Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, June 17, 1996 - 7:15 p.m.

Members present: Carpenter, Babinchak, Geller.

1. Matter of preliminary resolution on bonds for Cirrus Design Corp.
Mr. Schmisek presented resolution relating to financing of certain public improvements by the City and proposed issuance of economic development facilities reserve bonds to finance the facility and other improvements for Cirrus Design Corp. in the City's Industrial Park, and call for bids. He stated they did this once, but because costs changed and exceeded original amount of $3.5 million, have to start process over. He stated they will be issuing up to $4.5 million, that construction estimates came in at $3.9 and now $3.7 million; will only issue what is needed.
Moved by Geller and Babinchak to adopt the resolution relating to financing of certain public improvements by the City of Grand Forks, and calling for a public hearing on the proposed issuance of economic development facilities reserve bonds to finance the acquisition and construction of a manufacturing facility and other improvements in the City's Industrial Park.

Mr. Schmisek also reported that bids will come to council for Cirrus' building and will determine what issue going to be; have given $1.2 million for stock equity.

Motion carried.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 6/18/96.