Committee Minutes

MINUTES/URBAN DEVELOPMENT COMMITTEE
Monday, December 6, 1993 - 7:15 p.m.

Members present: Carpenter, Hanson.

1. Public hearing on proposed Growth Fund project for D & H
Beauty Supply.
Bruce Qvammen, D & H Beauty Supply, was present.

Mr. Carpenter chaired meeting, and called for the public hearing. There were no comments and the hearing was closed.

Mr. O'Leary reported that the Growth Fund Committee had approved $114,234 to be used to assist in the purchase of a new building and land and to enlarge the warehouse capacity; that originally D & H planned to use PACE monies, however, the Bank of North Dakota determined D & H not eligible and they are in the process of appealing; and that it is the staff's recommendation to proceed with or without PACE monies, that this project deserves City's participation ($114,234.00).

Moved by Hanson and Carpenter that upon being advised that the Bank of North Dakota has determined that D & H Beauty Supply, Inc. is not eligible for the P.A.C.E. Program, recommended that the City grant the requested amount of $114,234.00 to D & H Beauty Supply, Inc. to be used as an interest subsidy for its loan with First National Bank of North Dakota. Motion carried.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 1/14/94.