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