13-10838r CITY OF RICHFIELD
RESOLUTION NO. 10838
RESOLUTION APPROVING MINNESOTA INVESTMENT FUND LOAN
AGREEMENT BETWEEN THE CITY AND ENDEAVOR AIR,INC.
WHEREAS, pursuant to a resolution adopted on June 11, 2013, the City Council (the "City
Council")of the City of Richfield(the"City")approved the submission of an application for a grant from the
Minnesota Investment Fund Program administered by the Minnesota Department of Employment and
Economic Development("DEED"); and
WHEREAS, the City has received the form of a Grant Agreement with DEED, dated July 30, 2013
(the "Grant Agreement"), to obtain grant funds in the amount of $550,000 and loan such grant funds to
Endeavor Air,Inc.,a Georgia corporation(the"Borrower");and
WHEREAS, the City Council has received and reviewed an Agreement for Loan of Minnesota
Investment Fund—Forgivable Loan(the"Loan Agreement"), between the City and the Borrower,providing
for the loan of the grant funds in the amount of$550,000 to the Borrower (the "Loan"), which agreement
includes a"business subsidy agreement"as defined in Minnesota'Statutes, Sections 166.1.993 to 116J.995, as
amended(the"Business Subsidy Act");and
WHEREAS, it is proposed that the Loan be considered forgivable provided that the Borrower
complies with certain requirements of the business subsidy agreement contained in the Loan Agreement;and
WHEREAS,to evidence the repayment obligations of the Borrower under the Loan Agreement,the
Borrower will execute and deliver to the City a Promissory Note(the"Note");and
WHEREAS, the Loan will be further secured by a Guaranty Agreement (the "Guaranty
Agreement");and
WHEREAS, the City Council has had the opportunity to review the Loan Agreement, Note, and
Guaranty Agreement(collectively,the"Loan Documents"); and
WHEREAS, on June 11, 2013, the City conducted a duly noticed public hearing as required by
Section 116J.994, subdivision 5 of the Business Subsidy Act on the proposed Loan to be made to the
Borrower pursuant to the Loan Agreement.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Richfield,that:
1. The Grant Agreement and Loan Agreement, and the business subsidy agreement contained
therein, are approved. The Mayor and the City Manager are authorized and directed to sign
the Grant Agreement and the Loan Agreement and any other documents or certificates
necessary to carry out the transactions described in the Grant Agreement and the Loan
Agreement.
2. The Grant Agreement and the Loan Agreement are approved in substantially the form on
file in City Hall, subject to modifications that do not alter the substance of the transaction
and are approved by the Mayor and the City Manager; provided that execution of the
document will be conclusive evidence of their approval.
Approved by the City Council of the City of Richfield this 24th day of September,2013.
,: i ' ofr
Debbie Goettel,Mayor
ATTEST:
Nancy Gibbs, City rk
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