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ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER, MINNESOTA <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 2020-01 <br />RESOLUTION APPROVING COMPLIANCE DATE EXTENSION <br />WITH RESPECT TO BUSINESS SUBSIDY PROVIDED TO <br />ORLUCK INDUSTRIES, INC. <br />WHEREAS, on July 17, 2018, the Board of Commissioners (the "Board") of the Economic <br />Development Authority of the City of Elk River, Minnesota (the "EDA") provided a loan to Orluck <br />Industries, Inc., a Minnesota corporation (the `Borrower") in the amount of $200,000 (the "Loan") <br />to assist in financing operating costs and investments associated with an expansion of the <br />Borrower's existing aerospace manufacturing business located on certain real property in the City of <br />Elk River, Minnesota (the "City") for new long term contracts received by the Borrower; and <br />WHEREAS, on July 17, 2018, the EDA and the Borrower entered into a Loan Agreement <br />(the "Loan Agreement"), pursuant to which the Borrower, among other things, agreed to certain <br />terms and conditions under which the EDA made the Loan to the Borrower; and <br />WHEREAS, the Loan Agreement included a business subsidy agreement under Minnesota <br />Statutes, Sections 116J.993 to 116J.995, as amended (the `Business Subsidy Act'which set forth <br />certain job and wage goals to be satisfied by the Borrower prior to the benefit date set forth in the Loan <br />Agreement (the `Benefit Date"); and <br />WHEREAS, the Borrower has requested an extension of the Benefit Date for up to one year; <br />and <br />WHEREAS, the Board of Commissioners of the EDA held a duly noticed public hearing as <br />required by Section 116J.994, subdivision 5 of the Business Subsidy Act regarding the extension of the <br />Benefit Date; and <br />WHEREAS, the EDA and the Borrower desire to amend the Loan Agreement to reflect the <br />extension of the Benefit Date as described in a First Amendment to the Loan Agreement (the <br />"Amendment"); and <br />WHEREAS, the EDA believes that approval of the Amendment is in the best interest of the <br />City and its residents. <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF <br />THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, <br />MINNESOTA, AS FOLLOWS: <br />The recitals set forth in this resolution are incorporated into and made a part hereof. <br />EL185-56-648181 M <br />