Committee Minutes

MINUTES/GROWTH FUND AUTHORITY
September 18, 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, ND met in the council chambers in City Hall on Monday, September 18, 1995 at the hour of 7:00 p.m. with the following members present: Council Members McCabe, Hoeppner, Hamerlik, Glassheim, Sande, Beyer, Babinchak, Johnson, Hagness, Carpenter - 10; absent: Council Members Beach, Hanson, Klave, Geller - 4.

Chairman Carpenter called for the public hearing on the following applications:

a) Northern Produce, Hatton, ND
There were no comments on the application for a $50,000 grant to be used with an additional $30,000 provided by the Hatton Economic Development Corporation and Traill County, as an interest write-down on a $700,000 Bank of North Dakota's PACE loan. Chairman Carpenter closed the public hearing, and reported that the Growth Fund Committee recommended approval of the application.

It was moved by Council Member Hagness and seconded by Council Member Sande to approve the $50,000 PACE interest subsidy. Upon roll call the following voted "aye": Council Members McCabe, Hoeppner, Hamerlik, Glassheim, Sande, Beyer, Babinchak, Johnson, Hagness, Carpenter - 10; voting "nay": none. Chairman Carpenter declared the motion carried.

b) Grand Forks Bean, L.L.C.
There were no comments on the application for an $8,500 grant to be used as an interest write-down on a $200,000 operating capital loan with the Bank of North Dakota's PACE loan. Chairman Carpenter closed the public hearing, and reported that the Growth Fund Committee recommended denial of the application (because of competition factor and fact that they have not created any new positions).

It was moved by Council Member Hoeppner and seconded by Council Member Glassheim to deny the application. Carried 10 votes affirmative.

ADJOURN

It was moved by Council Member Hagness and seconded by Council Member Beyer that we do now adjourn. Carried 10 votes affirmative.

Respectfully submitted,



John M. Schmisek, City Auditor