Committee Minutes

MINUTES
Growth Fund Committee Meeting
Office of Urban Development Conference Room
1405 First Avenue North
Grand Forks, ND 58203

May 19th, 2009

1. Roll Call: Present: Doug Christensen, Terry Smith, and Dwight Thompson. Also present: Greg Hoover, Meredith Richards, Keith Lund, and Melanie Richardson. Absent: Eliot Glassheim and Mike McNamara

2. Approval of Minutes – January 20th, 2009: Motion by Thompson, second by Smith to approve minutes from previous meeting. All present voted aye. MOTION CARRIED.

3. Monthly Report: Accepted.

4. Other Business:

Semi-Annual Report – The report states that $215,000. will be sequestered and the interest from these funds will go to the treasury instead of going to the Growth Fund because we haven’t met our capital utilization rate given to us by the EDA. The report has been submitted to the EDA but we’re still missing the certification by the JDA. Meredith is asking for a recommendation from the Committee to go to the JDA and then Hal will sign the resolution.

Lund states that to prevent the funds being sequestered in the future, we need to spend the money allotted to the Growth Fund for PACE loans. Lund reports that there is a company interested in building a new office, possibly out at Technology Circle or in the industrial park. They are currently working with a developer and would like to potentially open in the spring of 2010. Christensen expresses some concerns regarding repayment of any funds given for this project and has requested more detailed information from Lund prior to making any decisions.

Motion by Thompson, second by Smith to acceptance of the report. All present voted aye. MOTION CARRIED.

Annual Report – Richards states that it wasn’t a big year in terms of new projects. The report summarizes the project approvals done in 2008, the funds received from tenants, and the financials which have not yet been audited.

5. Project Update: None.

6. Adjournment: Meeting adjourned at approximately 4:25 pm.



________________________ ________________________
Melanie R. Richardson Doug Christensen
Office of Urban Development Chairman