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

June 17th, 2009

1. Roll Call: Present: Doug Christensen, Terry Smith, Eliot Glassheim and Mike McNamara. Also present: Tim Loven from Bank Forward, John Mohn from Ideal Aerosmith, Meredith Richards, Keith Lund, Klaus Theissen and Melanie Richardson. Absent: Dwight Thompson

2. Approval of Minutes –May 19th, 2009: Motion by Smith, second by Glassheim to approve minutes from previous meeting. All present voted aye. MOTION CARRIED.

3. Other Business:

PACE Loan Request from Ideal Aerosmith – Keith gave a brief overview of the company and their expansion plans. The request is for a $134,615 PACE loan which will leverage a $250,000 PACE grant from the Bank of North Dakota. Keith then introduced John Mohn from Ideal Aerosmith who stated that the expansion will bring 36 jobs to Grand Forks. Originally they will be transferring employees from their business in East Grand Forks to Grand Forks but are expecting to add 10 new positions each year for the next two years.

Motion by Mike McNamara, second by Eliot Glassheim to approve the PACE loan request for Ideal Aerosmith. All present voted aye. MOTION CARRIED.

4. Project Update: None.

5. Adjournment: Meeting adjourned at approximately 4:20 pm.



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