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<br /> <br />tervi{{e <br /> <br />~sta6[isfied 1857 <br /> <br />1880 'Main Street . Centervi{Ce, 'M:N 55038 <br /> <br />STATE OF MINNESOTA (651)429-3232 · rf'ax..(651) 429-8629 <br /> <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #05 - 033 <br /> <br />A RESOLUTION APPROVING PARTICIPATION IN THE TWIN CITIES <br />COMMUNITY CAPITAL FUND (TCCCF), AND AUTHORIZING THE <br />TRANSFER OF FUNDS TO THE TCCCF LOAN FUND ESCROW ACCOUNT. <br /> <br />WHEREAS, the City of Centerville has reviewed the Offering Prospectus of the <br />TCCCF, a nonprofit membership organization serving the Twin Cities Metro area of <br />Minnesota, and <br /> <br />WHEREAS, The City wishes to become a member of the TCCCF through the deposit of <br />$50,000 into the TCCCF Loan Fund Escrow Account, and <br /> <br />WHEREAS, the City has funds available in the Sanitary Sewer Fund, and <br /> <br />WHEREAS, the City Council deems it to be in the best interest of the City to participate <br />in the TCCCF as a means of increasing the overall economic and community <br />development activity Centerville. <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF <br />CENTERVILLE: <br /> <br />1. The City hereby approves membership participation in the Twin Cities <br />Community Capital Fund (TCCCF) under the terms offered in the <br />prospectus. <br />2. The City Council approves an investment of funds from the Sanitary <br />Sewer Fund in the amount of $50,000 to be deposited to TCCCF Loan <br />Fund Escrow Account. <br />3. The Mayor, City Clerk and City Administrator are hereby directed to <br />execute necessary documents for participation in TCCCF, and to <br />disburse $50,000 to TCCCF. <br />4. At the end of the three-year commitment period, the Council shall <br />evaluate the use of the loan fund by business in the community to <br />determine whether continued participation is in the City's best <br />interests. <br /> <br />Adopted by the City Council this 22nd day of June, 2005. <br /> <br />\./[ 1-'1 ~ Cy. ~~ <br />Mary Capra!Mayor ~ <br />'--../ <br /> <br />Ct;eg: --~=:J~ <br /> <br />Teresa Bender, Clerk -- <br />