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M C C ' F <br /> • MINNESOTA COMMUNITY <br /> CAPITAL FUND <br /> May 10, 2002 <br /> Ms. Catherine Mehelich <br /> Director of Economic Development <br /> City of Elk River <br /> 13065 Orono Pkwy. PO Box 490 <br /> Elk River, MN 55330 <br /> Dear Ms. Mehelich: <br /> Enclosed for your consideration is the Offering Prospectus for the Minnesota Community Capital <br /> Fund (MCCF), the new nonprofit membership corporation established to increase the lending <br /> capacity of economic development groups like yours throughout Greater Minnesota. <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 /> • 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 /> 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 program funds for membership in the MCCF. <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 /> organization wishes to join, simply follow the instructions contained on page 16 of the <br /> Prospectus under the section entitled "How to Participate". <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 /> Sincerely, <br /> 14-klk*4) <br /> Scott A. Martin <br /> ID CEO/Fund Developer <br /> Activating Capital for your Community <br /> 13911 Ridgedale Drive I Suite 260 I Minneapolis,MN 55305 <br /> phone:952 541-9674 I fax:952 541-9684 I website:www.mncommunitycapitalfund.org <br />