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MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Economic Development Authority <br /> <br />Catherine Mehelich, Director of Economic Developmen~/~ <br />June 10, 2002 <br /> <br />Consider Participation in Minnesota Community Capital Fund <br />(MCCF) <br /> <br />Attachments <br /> · Correspondence from Scott Martin, CEO, MCCF <br /> · MCCF Prospectus - Membership and Loan Fund Participation <br /> · MCCF Membership Update <br /> · Balance Sheet as of May 31, 2002 - City of Elk River Micro Loan Fund <br /> <br />Issue <br />Staff has recendy received a request for the city's participation in the Minnesota Community <br />Capital Fund OVICCF) from Mr. Scott Martin, CEO/Fund Developer. Mr. Martin has been <br />invited to present an overview of the MCCF for the EDA's consideration. The Finance <br />Committee has also been invited to attend the presentation and discussion at the EDA <br />me.eting. <br /> <br />Background <br />The Minnesota Community Capital Fund (-MCCF) is a new non-profit membership <br />corporation established to increase the lending capacity of economic development groups <br />throughout Greater Minnesota. Membership in the MCCF provides the economic <br />development organization fle:dbility to fund large housing and economic development <br />projects that would otherwise not be possible through typical micro-loan funds. In addition, <br />members have the capacity to originate loans of up to ten Umes the amount they contributed <br />to the Fund (minimum of $25,000). <br /> <br />Included among MCCF's current list of 38 economic development members are: · St. CloudHRA <br /> · Sherburne County <br /> · Great River Energ7 <br /> · Big Lake <br /> <br /> <br />