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City of Elk k--, River City of Elk River City Council Resolution 19- 41 A Resolution of the City Council of the City of Elk River Approving an Amended and Restated Loan Agreement (Distinctive Iron Project) WHEREAS, on February 17, 2015, the Economic Development Authority of the City of Elk River (the "EDA") provided a loan to Hemmer Companies L.L.C., a Minnesota limited liability company (the `Borrower"), pursuant to the EDA's N icroloan Program (the "Program") in the amount of $126,000.00 (the "Original Loan") in accordance with a Loan Agreement, dated February 17, 2015 (the "Original Loan Agreement"), between the Borrower and the EDA. WHEREAS, the current outstanding principal balance of the Original Loan is $89,338.20. WHEREAS, , the City Council (the "Council") of the City has received a request from the Borrower that the EDA provide an additional loan to the Borrower in the amount of $100,000.00 (the "New Loan") pursuant to the Program in order to assist in financing the acquisition, renovation and equipping of a new facility in the City in connection with the expansion of its current business in the City. WHEREAS, the Borrower has proposed that the Borrower and the EDA enter into an Amended and Restated Loan Agreement (the "Amended and Restated Loan Agreement") and related documents in connection with the New Loan. In total, the outstanding principal of the Original Loan and the New Loan (together, the "Loan") will be $189,338.20. WHEREAS, the EDA has caused to be prepared the Amended and Restated Loan Agreement with the Borrower setting forth, among other things, the terms and conditions under which the EDA will make the Loan. The Amended and Restated Loan Agreement amends and restates the Original Loan Agreement to provide for the issuance of the New Loan. WHEREAS, the EDA has approved the Loan and the Amended and Restated Loan Agreement on this same date and a copy of the Amended and Restated Loan Agreement is on file with the City Clerk. r JATURE