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MINUTES
Growth Fund Committee Meeting
Office of Urban Development Conference Room
1405 First Avenue North
Grand Forks, ND 58203

September 21, 2010


1. Roll Call:

Present: Dwight Thompson, Terry Smith, and Dana Sande. Also present: Greg Hoover, Meredith Richards, Klaus Theissen, Keith Lund, Tammy Pederson (Bremer Bank), Angie Baumann (Bremer Bank) and Melanie Richardson. Absent: Doug Christensen and Eliot Glassheim.

2. Approval of Minutes:

Minutes from August 17, 2010: Motion by Dwight Thompson, second by Terry Smith to approve minutes from the previous meeting. All present voted aye. MOTION CARRIED.

3. Committee Reports:

Greg recommends that we continue with the format from the previous meeting regarding the budget report. He would like to do away with the monthly written reports and instead have a detailed budget review every quarter. All committee members are in agreement so from this point forward the detailed budget reports will be presented and reviewed quarterly.

4. Loan Write-offs:

Northern Valley Growers: After reviewing the Northern Valley Growers loan documents in the previous meeting Doug had recommended that the loan be written off. Greg states that procedure requires an actual vote from the Board in order to write off this loan.

Master Potato: The file on this particular loan is in such disarray that Greg has had to contact other agencies involved with this company for documents that are missing from our files. Once the documentation has been received, Greg will give the file to the City Attorney for review and forward it on to Mr. Christensen once the City Attorney’s review has been completed.

Motion by Dwight Thompson, second by Terry Smith to write-off the Northern Valley Growers loan and table the Master Potato loan pending a review by the City Attorney.

5. Cirrus Update: Executive Session

Present: Dwight Thompson, Terry Smith, Dana Sande, Greg Hoover, Meredith Richards, Klaus Theissen, Keith Lund, Tammy Pederson (Bremer Bank), Angie Baumann (Bremer Bank) and Melanie Richardson.

Motion by Terry Smith, seconded by Dana Sande to go into executive session at 4:27 pm. All present voted aye. MOTION CARRIED.

Motion by Dana Sande, second by Terry Smith to come out of the Executive Session at 5:12 pm. All present voted aye. MOTION CARRIED.

6. Other Business: None

7. Adjournment: Meeting adjourned at approximately 5:14 pm.




______________________________ ______________________________
Melanie R. Richardson Doug Christensen
Office of Urban Development Chairman