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MINUTES/GROWTH FUND AUTHORITY
Monday, March 16, 1998 - 7:00 p.m.

The city council of the City of Grand Forks sitting at the Growth Fund Authority met in the council chambers in City Hall on Monday, March 16, 1998 at the hour of 7:00 p.m. with Chairman Carpenter presiding. Present at roll call were Council Members Beach, Lucke, Hamerlik, Bouley, Carpenter, Sande, Beyer, Babinchak, Hafner, Hagness, Owens - 11; absent: Council Members Polovitz, Glassheim, Bakken - 3.

HOLD PUBLIC HEARING ON APPLICATION FOR
FUNDING BY SURE FOOT CORPORATION

Chairman Carpenter presented the matter of public hearing on pro-posed Growth Fund project from Sure Foot Corporation; and that a copy of project summary and recommendation from Growth Fund has been distributed to the council members. He reported that Sure Foot Corporation has made an application to the Growth Fund for a loan and PACE participation, that application has been reviewed by the subcommittee, and the recommendation is for approval of a loan in the amount of $105,500 for 15 years at 6% interest to be used for the purchase of a building, that the committee also recommended approval of a PACE loan buydown of up to $12,387, with the assistance in the form of a zero percent interest loan, to be repaid at the start of the time the PACE loan is paid in full, at the same payment rate as the PACE loan until the balance of the Growth Fund loan is paid in full.

Chairman Carpenter opened the public hearing.

There were no comments, and Chairman Carpenter closed the public hearing.

It was moved by Council Member Lucke and seconded by Council Member Hamerlik to approve the recommendation of the Growth Fund subcom-mittee. Upon roll call the following voted "aye": Council Members Beach, Lucke, Hamerlik, Bouley, Carpenter, Sande, Beyer, Babinchak, Hafner, Hagness and Mayor Owens - 11; voting "nay": none. Chairman Carpenter declared the motion carried.

ADJOURN

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

Respectfully submitted,



Saroj Jerath
Deputy City Auditor