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\-. <br />ECONOMIC DEYELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 20-14 <br />RESOLUTION APPROVING FORGTVENESS FOR COVID.l9 SMALL BUSINESS <br />EMERGENCY MICROLOAN PROGRAM BORROWERS <br />TJ7HEREAS, the spread of COVID-19 in the United States and Minnesota has raised serious <br />public health concems; and <br />I07HEREAS, on March 73, 2020, Govemot Tim Walz issued Emergency Execudve <br />Order 20-01 declafug ^ state of peacetime emergeflcy to address the COVID-19 pandemic in <br />Minnesota; and <br />WHEREAS, the Governor subsequently issued additional Execudve Otders to combat the <br />impacts of COVID-19 within the State of Minnesota, which include closutes of schools, bars, <br />restaurants, and other places of public accommodation; and <br />'S7HEREAS, many businesses urithin the City of Elk River, Minnesota (the "City") have been <br />economically impacted by the Governor's Emergency Executive Orders in response to the COVID- <br />19 pandemic; and <br />WHEREAS, in order to retain small businesses in the City, on May 78,2020, the Economic <br />Development Authodty of the City of Elk fuvet (the "EDA") created the COVID-19 Small Business <br />Emergency Microloan Program (the "Loan Progtam") to assist area businesses with the expenses <br />incotred and specifically caused by the impact of the Govemot's Emetgency Execudve Orders by <br />providing no-interest loans to small business in the City in an amount of up to $20,000, including a <br />forgivable portion in an amount not to exceed $5,000; and <br />!7HEREAS, the EDA approved and expended $102,374.00 in Progtam loans to eight <br />recipients each of whom is listed in Exhibit A (collectively the "Borrowers") in the amounts listed in <br />Exhibit A; and <br />I07HEREAS, Borrowers each entered into a Loan Agreement with the EDA (the "Loarr <br />Agreement"); and <br />WHEREAS, since the creation of the Loan Program, additional Emergency Executive Otders <br />have been issued by the Govemor that impact local businesses and the costs of current and priot <br />business interruptions due to the pandemic are likely to preverit many businesses ftom continuing to <br />operate; afld <br />WHEREAS, preservation of existing businesses with a physical location in the City is essential <br />16 56filizlng the City's economy and the City therefore desites to provide economic assistance to <br />businesses withifl the City that have been impacted by the economic Pressues caused by the COVID-\-.