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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.21-01 <br /> REOLUTION APPROVING FORGIVENESS FOR COVID-19 SMALL BUSINESS <br /> EMERGENCY MICROLOAN PROGRAM BORROWER <br /> WHEREAS, the spread of COVID-19 in the United States and Minnesota has raised serious <br /> public health concerns; and <br /> WHEREAS, on March 13, 2020, Governor Tim Walz issued Emergency Executive <br /> Order 20-01 declaring a state of peacetime emergency to address the COVID-19 pandemic in <br /> Minnesota;and <br /> WHEREAS, the Governor subsequently issued additional Executive Orders to combat the <br /> impacts of COVID-19 within the State of Minnesota, which include closures of schools, bars, <br /> restaurants,and other places of public accommodation;and <br /> WHEREAS,many businesses within 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 /> WHERERAS,in order to retain small businesses in the City,on May 18,2020, the Economic <br /> Development Authority of the City of Elk River(the"EDA") created the COVID-19 Small Business <br /> Emergency Microloan Program (the "Loan Program'D to assist area businesses with the expenses <br /> incurred and specifically caused by the impact of the Governor's Emergency Executive Orders by <br /> providing no-interest loans to small businesses 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 /> WHEREAS, the EDA approved and expended a Loan Program loan in the amount of <br /> $16,000.00 to Mystery Chambers (the`Borrower');and <br /> WHEREAS, the Borrower entered into a Loan Agreement with the EDA (the "Loan <br /> Agreement'D;and <br /> WHEREAS,since the creation of the Loan Program,additional Emergency Executive Orders <br /> have been issued by the Governor that impact local businesses and the costs of current and prior <br /> business interruptions due to the pandemic are likely to prevent many businesses from continuing to <br /> operate; and <br /> WHEREAS,preservation of existing businesses with a physical location in the City is essential <br /> to stabilizing the City's economy and the City therefore desires to provide economic assistance to <br /> businesses within the City that have been impacted by the economic pressures caused by COVID-19; <br /> and <br /> EL 185-13-707977_v2 <br />