RES 16-05 ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 16-05
RESOLUTION APPROVING A FIRST AMENDMENT TO LOAN
AGREEMENT AND RELATED DOCUMENTS
(PATRIOT CONVERTING PROJECT)
WHEREAS, the Board of Commissioners (the "Board") of the Economic Development
Authority of the City of Elk River (the "EDA") previously approved a Loan Agreement (the "Loan
Agreement") with Stilwell Holdings, LLC (the "Borrower") for the renovation and equipping of an
existing building located on certain real property in the City of Elk River, Minnesota (the "City") by
providing a loan to the Borrower in the amount of$200,000 (the "Loan") pursuant to the EDA's
Microloan Program (the"Program").
WHEREAS, the EDA has received a request from the Borrower to amend the Loan
Agreement to amend the equipment provided as security for the Loan.
WHEREAS, the EDA has caused to be prepared a First Amendment to Loan Agreement
(the "First Amendment to Loan Agreement") and First Amendment to Security Agreement (the
"First Amendment to Security Agreement", and together with the First Amendment to Loan
Agreement, the"Amendment Documents"), setting forth, among other things, equipment providing
security for the Loan.
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 Amendment Documents as presented to the EDA, together with all related
documents necessary in connection therewith (collectively, the "Loan Documents") are hereby in all
respects approved, in substantially the form on file with the City's Economic Development Director;
and the President and Executive Director are hereby authorized and directed to execute the Loan
Agreement and any Loan Documents to which the EDA 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 condusive 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.
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Approved by the Board of Commissioners of the Economic Development Authority of the
pp Y p ty
City of Elk River this 17th day of October,2016.
President
A1`1EST: `
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Exe« ve Director
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