RES 18-04ECONOMIC DEVELOPMENT AUTHORITY OF
THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 18-04
RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS
(APEX DESIGN & EMBROIDERY, INC. PROJECT)
WHEREAS, SBH Properties, LLC, Inc., a Minnesota limited liability company (the
"Borrower"), has heretofore entered into a Loan Agreement, dated October 26, 2016, by and
between the Economic Development Authority of the City of Elk River ("EDA") and the Borrower
(the "Loan Agreement') providing a loan to the Borrower in the amount of $200,000 to help finance
the acquisition of land and the construction and equipping of a new manufacturing located in the
City of Elk River to be operated by Apex Design & Embroidery, Inc., an affiliate of the Borrower;
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.
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 Guaranty (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.
536599v2 JSB ELI 85-45
Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River this 17th day of September, 2018.
President
ATTEST: - `r
L. f
Executive Director
536599v2 JSB EL185-45