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Rul I I W1 M�"_ <br />ga 1AV y OKI] BLI I km E#J <br />WHEREAS, The City of Lake Elmo was awarded a Grant fi-om the Minnesota <br />Investment Fund in 2013 for $500,000; <br />WHEREAS, The City of Lake Elmo entered into a Loan Agreement with Valley <br />Cattage for $500,000 with specific stipulations; <br />NOW, THEREFORE, BE IT RESOLVEI) BY ME CITY COTJN� OF <br />CITY OF LAKE ELMO MINNESOTA, THAT. <br />1 All tenns of the Grant have been fulfilled resulting in the State of Muneso <br />moving the project status from 44active" to "closed-, <br />2. All terms of the loan agreement have been satisfied, <br />3. Therefore, the staff is authorized to work with the City Attorney to take any <br />administrative action necessary to close out the loan agreement, <br />ADOPTED BY THE LAkE ELMO CITY COUNCIL ON THE 2ND DAY OF <br />MARCH, 2016. <br />Mike Pearson <br />Mayor <br />(Seal) <br />4iu' Johi4isonVityy -Clerk <br />Resolution 2016-14 <br />