Committee Minutes

MINUTES/GROWTH FUND AUTHORITY
Monday, December 2, 1996 - 7:00 p.m.

The city council of the City of Grand Forks sitting as the Growth Fund Authority met in the council chambers in City Hall on Monday, December 2, 1996 at the hour of 7:00 p.m. with Chairman Carpenter presiding. Present at roll call were Council Members Beach, Hamerlik, Hanson, Carpenter, Klave, Beyer, Babinchak, Hafner, Hagness, Mayor Owens - 10; absent: Council Members Polovitz, Ellingson, Glassheim, Sande, Bakken - 5.

Chairman Carpenter called for the public hearing on the application and asked for comments:

a) RDO Foods Co.

Council Member Beach reported that this application is for a grant to buy down interest on PACE loan and that the Growth Fund voted unanimously to approve the application.

Chairman Carpenter closed the public hearing.

The Growth Fund Committee had considered the application and unanimously voted to recommend the approval of up to $133,615.00 to be used for the community portion of the PACE interest buy down. (This action was taken without the necessity of submitting a full application.) It was moved by Council Member Hanson and seconded by Council Member Beyer to approve the recommendation. Upon roll call the following voted "aye": Council Members Beach, Hamerlik, Hanson, Klave, Beyer, Babinchak, Hafner, Hagness, Carpenter, Mayor Owens - 10; voting "nay": none. Chairman Carpenter declared the motion carried.

ADJOURN

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

Respectfully submitted,



Saroj Jerath
Deputy City Auditor