Committee Minutes
MINUTES
Growth Fund Committee Meeting
Office of Urban Development Conference Room
1405 First Avenue North
Grand Forks, ND 58203
February 15, 2011
Roll Call:
Members present: Doug Christensen, Terry Smith, Dwight Thompson, and Dana Sande. Members absent: Eliot Glassheim. Also present: Greg Hoover, Meredith Richards, Tina Hoffart, Howard Swanson, Hal Gershman, Keith Lund, Klaus Theissen, Paul Nistler (Choice Financial), Steve Burian and Mitch Byrne (Advanced Engineering and Environmental Services, Inc.).
1.
Approval of Minutes from December 14, 2010: Motion by Dwight Thompson, second by Dana Sande to approve minutes from the previous meeting. All present voted aye. MOTION CARRIED.
2.
PACE Loan Request from Advanced Engineering and Environmental Services, Inc. (AE2S)
Mitch Byrne, Controller, states that they are building a new 45,000 square foot facility to house their growing business. They are requesting a Flex PACE Loan in the amount of $167,000. to assist with the cost of equipment that they are planning to acquire over the next 4 months. Keith states that the PACE loan will be deferred for 7 years with no interest. After 7 years, AE2S will make 12 equal monthly installments to pay the loan in full. The loan will be collateralized by a subordinate UCC security interest on the equipment and furnishings purchased as well as a personal guarantee by two principals of AE2S.
Motion by Dwight Thompson, second by Dana Sande to approve the Flex PACE Loan application submitted by AE2S. All present voted aye. MOTION CARRIED.
3.
Mortgagee Waiver and Consent Request from Northern Tier Seed, Inc.
Greg states that Northern Tier Seed, Inc. is now and always has been current on their loan which was approved in 2001. First State Bank is setting up a loan for Northern Tier Seed to purchase 25 hoppers but the bank requires a mortgagee waiver from the JDA and Choice Financial. The waiver has already been granted by Choice Financial so approval is needed from the Committee to forward this request to the JDA.
Motion by Dwight Thompson, second by Terry Smith to grant the waiver and consent request. All present voted aye. MOTION CARRIED.
4.
Local Expansion Opportunity
Motion by Dwight Thompson, second by Dana Sande to go into executive session at 4:20 pm. All present voted aye. MOTION CARRIED.
Present: Doug Christensen, Terry Smith, Dwight Thompson, Dana Sande, Hal Gershman, Keith Lund, Klaus Theissen, Greg Hoover, Meredith Richards, Tina Hoffart (exited the Executive Session at 5:14pm), Howard Swanson, Steve Burian and Melanie Richardson.
Motion by Dwight Thompson, second by Dana Sande to come out of the Executive Session at 5:23 pm. All present voted aye. MOTION CARRIED.
5.
Adjournment:
Meeting adjourned at approximately 5:24 pm.
______________________________ ______________________________
Melanie R. Richardson Doug Christensen
Office of Urban Development Chairman