Committee Minutes

MINUTES/GROWTH FUND AUTHORITY (JDA)
Monday, April 1, 2002 - 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, April 1, 2002 at the hour of 7:00 p.m. with President Gershman presiding. Present at roll call were Council Members Brooks, Bjerke, Stevens, Hamerlik, Burke, Glassheim, Gershman, Klave, Kerian, Bakken, Kreun, Mayor Brown - 12; absent: Council Members Lunak, Christensen, Martinson - 3.

HOLD PUBLIC HEARING ON APPLICATION
BY MnDAK CONCRETE, INC. FOR PACE LOAN
INTEREST BUY DOWN

President Gershman stated that before the Authority was a request by MnDak Concrete, Inc. PACE loan buy down.

The city auditor read the Growth Fund Committee's recommendation: to approve the request of MnDak Concrete, Inc. to provide an estimated maximum $135,000 zero percent interest loan to buy down the interest rate on the PACE Loan provided by Bremer Bank and the Bank of North Dakota subject to proper file documentation of a full application; the loan would be repaid upon the completion of the PACE loan term (fiscal year end March 31, 2001, financial statements were received on March 27, 2002).

President Gershman opened the public hearing; there were no comments and the public hearing was closed.

It was moved by Council Member Kreun to approve the recommendation of the Growth Fund Committee; Council Member Hamerlik seconded the motion. Upon roll call vote, the following voted "aye": Council Members Brooks, Stevens, Hamerlik, Burke, Glassheim, Gershman, Klave, Kerian, Bakken, Kreun, Mayor Brown - 11; voting "nay": Council Member Bjerke - 1. President Gershman declared the motion carried.

ADJOURN

It was moved by Council Member Hamerlik and seconded by Council Member Brooks that we adjourn. Carried 12 votes affirmative.

Respectfully submitted,



John M. Schmisek
City Auditor