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

October 20, 2009

1. Roll Call

Present: Doug Christensen, Eliot Glassheim, Terry Smith, and Mike McNamara. Also present: Greg Hoover, Meredith Richards, Klaus Theissen, Keith Lund and Melanie Richardson. Absent: Dwight Thompson.

2. Approval of Minutes – June 17, 2009: Motion by Mike McNamara, second by Eliot Glassheim to approve minutes from previous meetings of June 17, 2009. All present voted aye. MOTION CARRIED.

3. Other Business:

Change in Lead Lender Request: Tim Pribula submitted a request to move his PACE loans from First State Bank to Bank Forward. As Bank of North Dakota has already approved the change, minimal discussion followed and the Committee had no objections.

Motion by Eliot Glassheim, second by Terry Smith to approve the changes to Tim Pribula’s change request. All present voted aye. MOTION CARRIED.

4. Executive Session:

Motion by Terry Smith, seconded by Eliot Glassheim to go into executive session at 4:08 pm. All present voted aye. MOTION CARRIED.

Motion by Terry Smith, second by Eliot Glassheim to close the executive session at 4:32 pm. All present voted aye. MOTION CARRIED.

5. Project Update: None.

6. Adjournment: Meeting adjourned at approximately 4:51 pm.



________________________ ________________________
Melanie R. Richardson Eliot Glassheim
Office of Urban Development Secretary