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3 <br /> <br />SECTION 4. The Commission hereby approves the report with respect to the Project <br />presented at this meeting. The Secretary of this Commission is directed to submit such report to <br />the executive director or chairman of the plan commission of the City. <br />SECTION 5. The Commission hereby finds, determines, ratifies and confirms that <br />making the Loan to the Developer, in an aggregate amount not to exceed One Million Two <br />Hundred Fifty Thousand Dollars ($1,250,000), to finance a portion of the cost of the Project, will <br />be of benefit to the health and general welfare of the City, will serve the public purposes referred <br />to above in accordance with the Act, and fully comply with the Act. Furthermore, the Commission <br />hereby finds and determines that the Loan may be subject to forgiveness upon satisfaction of <br />certain conditions described in the Financing Agreements, and acknowledges that, in the event that <br />the Loan is forgiven, the consideration received by the City for the Loan being forgiven is the <br />completion of the Project by the Developer and the economic benefits resulting to the City <br />therefrom. <br />SECTION 6. The financing of the Project by making the Loan to the Developer, in an <br />aggregate amount not to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000), <br />is hereby approved. <br />SECTION 7. The Commission hereby approves and recommends to the Common <br />Council of the City the terms of the following documents in the form presented at this meeting: (a) <br />the Loan Agreement (including the promissory note from the Developer); (b) the Funding <br />Agreement; and (c) the Ordinance. <br />SECTION 8. Any officer of the Commission is hereby authorized and directed, in the <br />name and on behalf of the Commission, to execute any and all other agreements, documents and <br />instruments, perform any and all acts, approve any and all matters, and do any and all other things <br />deemed by him or her to be necessary or desirable in order to carry out and comply with the intent, <br />conditions and purposes of this resolution (including the preambles hereto and the documents <br />mentioned herein), the Project and the making of the Loan, and any such execution, performance, <br />approval or doing of other things heretofore effected be, and hereby is, ratified and approved. <br />SECTION 9. The Secretary of this Commission shall transmit this resolution, together <br />with the forms of the Financing Agreements approved by this resolution, to the Common Council. <br />SECTION 10. This resolution shall be in full force and effect upon adoption. <br />***** <br />