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AMENDMENT NO. 4 TO <br />MEMORANDUM OF UNDERSTANDING <br /> <br /> THIS AMENDMENT is made and entered into this __ day of ,2003, by and between the CITY <br />OF FARGO, NORTH DAKOTA, a municipal corporation under the laws of the State of North Dakota, <br />hereinafter called "Fargo", the CITY OF WEST FARGO, NORTH DAKOTA, a municipal corporation under the <br />laws of the State of North Dakota, hereinafter called, "West Fargo, and CASS COUNTY, NORTH DAKOTA, a <br />political subdivision of the State of North Dakota, hereinafter called "Cass County", said entities also being <br />referred to in this Agreement collectively as "governmental entities", and GROWTH INITIATIVE FUND, a North <br />Dakota non-profit corporation, hereinafter called "GIF". <br /> <br /> Preliminary Statement <br /> <br /> Pursuant to a Memorandum of Understanding dated February 14, 1997, the governmental entities and <br />the GIF agreed that the GIF would administer the PACE Loan Program for Fargo, West Fargo and Cass <br />County. <br /> <br /> NOW, THEREFORE, it is agreed by and between the parties as follows: <br /> <br /> 1. Section 3, Funding, is amended by adding the following thereto: <br /> <br /> (a) The GIF shall have the authority to set aside $750,000 of the current available Loan Pool <br /> funds for a New Technology Fund. The fund is intended to encourage the development of an <br /> industry cluster by providing direct loans. <br /> <br /> 2. Except as amended herein, the Memorandum of Understanding, as amended, shall <br /> remain in full force and effect. <br /> <br /> IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year <br /> <br />first above written. <br />CITY OF FARGO, NORTH DAKOTA <br /> <br />By: <br /> <br /> Its: <br /> <br />CASS COUNTY, NORTH DAKOTA <br />By: <br /> <br />CITY OF WEST FARGO, NORTH DAKOTA <br />By: <br /> <br /> Its: <br /> <br />GROWTH INITIATVE FUND <br />By: <br /> <br />Its: Its: <br /> <br />SUGGESTED MOTION: <br />Move to authorize the chairman to sign the Fargo Cass Economic Development Corporation Amendment No. 4 <br />to Memorandum of Understanding for the Growth Initiative Fund (GIF). Section 3, Funding, is amended by <br />adding that the GIF shall have the authority to set aside $750,000 of the current available Loan Pool funds for <br />a New Technology fund. The New Technology fund is intended to encourage the development of an industry <br />cluster by providing direct loans. <br /> <br /> <br />