RES 16-02 ECONOMIC DEVELOPMENT AUTHORITY OF
THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 16-02
RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS AND
RELEASE OR MORTGAGE
WHEREAS, Preferred Powder Coating, LLC (the "Borrower") has heretofore entered into
a Loan Agreement, dated September 26, 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 and Release of Mortgage.
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 and Release of Mortgage, together with any related
documents necessary in connection therewith(the"Release Documents"),on behalf of the EDA and
deliver the Note, the Entity Guaranty and the Personal Guaranties (as defined in the Loan
Agreement) to the Borrower. The approval hereby given to the Release Documents includes
approval of such additional details therein as may be necessary and appropriate and such
modifications thereof, deletions therefrom and additions thereto including without limitation filling
in any missing information, as may be necessary and appropriate and approved by legal counsel to
the EDA and by the officers authorized herein to execute said documents prior to their execution;
and said officers are hereby authorized to approve said changes on behalf of the EDA. The
execution of any instrument by the appropriate officers of the EDA herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms hereof.
Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River this 18th day of April,2016.
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President
ATTEST:
Secretary
478265v1 JSB EL185-22