Committee Minutes

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

September 30th, 2008

1. Roll Call

Doug Christensen called the meeting to order at 4:08 pm. Other members present: Eliot Glassheim, Terry Smith and Mike McNamara. Also present were Greg Hoover, Meredith Richards, Connie Mangan, Keith Lund, Klaus Thiessen and Melanie Richardson. Absent: Dwight Thompson.


2. PACE Loan Policy Changes – At this time, the Grand Forks Growth Fund has close to $2,000,000.00 in deferred PACE loans. The Growth Fund Committee is meeting today to examine the current policies of our PACE loan program. Lund discussed the PACE loan policies of Fargo, Minot, Bismarck, and Dickenson. After much discussion, the decision was made to eliminate PACE loans for working capital as well as shorten the PACE loan period to 7 years for equipment/machinery and 10 years for real estate. The BND dictates that we cannot ask for payment or collect interest on these loans until the PACE funds have been fully disbursed. Payment will begin at retirement of debt or term, whichever is sooner and will need to be paid within 12 months. The loan will carry the same interest rate as the subsidized PACE interest rate.

There is no motion at this time. These proposals will need to go before the JDA for approval on October 13th, 2008.

3. Executive Session

Motion by McNamara, seconded by Glassheim to go into executive session at 4:44 pm. All present voted aye. MOTION CARRIED.

Motion by Glassheim, seconded by McNamara to close the executive session at 5:07 pm. All present voted aye. MOTION CARRIED.

4. Adjournment: Meeting adjourned at approximately 5:09 pm.




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