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DEC 6 2002 <br /> M ' CCF <br /> • MINNESOTA COMMUNITY <br /> CAPITAL FUND ,F <br /> December 13, 2002 <br /> Ms. Catherine Mehelich <br /> Economic Development Director <br /> City of Elk River <br /> 13065 Orono Pkwy. PO Box 490 <br /> Elk River, MN 55330 <br /> Dear Catherine: <br /> I am very pleased to report that membership commitments for the Minnesota Community <br /> Capital Fund(MCCF) have recently surpassed our$2.5 million initial capitalization goal, <br /> and that plans are now underway to formally launch the Fund. <br /> The MCCF interim Board of Directors has ordered that the organizational meeting of the <br /> Fund be held February 5, 2003 in St. Cloud beginning at 10:00 a.m. at the Downtown <br /> Radisson Hotel. As a member representative, you are invited to attend this meeting and <br /> • participate in both the election of the new Board and in our member training session to be <br /> held from 1:00—3:00 p.m. The meeting agenda and additional information will be sent to <br /> you at least ten days prior to this event. <br /> Enclosed for your reference is a current list of MCCF member commitments, by class of <br /> membership. Also enclosed is a copy of the fully executed "Participation Agreement" <br /> signature page for your files. <br /> We expect to send you our loan application forms and begin reviewing proposed <br /> financing requests sometime early next month, depending upon when we receive the <br /> outstanding member loan fund deposits needed to reach our$2.5 million minimum goal. <br /> In the meantime, please don't hesitate to contact me with any questions you may have <br /> concerning the long-awaited launch of the Fund. I look forward to working with you in <br /> the future as we bring a new source of development financing capital to rural Minnesota. <br /> Sincerely, <br /> MCCF <br /> '•� eta' , <br /> Scott A. Martin <br /> CEO <br /> . enclosures <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 />