Committee Minutes
CITY OF GRAND FORKS GROWTH FUND AUTHORITY – JDA
Monday, October 8, 2001 – 6:45 p.m. Council Chambers
The City Council of the City of Grand Forks sitting as the Growth Fund Authority met in the Council Chambers in City Hall on Monday, October 8, 2001 at the hour of 6:45 p.m. with President Gershman presiding. Present at roll call were Council Members Gershman, Brooks, Bjerke, Stevens, Hamerlik, Glassheim, Christensen, Kerian, Kreun and Mayor Brown – 10. Absent were Council Members Burke, Lunak, Klave, Bakken and Martinson – 5.
Hold Public Hearing for Northern Tier Seed Company
The Northern Tier Seed Company is being constructed near Thompson, ND on Highway 15 in Allendale Township, two miles west of Interstate 29. It is a limited liability company designed to condition seed for small grains, soybeans and edible beans to meet North Dakota State Seed Certification requirements. The NTSC has received financial funding for the purchase of the land, the construction of a building and purchase of seed conditioning machinery and equipment. They are asking for community participation in a PACE interest buydown. They anticipate employing seven full-time people in 12 months.
After discussion,
Council Member Christensen moved approval of a loan of up to $50,380 for a PACE loan buydown with the assistance in the form of a zero (0.00%) 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. Mayor Brown seconded the motion. Motion carried with 10 votes affirmative.
Council Member Christensen moved to adjourn. Council Member Brooks seconded the motion. Motion carried with 10 votes affirmative. President Gershman declared the meeting adjourned.
Respectfully submitted,
John M. Schmisek, City Auditor