RES 15-04 ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 15-04
RESOLUTION AUTHORIZING TWO-YEAR EXTENSION TO THE MATURITY DATE OF
THE NOTE AND LOAN AGREEMENT TO 19228 LLC
(PROMO PRODUCTS PROJECT)
WHEREAS, the Board of Commissioners (the "Board") of the Economic Development
Authority of the City of Elk River (the "EDA") has received a request from 19228 11.0 (the
"Borrower") with a recommendation from First National Bank of Elk River (the "Lender") that the
EDA authorize a two-year extension to the maturity date of its loan to Borrower pursuant to the
provisions of the EDA's Micro loan Program (the "Program").
WHEREAS, the Lender has proposed to prepare necessary amendments to the Promissory
Note, Participation Certificate and Agreement and Loan Agreement (collectively, together with all
related documents necessary in connection therewith, the "Loan Documents") with the Borrower
setting forth the two-year extension to the maturity date;and
WHEREAS, the EDA has determined that an extension of the maturity date of the loan will
benefit the Borrower's economic growth;
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority of the City of Elk River as follows:
1.01. The two-year extension of the maturity date of the EDA's loan to Borrower from
January 13, 2016 to January 13, 2018 is hereby approved together with all amendments to the Loan
Documents, necessary in connection therewith, and the President and Executive Director are hereby
authorized and directed to execute, on behalf of the EDA, such amendments to the Loan Documents
to which the EDA is a party and to carry out, on behalf of the EDA, the EDA's obligations thereunder.
1.02. The approval hereby given to the amendments 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.
Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River this 20th day of July,2015.
President
ATI EST:
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MOW°
‘71117utive Director