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<br />RECEIVED <br /> <br />IJAN 27 2005 <br /> <br />AMENDMENT NO. 1 <br />TO <br />MEMORANDUM OF UNDERSTANDING <br /> <br />CASS COUNTY COMMISSION <br /> <br />,------,---- <br /> <br />--'--_.._- '-------'-----"'--, <br /> <br />THIS Al\ŒNDMENT is made ~d entered into this jst day of .flkttJItWv 19 qq . by <br />and between the CITY OF FARGO, NORm DAKOTA, a municipal ~der the laws <br />of the State of North Dakota, hereinafter called "Fargo", the CITY OF WEST FARGO, NORm <br />' DAKOTA, a municipal COrporation under the laws of the State of North Dakota, hereinafter called, <br />"West Fargo", and CASS COUNTY, NORTH DAKOTA, a political subdivision of the State of <br />North Dakota, hereinafter called "Cass County", said entities also being referred to. in this <br />Agreement collectively as, "gòvemmental entities", and OROwrn: INITIATIVE FUND, a North <br />Dakota non-profit corporation, hereinafter called "GIF". <br /> <br />,-,---,---,------------,--,,: "'---""-"---' <br /> <br />~11arv Statement <br /> <br />Pursuant to a Memorandum of Understanding da~ February 14, 1997, the governmental, <br />entities 'and the OIP agreed that the GIF would administer the PACE Loan Program for Fargo, <br />West Fargo and Cass County. <br /> <br />The parties desire to amend the Memorandum of Understanding to set forth the amount <br />of funding by the governmental entities for 1999 and in order to assist in the development of <br />. employment within Cass County, to authorize the OIP to use funds contributed to the Loan Pool <br />by the governmental entities to assist in the financing of a spec building as 'provided in ,thi~ <br />Agreement. <br /> <br />NOW, r.....:œREFORE, it is agreed by and between the parties as follows: <br /> <br />1. <br /> <br />Section 3, Funding, is amended by adding the following thereto: <br /> <br />Each of the governmental entities agrees to contribute to the Loan Pool the <br />following amounts for 1999: <br /> <br />(a) <br /> <br />Fargo - $260,000 <br />West Fargo - $45,000 <br />Cass County - $400,000 <br /> <br />The cities of Fargo and West Fargo will remit their funds to the OIF in the <br />first quarter of 1999. Cass County will remit funds as they become <br />available from tax collections. <br /> <br />(b) <br /> <br />(c) <br /> <br />The time the Loan Pool is expected to reach $8,000,000 will extend <br />beyond the year 2002, as originally anticipated. ' <br /> <br />The OIP shall have the authority to use funds from the Loan Pool to <br />encourage the development of speculative buildings. The intent of the <br />