Print VersionStay Informed
Minutes of Grand Forks City Council/Growth Fund
Authority (JDA) - Monday, July 23, 2007 - 5:30 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, July 23, 2007 at the hour of 5:30 p.m. with Chairman Gershman presiding. Present at roll call were Council Members Brooks, McNamara, Glassheim, Kreun, Gershman and Mayor Brown - 6; absent: Council Members Christensen, Bakken - 2.

HOLD PUBLIC HEARING AND APPROVE PACE LOAN
FOR CANAD INNS DESTINATION CENTER-GRAND
FORKS, L.P.


The staff report from the urban development director relating to Canad Inns Destination Center - Grand Forks, L.P. growth fund application, with recommendation to hold public hearing on the proposed funding for Canad Inns Destination Center - Grand Forks, L.P., and approve a PACE loan to Canad Inns Destination Center - Grand Forks, L.P. as summarized in this report: PACE participation interest rate buy-down loan in amount up to $135,000, with 0% interest, and payments deferred until maturity of bank loan (25 years); monthly payments to be at the same rate as the bank loan and made until debt is satisfied.

Chairman Gershman opened the public hearing, there were no comments and the public hearing was closed.

It was moved by Council Member Kreun and seconded by Mayor Brown that this recommenda-tion be approved. Upon roll call the following voted "aye": Council Members Brooks, McNamara, Glassheim, Kreun, Gershman, Mayor Brown - 6; voting "nay": none. Chairman Gershman declared the motion carried.

ADJOURN

It was moved by Council Member Glassheim and seconded by Council Member Brooks that we adjourn. Carried 6 votes affirmative.

Respectfully submitted,



Saroj Jerath
Deputy City Auditor