HomeMy WebLinkAbout2022-05 EDAR Commissioner Graves introduced the following resolution andmoved its adoption:
EDA RESOLUTION NO. 2022-05
RESOLUTION APPROVING TERMS OF LOAN TO PHU BIA PRODUCE
LIMITED LIABILITY COMPANY FROM EDA REVOLVING LOAN FUND
AND AUTHORIZING EXECUTION OF LOAN DOCUMENTS
BE IT RESOLVED BY the Board of Commissioners of the Economic Development
Authorityof Brooklyn Center, Minnesota(the"Board"),as follows:
1. Revolving Loan Program. The Economic Development Authority of Brooklyn
Center, Minnesota (the "EDA") previously approved a Revolving Loan Fund Program (the
"Program"), which is administered by the EDA pursuant to its adopted policies, procedures, and
guidelines.
2. Request for Loan. Phu Bia Produce Limited Liability Company, a Minnesota
limited liability company (the "Borrower"), has submitted a Program application requesting
assistance to helpfinance certain physical improvements to the building located at 1350 Shingle
Creek Crossing, Brooklyn Center, Minnesota, including a walk-in cooler, restrooms, sidings and
polishing of exiting concrete floor deemed necessary for the operation of a retail store used for
produce distribution (the "Project").
3. Board Approval; Proposed Terms of Loans. The loan ("Loan") is to be made from
Program funds in the amount of$70,000 at an interest rate of 1.25% per annum. The Loan will
be amortized over seven years with the first monthly payment due on August 1, 2022. The Loan
will besecured by a Promissory Note and Security Agreement from the Borrower,together with a
personal guaranty from the owner of the Borrower. The Board hereby approves the Loan
proposed to be provided to Borrower under the Program.
4. Loan Documents and Execution Approved. The EDA has caused a Loan
Agreement, Security Agreement, Personal Guaranty, and Promissory Note to be drafted for the
above-described Loan (the "Loan Documents"). The Board hereby authorizes the President and
Executive Director tofinalize and execute the Loan Docume
January 24, 2022
Date President
The motion for the adoption of the foregoing resolution was duly seconded by
Lawrence-Anderson
Commissionerand upon vote being taken thereon, the following voted in favor thereof:
Butler, Graves, Lawrence-Anderson
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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