Committee Minutes
MINUTES
Growth Fund Committee Meeting
Office of Urban Development Conference Room
1405 First Avenue North
Grand Forks, ND 58203
March 8, 2011
Roll Call:
Members present: Doug Christensen (telephone), Terry Smith, Dwight Thompson, and Dana Sande. Members absent: Eliot Glassheim. Also present: Greg Hoover, Hal Gershman, Keith Lund, Klaus Theissen, and Steve Burian.
1.
Local Expansion Opportunity
Motion by Dwight Thompson, second by Terry Smith to go into executive session at 4:10 pm. All present voted aye. MOTION CARRIED.
Present: Doug Christensen (telephone), Terry Smith, Dwight Thompson, Dana Sande, Hal Gershman, Keith Lund, Klaus Theissen, Greg Hoover, Steve Burian, and Melanie Richardson.
Motion by Dwight Thompson, second by Terry Smith to come out of executive session at 4:46 pm. All present voted aye. MOTION CARRIED.
2.
Company Recruitment Opportunity
Keith states that the EDC is engaged with an out-of-state software development firm that has a relationship with the University of North Dakota. Keith indicates that the EDC has offered them all of the typical state and local business support programs to facilitate their expansion in Grand Forks. The official response from this particular firm is that they would like a forgivable loan in the amount of $420,000. The terms of the loan would be that if they meet certain employment projections, approximately 21 software development positions, the loan would be completely forgiven.
Motion by Terry Smith, second by Dana Sande to approach the interested party to bring their business to Grand Forks without the forgivable loan. All present voted aye. MOTION CARRIED.
3.
Adjournment:
Meeting adjourned at approximately 4:58 pm.
______________________________ ______________________________
Melanie R. Richardson Doug Christensen
Office of Urban Development Chairman