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ver <br />City of Elk River <br />Economic Development Authority <br />Resolution 26-01 <br />A Resolution of the City of Elk River Economic Development Authority <br />Approving Issuance of Release of Mortgages <br />(Preferred Powder Coating LLC) <br />WHEREAS, the Economic Development Authority of the City of Elk River <br />("EDA") approved and expended a Microloan for $100,000, dated September <br />26, 2013 (Recorded Doc. 778856), and a Forgivable Loan for $200,000, dated <br />September 26, 2013 (Recorded Doc. 778857), to Preferred Real Estate <br />Holding, LLC (the "Borrower"). <br />WHEREAS, the Borrower has fulfilled all financial obligations under the <br />Microloan, including the payments of all principal, interest and fees. <br />WHEREAS, the EDA approved the forgiveness of the Forgivable Loan through <br />Resolution 16-02, dated April 18, 2016. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br />EDA, as follows: The EDA hereby finds that the Borrower has repaid the <br />Microloan in full, and the Forgivable Loan has been previously forgiven, and <br />the President and the Executive Director are hereby authorized and directed <br />to execute Release of Mortgages of behalf of the EDA and deliver to the <br />Borrower. <br />Passed and adopted this 20 day of January, 2026. <br />