RES 15-03r s 1
County A Resolution of the City of Elk River Economic Development Authority,
of of • . Approving Lt Agreement
Related Documents (Distinctive Iron 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 Hemmer
Companies L.L.C. (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
$126,000 (the "Loan ") pursuant to the EDA'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 Elk River, Minnesota, 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 and entity guaranty from Distinctive Iron, LLC, and personal
guaranties from Cynthia Mae Hemmer and Steven Michael Hemmer, (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 EDA'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.
Passed and adopted this 17`h day= of February, 2015.
ATTEST:
•
President
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