RES 15-01if
ver Resolution -1
A Resolution of Economic Development Authority of the City of Elk River, County
of Sherburne, State of Minnesota, approving Loan Agreement and Related
D • • Project)
WHEREAS, the Board of Commissioners (the `Board ") of the Economic Development Authority
of the City of Elk River (the "EDA ") has received a proposal from Stonesthrow Properties, LLC
(the `Borrower ") that the EDA assist in financing the Borrower's acquisition certain real property
by providing a loan to the Borrower in the amount of $200,000 (the "Loan ") pursuant to the ERA's
Microloan Program (the "Program ").
WHEREAS, the EDA has caused to be prepared a Loan Agreement (the "Loan Agreement ") with
the Borrower setting forth, among other things, the terms and conditions under which the EDA will
make the loan, a copy of which is on file with the Executive Director.
NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Elk River as follows:
1.01. The Loan Agreement as presented to the EDA, together with all related documents necessary
in connection therewith, including without limitation, a Promissory Note from the Borrower evidencing
the Loan, a Mortgage in certain real property, a Security Agreement in certain equipment, personal
guaranties from David M. Walters and Barbara J. Walters, entity guaranty from Coin - Tainer Co., LLC
and an Assignment of Life Insurance Policy as Collateral assigning a life insurance policy on the life of
David M. Walters (all as defined in and described in the Loan Agreement) (collectively, the "Loan
Documents ") are hereby in all respects approved, in substantially the form submitted and the President
and Executive Director are hereby authorized and directed to execute the Loan Agreement and any
Loan Documents to which it is a party on behalf of the EDA and to carry out, on behalf of the EDA,
the FDA's obligations thereunder.
1.02. The approval hereby given to the Loan Documents includes approval of such additional details
therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and
additions thereto as may be necessary and appropriate and approved by legal counsel to the EDA and
by the President and Executive Director prior to executing said documents; and said officers are hereby
authorized to approve said changes on behalf of the EDA. The execution of any instrument by the
President and Executive Director shall be conclusive evidence of the approval of such document in
accordance with the terms hereof In the event of absence or disability of said officers, any of the
documents authorized by this Resolution to be executed may be executed without further act or
authorization of the Board by any duly designated acting official, or by such other officer or officers of
the Board as, in the opinion of the City Attorney, may act in their behalf.
455494v1 JSB EL185 -29
j.
Approved by the Economic Development Authority of the City of Elk River this 20th day of January,
2015.
President
ATTEST:
Executive Director
455494v1 JSB ELI 85-29