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<br />Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 6.3 <br />Agenda Section Meeting Date Prepared by <br />General Business September 17, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Satisfaction Agreement for SBH Properties, LLC Cal Portner, City Administrator <br />operated by APEX Design & Embroidery, Inc. <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a resolution and a certificate of forgiveness for Apex Design & Embroidery, Inc. <br /> <br />Background/Discussion <br />Apex received a $200,000 forgivable loan to help finance the acquisition of land, construction, and <br />equipping of a new manufacturing facility on October 17, 2016. They pledged to grow their workforce by <br />approximately seven additional employees averaging $17.71 per hour within two years of project <br />completion. <br /> <br />Apex Embroidery provides a variety of apparel decorating solutions, including screen printed transfers, <br />custom applique, custom rhinestone transfers digital transfers, embroidery programing, laser cutting, heat <br />transfer and more. <br /> <br />Apex in accordance with Section 6 of the Loan Agreement has notified the EDA that all conditions have <br />been met for the loan to be forgiven and has requested that the EDA issue a Certificate of Forgiveness <br /> <br />The EDA hereby finds that conditions have been met for the loan to be forgiven: <br />1. Evidence from the employer showing four jobs have been created and awarded to low and <br />moderate income (LMI) employees. <br />2. Evidence from the employer showing retaining the four jobs for a minimum of one year. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Resolution <br /> Certificate of Forgiveness <br /> Release of Mortgage <br /> Forgivable Loan Program – Loan Agreement <br /> Promissory Note <br /> Mortgage & Security Agreement <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />