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RECEIVED ,¡; IJAN 27 2005 MEMORANDUM OF UNDERSTAND'ING CASS COUNTY COMMISSION THIS AGREEMENT, made and entered into this 14th day of February, 1997, by and between the CITY OF FARGO, NORTH DAKOTA, a municipal corporation under the laws of the State of North Dakota, hereinafter called "Fargo", the CITY OF WEST FARGO, NORTH DAKOTA, a municipal corporation under the laws of the State of North Dakota, hereinafter called, "West Fargo", and CASS COUNTY, NORTH DAKOTA, a political subdivision of the State of North Dakota, hereinafter called "County", said entities also being referred to in this Agreement collectively as "governmental entities", and GROWTH INITIATIVE FUND, a North Dakota non-profit corporation, hereinafter called "GIF". Preliminary Statement The GIF is a North Dakota non-profit corporation established to facilitate economic development in Fargo, West Fargo, and Cass County and the State of North Dakota. The governmental entities are currently participating in the PACE Loan Program (Chapter 6- 09.14, N.D.C.C.) using funds to participate with the Bank of North Dakota to buy down interest rates on loans to new or expanding businesses in the County. Beginning January 1, 1997, the governmental entities desire to have the GIF administer the PACE Program and act as the "community" in the PACE Program and to deal generally with all matters regarding the PACE Program and any successor program for Fargo, West Fargo and Cass County. It is the intent of the parties to this Memorandum that the governmental entities will contribute money to the GIF for the PACE Program which will constitute a perpetual revolving fund for PACE loans. NOW, THEREFORE, it is agreed by and between the parties as follows: 1. Directors. The Board of Directors of GIF will consist of five members. The members shall be appointed fo~ a three year term with two members appointed by Fargo, two members by Cass County and one member by Wes~ Fargo. The entity appointing a director shall have the right to remove a director so appointed at any time and appoint a successor for such director. Any vacancy occurring in the Board of Directors shall be promptly filled by appointment by the entity responsible for selecting such director. 2. GIF Responsibility. be as follows: The responsibility of the GIF shall (a) All PACE loan applications will be submitted directly by the applicant to GIF.