EDA RES 20-03ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER, MINNESOTA
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 20-03
RESOLUTION APPROVING A COVID-19 SMALL BUSINESS EMERGENCY
MICROLOAN PROGRAM
WHEREAS, the Authority was created pursuant to Minnesota Statutes, Sections 469.090
through 469.1081, as amended, and was authorized to transact business and exercise its powers by a
resolution adopted by the City Council of the City of Elk River, Minnesota (the "City'); and
WHEREAS, the Authority and the City have undertaken a program to promote economic
development and job opportunities and promote the development and redevelopment of land which is
underutilized within the City; and
WHEREAS, the spread of COVID-19 in the United States and Minnesota has raised serious
public health concerns; and
WHEREAS, on March 11, 2020, the World Health Organization determined that the
COVID-19 outbreak constitutes a pandemic, and on March 13, 2020, President Donald Trump
declared a national state of emergency as a result of the pandemic; and
WHEREAS, on March 13, 2020, Governor Tim Walz issued Emergency Executive
Order 20-01 declaring a state of peacetime emergency to address the COVID-19 pandemic in
Minnesota,; and
WHEREAS, the Governor has subsequently issued additional Executive Orders to combat the
impacts of COVID-19 within the State of Minnesota, which include closures of schools, bars,
restaurants, and other places of public accommodation, and directing Minnesotans to stay at home
(with exceptions for obtaining necessary supplies, healthcare and similar needs) unless they are engaged
in critical sector work; and
WHEREAS, on April 3, 2020, the Mayor of the City issued a proclamation declaring a local
emergency, which proclamation was extended by a resolution approved by the City Council of the City
on April 6, 2020; and
WHEREAS, many businesses within the City have been economically impacted by the
Governor's Emergency Executive Orders in response to the COVID-19 pandemic; and
WHEREAS, the Economic Development Authority of the City of Elk River (the "Authority'
has the power of a housing and redevelopment authority and an economic development authority and
may provide forgivable loans to businesses for purposes of preventing blight and economic
deterioration and preventing chronic unemployment, and
WHEREAS, in order to retain small businesses in the City, the Authority has determined to
create the COVID-19 Small Business Emergency Microloan Program (the "COVID-19 Loan
Program' to assist area businesses with the expenses incurred and specifically caused by the impact of
the Governor's Emergency Executive Orders; and
WHEREAS, the COVID-19 Emergency Loan Program is expected to be funded for
qualifying businesses on a first come, first serve basis until the funds are exhausted or the City declares
the state of emergency declaration is lifted, whichever comes first; and
WHEREAS, guidelines for the COVID-19 Emergency Loan Program are on file with the
Executive Director and have been presented before the Board of Commissioners of the Authority.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Economic Development Authority of the City of Elk River, Minnesota as follows:
1. The COVID-19 Emergency Loan Program and the implementation thereof is hereby
approved.
2. The President and the Executive Director are hereby authorized to execute and deliver
any and all documents deemed necessary to carry out the intentions of this resolution and the
COVID-19 Emergency Loan Program.
3. This resolution shall be in full force and effect as of the date hereof.
Adopted by the Economic Development Authority of the City of Elk River, Minnesota this 18'b
day of May, 2020.
ATTEST:
'executive Director
EL185-13 (GAF)
652532v1
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President