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HomeMy WebLinkAbout2022-06 EDAR Commissioner Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2022-06 RESOLUTION APPROVING TERMS OF LOAN TO TASTE OF AFRICA 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 Authority of 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. Taste of Africa Limited Liability Company, a Minnesota limited liability company(the"Borrower"),has submitted a Program application requesting assistance to help finance certain physical improvements to the building located at 6838 Humboldt Avenue N.,Brooklyn Center, Minnesota, Ceramic tile 12" x 12". Detach tile and mortar from backing surface. Includes kitchen equipment and material. Install drop ceiling (the "Project"). 3. Board Approval; Proposed Terms of Loans. The loan ("Loan") is to be made from Program funds in the amount of$30,000 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 be secured 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 to finalize and execute the Loan Documents. January 24, 2022 _ / _0" 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.