Committee Minutes

Minutes of the Grand Forks City Council/Growth
Fund Authority (JDA) - Monday, April 24, 2006 - 7:00 p.m.

The city council of the city of Grand Forks sitting s the Growth Fund Authority met in the council chambers in City Hall on Monday, April 24, 2006 at the hour of 7:00 p.m. with Vice Chairman Brooks presiding. Present at roll call were Council Members Hamerlik, Glassheim, Christensen, Kerian, Kreun, Mayor Brown, Brooks - 7; absent: Council Member Gershman - 1.

APPROVE LM GLASFIBER EXPANSION PROJECT
FINANCING

The staff report from the urban development director relating to LM Glasfiber expansion project financing, with recommendation to approve the recommendation of the Growth Fund Committee and to award Bremer Bank the financing of the Bank of North Dakota PACE loan for the LM Glasfiber expansion project.

Greg Hoover reported that sometime ago the Growth Fund Authority approved the project for LM Glasfiber to expand their facility, improve their current building and take over the back half of the Amazon.com building to continue making blades for the wind turbines. As part of that approval process we agreed to provide PACE participation loan as this is our building and our land and we were required to go out for public bid, received two proposals by the deadline and they were reviewed by the Growth Fund committee last week, recommendation of the Growth Fund committee is to award the financing to Bremer Bank, Mr. Brian Osowski from Bremer Bank is here if you have any questions about the financing.

There were no question by the Growth Fund Authority.

It was moved by Council Member Hamerlik and seconded by Council Members Christensen to approve the recommendation. Upon roll call the following voted "aye": Council Members Hamerlik, Glassheim, Christensen, Kerian, Kreun, Brown, Brooks - 7; voting "nay": none. Vice Chairman Brooks declared the motion carried.

ADJOURN

It was moved by Council Member Hamerlik and seconded by Mayor Brown that we adjourn. Carried 7 votes affirmative.

Respectfully submitted,



John M. Schmisek
City Auditor