from Alan Arnold
<br />Corporation (the `Borrower"), for a second loan to assist the Borrower with energy efficiency
<br />improvements to a building (the "Property') located at 13374 U.S. Highway 10, Elk River,
<br />Minnesota (the "City').
<br />WHEREAS, on September 10, 2013, the EDA provided a loan to the Borrower pursuant to
<br />the EDA Energy Efficiency Improvement Program (the "Program"), in the amount of $74,999 (the
<br />"Original Loan'D pursuant to an Energy Efficiency Improvement Program Loan Agreement,
<br />dated September 10, 2013 (the "Original Loan Agreement"), between the Borrower and the
<br />EDA. The Original Loan was secured by (i) a Promissory Note, dated September 10, 2013, from the
<br />Borrower to the EDA; (n) a Security Agreement, dated September 10, 2013, from Borrower to the
<br />Lender providing a security interest in certain equipment purchased with the proceeds of the
<br />Original Loan; (iii) a Personal Guaranty, dated September 10, 2013, from Brian Brehmer to the
<br />EDA; (iv) a Personal Guaranty, dated September 10, 2013, from Nancy Brehmer to the EDA; (v) a
<br />Personal Guaranty, dated September 10, 2013, from Allen Meyer; (iv) a Corporate Guaranty, dated
<br />September 10, 2013, from Yankee Doodle Enterprises, LLC to the EDA; and (vii) a Mortgage and
<br />Assignment of Rents and Security Agreement and Fixture Financing Statement, dated September
<br />10, 2013, from the Corporate Guaranty to the EDA. The current outstanding principal balance of
<br />the Original Loan is $40,482.91.
<br />WHEREAS, the Borrower has requested an additional loan in the amount of $19,175.00 (the
<br />"New Loan") pursuant to the Program. Proceeds of the New Loan will be used by the Borrower to
<br />increase energy efficiency of the Property by purchasing new interior and exterior lights. In total, the
<br />outstanding principal of the Original Loan and New Loan (together, the "Loan') will be
<br />$59,657.91.
<br />WHEREAS, the EDA has caused to be prepared an Amended and Restated Loan
<br />Agreement (the "Loan Agreement") with the Borrower setting forth, among other things, the terms
<br />and conditions under which the EDA will make the Loan, a copy of which is on file with the
<br />Executive Director. The Loan Agreement amends and restates the Original Loan Agreement to
<br />provide for the issuance of the New 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 Loan Agreement as presented to the EDA, together with all related documents
<br />necessary in connection therewith, including without limitation, an Amended and Restated Promissory
<br />Note from the Borrower evidencing the Loan, an Amended and Restated Mortgage and Assignment
<br />
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