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M~NNESOTA COMMUNITY <br /> CAPITAL PUND <br /> <br />May 10, 2002 <br /> <br />Ms. Catherine Mehelich <br />Director of Economic Development <br />City of Elk River <br />13065 Orono Pkwy. PO Box 490 <br />Elk P, Jver, MZN 55330 <br /> <br />Dear Ms. Mehelich: <br /> <br />Enclosed for your consideration is the Offering Prospectus for the A,finnesota Commzmity Capital <br />Fund (Z&[CC.F'), the new nonprofit membership corporation established to increase the lending <br />capacity of economic development goups like yours throughout Greater Nfinnesota. <br /> <br />MCCF has been developed over the course of the past eighteen months with the input and <br />support of dozens of project funders, economic developers, lenders, and local government <br />officials. Recently, a $250,000 grant was awarded by the Blandin Foundation to assist with start- <br />up costs and to meet working capital needs during the first three years of the Fund's operations. <br /> <br />With the release of the Prospectus, the formal MCCF membership enrollment period is now <br />underway. We invite your organization to review this offering and act now to become a member <br />of this unique new housing and economic development financing resource. <br /> <br />If your organization is a local government that wishes to use revolving loan funds that originated <br />from the repayment of a Minnesota Investment Fund (MIF) loan, please refer to the enclosed <br />memorandum (dated March 5, 2002) from DTED Commissioner Rebecca Yanisch. Included for <br />your convenience is a sample letter and resolution to be submitted to DTED requesting their <br />authorization to transfer local pro,am funds for membership in the MCCF. <br /> <br />Once cumulative membership commitments reach the initial Loan Fund capitalization goal of <br />$2.5 million, the MCCF will become operational and loan applications will be accepted. If your <br />orgamzanon wishes to join, simply follow the instructions contained on page 16 of the <br />Prospectus under the section entitled "How to Participate". <br /> <br />Should you have any questions concerning membership in the MCCF, please don't hesitate to <br />contact me. Thank you for considering this invitation to join Minnesota's newest and most <br />innovative development financing organization. <br /> <br />Sincerely, <br /> <br />Scott A. Martin <br />CEO / Fund Developer <br /> <br />Activating Capital for Four Cornmt.tnit!/ <br /> <br /> 13911 Ridgedale Drive I Suite 260 t Minneapolis, MN 5.5305 <br />phone: 952 541-9674 I fax: 952 54i-9684 I webs/te: www.rnncomrnunit,Tcapitalfund.org <br /> <br /> <br />