Committee Minutes

MINUTES/GROWTH FUND AUTHORITY
May 1, 1995 - 7:00 p.m.

The city council of the City of Grand Forks sitting as the Growth Fund Authority of the city of Grand Forks, North Dakota met in the council chambers in City Hall on Monday, May 1, 1995 at the hour of 7:45 p.m. with the following members present: Council Members Beach, McCabe, Hoeppner, Hamerlik, Hanson, Glassheim, Carpenter, Sande, Klave, Beyer, Babinchak, Geller, Johnson, Hagness - 14; absent: none.

President Hagness called for the public hearing on the following application:

a) Young Manufacturing, Inc.
John O'Leary, Executive Director, Community Development, reported this application is from a firm that has been in Grand Forks for 48 years and currently has 39 employees; and they have requested assistance to buy down interest rate on a P.A.C.E. loan, cost per job is between $3300 and $5400, depending upon number of jobs being created (between 11 and 18 additional jobs). He stated that the project involves a $600,000 loan (for expan-sion of their building and purchase of additional equipment) which they would take out and to buy down the interest rate would cost less than $60,000, but won't know exact amount until approved by the State and the bank issues the note. He reported that the application was reviewed by the Growth Fund Committee and they unanimously recommended that the application be approved.

It was moved by Member Beyer and seconded by Member Sande to approve the application. Upon roll call the following voted "aye": Council Members Beach, McCabe, Hoeppner, Hamerlik, Hanson, Glassheim, Carpenter, Sande, Klave, Beyer, Babinchak, Geller, Johnson, Hagness - 14; voting "nay": none. Chairman Carpenter declared the motion carried.

ADJOURN

It was moved by Council Member Beyer and seconded by Council Member Hamerlik that we do now adjourn. Carried 14 votes affirmative.

Respectfully submitted,



John M. Schmisek
City Auditor