City of Grand Forks, North Dakota

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	MINUTES/GROWTH FUND AUTHORITY Monday, April 5, 1999 - 7:00 p.m. The city council of the city of Grand Forks sitting as the Growth Fund Authority met at the council chambers at City Hall on Monday, April 5, 1999 at the hour of 7:00 p.m. with Chairman Carpenter presiding. Present at roll call were Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Carpenter, Lunak, Babinchak, Bakken, Martinson, Mayor Owens - 11; absent: Council Members Glassheim, Klave, Beyer, Hafner - 4. HOLD PUBLIC HEARING ON APPLICATIONS FOR FUNDING ASSISTANCE BY YOUNG MANUFACTURING, INC. Chairman Carpenter read the recommendation from the Growth Fund Subcommittee: approval of a $100,000 loan at 4.5% interest for a term of 7 years for equipment and approval of a PACE interest subsidy loan of an amount up to $15,300.00 at zero interest to be repaid starting at the time the PACE loan is paid in full at the same payment rate as the PACE loan. Chairman Carpenter opened the public hearing; there were no comments and the hearing was closed. It was moved by Council Member Martinson and seconded by Council Member Babinchak to approve the recommendation of the subcommittee. Upon roll call vote the following voted “aye”; Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Babinchak, Bakken, Martinson, Owens, Carpenter - 10; voting “nay”: Council Member Lunak - 1. HOLD PUBLIC HEARING ON APPLICATION FOR FUNDING ASSISTANCE BY LARIMORE SUNFLOWER, INC. Chairman Carpenter read the recommendation from the Growth Fund subcommittee: to approve contingent upon Larimore Community Development Corporation approving the same of a PACE loan interest buydown in the amount up to $12,000.00 at zero interest to be repaid starting at the time the PACE loan is paid in full at the same payment rate as the PACE loan. Chairman Carpenter opened the public hearing; there were no comments and the hearing was closed. MINUTES/GROWTH FUND AUTHORITY April 5, 1999 - Page 2_______ It was moved by Council Member Lunak and seconded by Council Member Babinchak to approve the recommendation of the sub-committee. Upon roll call . Upon roll call vote the following voted “aye”; Council Members Brooks, Polovitz, Lucke, Hamerlik, Bouley, Lunak, Babinchak, Bakken, Martinson, Owens, Carpenter - 11; voting “nay”: none. There being no other business, it was moved by Council Member Lunak and seconded by Mayor Owens to adjourn. Meeting adjourned at 7:05 p.m. Respectfully submitted, Saroj Jerath Deputy City Auditor