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MINUTES/GROWTH FUND AUTHORITY
May 15, 1995 - 7:00 p.m.

The city council of the City of Grand Forks sitting as the Growth Fund Authority of the city of Grand Forks, ND met in the council chambers in City Hall on Monday, May 15, 1995 at the hour of 7:00 p.m. with the following members present: Council Members Beach, Hoeppner, Hamerlik, Hanson, Carpenter, Sande, Klave, Beyer, Babinchak, Hagness - 10; absent: Council Members McCabe, Geller, Johnson - 3.

Chairman Carpenter called for the public hearing on the following applications:

COUNCIL MEMBER GLASSHEIM REPORTED PRESENT

a) Stevens Mattress Manufacturing, Inc.
There were no comments on the application for a PACE interest buydown in an amount up to $10,200 on the $210,000 bank loan for the replacement of equipment. (The PACE loan application was approved, permitting a subsidized interest rate of prime minus three points.)

It was moved by Council Member Hoeppner and seconded by Council Member Hanson to approve a PACE interest buydown in an amount up to $10,200. Upon roll call the following voted "aye": Council Members Beach, Hoeppner, Hamerlik, Hanson, Glassheim, Sande, Klave, Beyer, Babinchak, Hagness, Carpenter - 11; voting "nay": none. Chairman Carpenter declared the motion carried.

b) ProMark One Marketing Services, Inc.
There were no comments on the application (to expand their current location, with addition of equipment to meet this expansion of $605,000, and to give capacity to employ another 170 people).

It was moved by Council Member Hamerlik and seconded by Council Member Beach to provide interest buydown up to $25,700 and to provide $2,000 per job funding paid out over five years to a maximum of $800,000 over the period of five years, which is an increase of $360,000 over the prior application that was approved. Upon roll call the following voted "aye": Council Members Beach, Hoeppner, Hamerlik, Hanson, Glassheim, Sande, Klave, Beyer, Babinchak, Hagness, Carpenter - 11; voting "nay": none. Chairman Carpenter declared the motion carried.

ADJOURN

It was moved by Council Member Hanson and seconded by Council Member Beach that we do now adjourn. Carried 11 votes affirmative.

Respectfully submitted,

John M. Schmisek, City Auditor