EDA RES 26-04City of Elk River
Economic Development Authority
Resolution 26-04
A Resolution of the Economic Development Authority of the City of Elk River
Acknowledge receipt of final payment and authorizing the release of liens for
Orluck Industries and Twin City Metal Works
WHEREAS, the City of Elk River Economic Development Authority (EDA) previously
entered into a Loan Agreement and Security Agreement with Orluck Industries, Inc.
(Orluck) on July 17, 2018, in the original principal amount of $200,000.
WHEREAS, a loan extension was considered and approved by the board on April
20, 2020.
WHEREAS, the EDA entered into a loan workout arrangement with Orluck as the
company simultaneously was being acquired by Twin City Metal Works (TCMW),
approved by the board October 7, 2022.
WHEREAS, as part of the workout and subsequent coordination of payments, the
EDA has granted TCMW a partial waiver of late fees, and TCMW has been
responsible for legal fees incurred during the workout.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Elk River, Minnesota as follows:
I. The EDA acknowledges TCMW has outstanding balance of the loan, including
all principal ($200,000.00), interest ($23,016.44), late penalties ($1,057.06),
and legal fees ($4,027.00), in accordance with the terms of the Loan
Agreement(s), and the terms of the Loan Agreement have been satisfied with
no additional amounts owing.
2. The President and Executive Director of the EDA are hereby authorized and
directed to execute necessary documents to release the EDA's lien and/or
collateral positions on the subject property, and to record said documents as
deemed appropriate.
Passed and adopted this 20th day of April, 2026.
ATTEST:
Brent O'Neil, Executive Director