Committee Minutes

MINUTES/URBAN DEVELOPMENT COMMITTEE
Monday, March 7, 1994 - 7:15 p.m.

Members present: Lien, Carpenter, Hanson.

1. Public hearing on application for Growth Funds:
a) M.G. Wagner, Inc.
John O'Leary, Community Development; Dick Olson, Grand Forks Development Foundation; and a rep. of the company were present.

Chairman Lien called for the public hearing. There were no comments, and the hearing was closed.

It was moved by Carpenter that the City of Grand Forks provide a $100,000 equity investment in M.G. Wagner, Inc. (or North Dakota corporation yet to be formed) and provide an estimated $2,500 in interest subsidy; equity investment to be on the same basis as that of the principal's. The motion was seconded by Hanson. Motion carried.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 3/08/94.