EDA RES 26-01ver
City of Elk River
Economic Development Authority
Resolution 26-01
A Resolution of the City of Elk River Economic Development Authority
Approving Issuance of Release of Mortgages
(Preferred Powder Coating LLC)
WHEREAS, the Economic Development Authority of the City of Elk River
("EDA") approved and expended a Microloan for $100,000, dated September
26, 2013 (Recorded Doc. 778856), and a Forgivable Loan for $200,000, dated
September 26, 2013 (Recorded Doc. 778857), to Preferred Real Estate
Holding, LLC (the "Borrower").
WHEREAS, the Borrower has fulfilled all financial obligations under the
Microloan, including the payments of all principal, interest and fees.
WHEREAS, the EDA approved the forgiveness of the Forgivable Loan through
Resolution 16-02, dated April 18, 2016.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
EDA, as follows: The EDA hereby finds that the Borrower has repaid the
Microloan in full, and the Forgivable Loan has been previously forgiven, and
the President and the Executive Director are hereby authorized and directed
to execute Release of Mortgages of behalf of the EDA and deliver to the
Borrower.
Passed and adopted this 20 day of January, 2026.
Ma �w-
West ard, P �'e
ATTEST:
Jolene Richter, Deputy Clerk