RES 16-08i mm- WIN lei
R,l�S(,)I.t,JTI(-)N.APPRC)-\TIN(., LOAN AGRf.,.ENIF',NT
(PATRIOT C'ONVER17ING PRQJECT)
WHEREAS, the City Council (the "Council") of the (Jity of I.'-,'Ik River (the "C"ity") has
received a proposal from Stilwell Holdings, LIX, (the "Borrower") that the Economic Development
Authority of the City of Elk River (the "EDA") enter into Loan Agreement (the "Loan Agreement.")
and related documents in connection with a loan to the Borrower in the amount of $200,000 (the
"Loan") pursuant to the FDA's Nficroloan Program (the "Program").
WflF"REAS, the F"11)A has approved the Loan and the Loan Agreement on this sarne date
and a copy of the l.,oan Agreement is on file with the City, Clerk.
follows:
NOW THER.LFORl1-,, BE IT RFSOINED by the City Council of the City of Flk River as
Section 1. Business Subsidy.
1.()1. The Loan constitutes a business subsidy Within the meaning of Minnesota Statutes,
Section 1161.993 to 1161.995 (the "Business Subsidy Act"), and the Loan Agreement includes a
"business subsidy agreement" as required under the Business Subsidy Act.
1.02. The has adopted a Business Subsidy policy (the "Subsidy Policy"), which sets the
,general criteria for all tyes of subsidies granted by the EDA, all as required under the Business Subsidy
p
Act,
1.01 On the date hereof, the City held a public hearing *g on the I..,oan in accordance with the
Business Subsidy Act.
Section 2. Consent.
2.04 In accordance with Section 116 ' 1.994, Subd. 3(d) of the Business Subsidy y
Act, the Cit
hereby approves the I Axan Agreement and consents to the EDA entering into the Loan Agreement: and
related docum.ents with the Borrower.
2.02 The City hereby approves the Loan in accordance with the Loan Agreement 1.11
substantially the form on file with the City's Economic Development Director together Such
modifications thereof, deletions tbereft-orn and additions thereto as, may be necessary and appropriate
and approved by legal counsel to the EDA. an.d by the President and Executive Director of the EDA
prior to executing said docuti-ients and the City further; and said officers are, hereby authorized to
approve said changes on behalf of the EDA. The execution of any instrument by the President and
I'll
Executive Director shall be conclusive evidence: of the approval of such document in accordance with
the teri-n-, hereof.
473XAQvl NR F1 ,'IN5-'iia
Approved by the City Council of the Ciq, of E'lk River this 19"' day of January, 2016.
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A-ITEST:
City Clerk
473889v1 JSB FLI 85-19