RES 15-07 ECONOMIC DEVELOPMENT AUTHORITY OF
THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 15-0 7
RESOLUTION APPROVING ISSUANCE OF A CER'TIF'ICATE OF FORGIVENESS
WHEREAS, Alliance Machine, Inc. (the "Borrower") has heretofore entered into a Loan
Agreement Agreement, dated June 17, 2013, by and between the Economic Development Authority
of the City of Elk River("EDA") and the Borrower(the"Loan Agreement"); and
WHEREAS, in accordance with Section 6 of the Loan Agreement the Borrower has
notified the EDA that all conditions have been met for the loan to be forgiven and has requested
that the EDA issue a Certificate of Forgiveness.
NOW THEREFORE BE IT RESOLVED By the Board of Commissioners(the "Board") of
the Economic Development Authority of the City of Elk River("EDA")as follows:
Section 1. EDA Approval. The EDA hereby finds that conditions have been met for the
loan to be forgiven, and the President and the Executive Director are hereby authorized and directed
to execute the Certificate of Forgiveness on behalf of the EDA and deliver the Note and the
Guaranty(as defined in the Loan Agreement)to the Borrower.
Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River this 21st day of December,2015.
si
President
ATTEST: -,
Secretary
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