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

June 17, 2008

1. Roll Call

Present: Eliot Glassheim, Terry Smith and Bill Hutchison. Also present: Meredith Richards, Connie Mangan, Hal Gershman, Klaus Theissen, Keith Lund and Melanie Richardson. Absent: Doug Christensen and Dwight Thompson.

2. Approval of Minutes – May 7, 2008 and May 20, 2008: Motion by Hutchison, second by Smith to approve minutes from previous meetings of May 7, 2008 and May 20, 2008. All present voted aye. MOTION CARRIED.

3. Monthly Report: Connie Mangan presented the unaudited monthly report. The audited report should be available next month. The report includes current cash balances as well as projected cash balances for December 31, 2008. The only approved project right now is American Defense Industries.

4. Executive Session:

Motion by Smith, seconded by Hutchison to go into executive session at 4:13 pm. All present voted aye. MOTION CARRIED.

Motion by Hutchison, seconded by Smith to close the executive session at 4:48 pm. All present voted aye. MOTION CARRIED.

Motion by Smith, seconded by Hutchison to recommend to the EDC and Urban Development staff to pursue the expansion project and authorize staff to negotiate the terms as discussed in the Executive Session. Further recommend that if the expansion occurs and staff is able to secure the terms as directed by the Committee in Executive Session, that the project be moved directly to Job Development Authority for final action. All present voted aye. MOTION CARRIED.

5. Other Business: Not Presented

6. Project Update: None.

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



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