Committee Minutes

MINUTES/GROWTH FUND AUTHORITY
Monday, May 15, 2000 - 7:15 p.m._________

The city council of the city of Grand Forks sitting as the Growth Fund Authority (JDA) met at the council chambers at City Hall on Monday, May 15, 2000 at the hour of 7:15 p.m. with Chairman Carpenter presiding. Present at roll call were Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Glassheim, Lunak, Klave, Beyer, Babinchak, Bakken, Hafner, Martinson, Owens, Carpenter - 15; absent: none.

HOLD PUBLIC HEARING ON APPLICATION FOR
FUNDING ASSISTANCE

a) Pribbs Steel and Manufacturing, Inc.

Chairman Carpenter called for the public hearing on the application.

The city auditor read the recommendation from the committee: approval of a PACE loan interest buydown in an amount of up to $9,480.00 as requested for equipment purchases. The zero interest loan to be repaid, starting at the time the PACE loan is paid in full, at the same payment rate as the PACE loan, until the balance of the Growth Fund loan is paid in full.

There were no comments and the public hearing was closed.

It was moved by Council Member Beyer and seconded by Council Member Babinchak to approve the recommendation as read. Upon roll call the following voted “aye”: Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Glassheim, Lunak, Klave, Beyer, Babinchak, Bakken, Hafner, Martinson, Owens, Carpenter - 15; voting “nay”: none. Chairman Carpenter declared the motion carried.

MATTER OF GROWTH FUND JDA DISBURSE-
MENT POLICY

The city auditor read the recommendation from the committee: approval of a disbursement policy: Attachment No. 1. This policy will apply to all future Growth Fund projects.

It was moved by Council Member Babinchak and seconded by Council Member Bouley to approve the recommendation as read. Upon roll call the following voted “aye”: Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Glassheim, Lunak, Klave, Beyer, Babinchak, Bakken, Hafner, Martinson, Owens, Carpenter - 15; voting “nay”: none. Chairman Carpenter declared the motion carried.

ADJOURN

It was moved by Council Member Beyer and seconded by Council member Lunak that we do now adjourn. Carried 15 votes affirmative.

Respectfully submitted,


John M. Schmisek
City Auditor