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

July 15th, 2008

1. Roll Call – Doug Christensen, Terry Smith, Mike McNamara, Greg Hoover, Meredith Richards, Connie Mangan, Keith Lund, Casey Wonnenborg, Cory Melland, Douglas Courtney, Wayne Zink, Stewart Johnson and Melanie Richardson.

2. Approval of Minutes – June 17th, 2008: Motion by Smith, second by McNamara to approve minutes from previous meetings of June 17th, 2008. All present voted aye. MOTION CARRIED.

3. Monthly Report: Connie Mangan states that the previous estimated cash available was incorrect but our fund balance still looks good. Tina Hoffart will be giving an updated report at the next meeting.

4. Other Business:

Growth Fund Application from G F Truss: Christensen opens the discussion regarding the application received from GF Truss for a PACE loan of up to $6500.00. Hoover and Lund will discuss the new loan policy and the terms will be presented at the next meeting. Hoover confirms that this information will be brought to the JDA on July 21st, 2008.

Motion by Smith, seconded by McNamara to approve the GF Truss PACE loan application. All present voted aye. MOTION CARRIED.

Property Tax Exemption Request from PS Doors: Hoover states that PS Doors has approached the EDC for their support and, because it is a City issue, it will go on to the Council instead of the JDA. Lund explains that at this time PS Doors is seeking a five year declining property tax exemption from the city. A public hearing will be held by the City Council on August 4th, 2008.

All present heard the report and are in support of the property tax exemption for PS Doors. NO MOTION – ADVISORY ACTION ONLY.

5. Project Update: Not presented.

6. Adjournment: Meeting adjourned at approximately 4:31 pm.



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