Committee Minutes

MINUTES/URBAN DEVELOPMENT COMMITTEE
Monday, May 2, 1994 - 7:15 p.m.

Members present: Lien, Carpenter, Hanson.

1. Public hearing on proposed Growth Fund project for Agsco,
Inc.
Chairman Lien called for the public hearing. There being no comments, Chairman Lien closed the hearing.

It was moved by Carpenter and Hanson that the City provide an interest subsidy to Agsco for a loan through PACE in the amount of $115,000. Motion carried.

2. Matter of Grand Forks City participation in Red River
Regional Planning Council Revolving Loan Fund.
It was moved by Hanson and Carpenter that the amount approved at its meeting on Tuesday, April 26, 1994 be amended to $55,000, rather than $50,000. This recommendation is made after consideration of other communities' participation in this project and the 75-25 match required by EDA. Other contributors: Pembina County, $5,000; Nelson County, $3,000; City of Grafton, $75,000; and local banks, $12,500; for a total of $95,500. Motion carried.

Meeting adjourned.

John O'Leary/af
Exec.Director

Dated: 5/05/94.