EDSR INFORMATION DEC 6 2002
M ' CCF
• MINNESOTA COMMUNITY
CAPITAL FUND ,F
December 13, 2002
Ms. Catherine Mehelich
Economic Development Director
City of Elk River
13065 Orono Pkwy. PO Box 490
Elk River, MN 55330
Dear Catherine:
I am very pleased to report that membership commitments for the Minnesota Community
Capital Fund(MCCF) have recently surpassed our$2.5 million initial capitalization goal,
and that plans are now underway to formally launch the Fund.
The MCCF interim Board of Directors has ordered that the organizational meeting of the
Fund be held February 5, 2003 in St. Cloud beginning at 10:00 a.m. at the Downtown
Radisson Hotel. As a member representative, you are invited to attend this meeting and
• participate in both the election of the new Board and in our member training session to be
held from 1:00—3:00 p.m. The meeting agenda and additional information will be sent to
you at least ten days prior to this event.
Enclosed for your reference is a current list of MCCF member commitments, by class of
membership. Also enclosed is a copy of the fully executed "Participation Agreement"
signature page for your files.
We expect to send you our loan application forms and begin reviewing proposed
financing requests sometime early next month, depending upon when we receive the
outstanding member loan fund deposits needed to reach our$2.5 million minimum goal.
In the meantime, please don't hesitate to contact me with any questions you may have
concerning the long-awaited launch of the Fund. I look forward to working with you in
the future as we bring a new source of development financing capital to rural Minnesota.
Sincerely,
MCCF
'•� eta' ,
Scott A. Martin
CEO
. enclosures
Activating Capital for your Community
13911 Ridgedale Drive I Suite 260 I Minneapolis,MN 55305
phone:952 541-9674 I fax:952 541-9684 I website:www.mncommunitycapitalfund.org
M C C' F
MINNESOTA COMM UNITY
CAPITA E_: FUND
•
The following communities and organizations have made commitments to become members of the MCCF:
Class A Members
Carlton County
Faribault County
Great River Energy
Itasca Development Corporation
Minnesota Power
Prairieland Economic Development Corporation
Red Wing Port Authority
St. Cloud HRA
St.Louis County
Winona
Class B Members
•
Becker County
Brainerd Lakes Area Development Corporation
Cloquet
Detroit Lakes
East Central Energy
East Range Joint Powers Board
Elk River
Fergus Falls
• Hibbing
Jackson County(Jackson,Lakefield,Heron Lake,&Okabena)
Milaca
Mille Lacs Area CDC(Willow River,Hinckley, Sandstone&Pine County EDC)
Mille Lacs Electric Cooperative
New Ulm
Pipestone County
Sleepy Eye
Class C Members
Big Lake
Blue Earth
Buhl
Cannon Falls
Chatfield
Chisholm
Dodge County EDA(Claremont,Dodge Center,Hayfield,Kasson,Mantorville&West Concord)
Economic Development Partnership of Wright County
Hutchinson
Kandiyohi County Economic Development Partnership
Kenneth L.Kellar Foundation
Lake Crystal
Luverne
Madelia
Moose Lake
New Prague
• Preston
Sherburne County
Tracy
Wabasso
Warroad Port Authority
Worthington