EDA RES 20-08ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 2020-0 9
RESOLUTION RELATING TO COVID-19
SMALL BUSINESS EMERGENCY MICROLOAN PROGRAM
WHEREAS, the spread of COVID-19 in the United States and Minnesota has raised serious
public health concerns; 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 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, in order to retain small businesses in the City, on May 18, 2020, the Economic
Development Authority of the City of Elk River (the "EDA") created the COVID-19 Small
Business Emergency Microloan Program (the "Loan Program") to assist area businesses with the
expenses incurred and specifically caused by the impact of the Governor's Emergency Executive
Orders by providing no -interest loans to small business in the City in an amount of up to $20,000,
including a forgivable portion in an amount not to exceed $5,000; and
WHEREAS, due to the urgent need of local businesses to access funds, the EDA desires to
delegate certain duties under the Loan Program to the Executive Director.
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 EDA authorizes the Executive Director and EDA staff to process applications and
approve loans under the Loan Program in an amount not to exceed $20,000 so long as the Executive
Director determines that the loans meet the requirements of the Loan Program.
1.02. The EDA further authorizes the President and the Executive Director to execute all
documents necessary in connection with the provision of such loans without formal action by the
Board of Commissioners including but not limited to a loan agreement to be executed by the EDA and
the borrower.
Approved by the Board of ommissioners of the Economic Development Authority of the
City of Elk River this day of. . 2W
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President