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<br />Scott Martin addressed Council and provided an overview of the Minnesota Community <br />Capital Fund or Twin Cities Community Capital Fund. <br /> <br />Mayor Capra asked what the advantage would be to a business. <br /> <br />Mr. Martin indicated that their lending rate is lower than market rate a bit and these are <br />term loan that are collateralized and can go out longer terms to assist the business owner. <br />He then said that they are a gap lender to assist companies to get up and running where a <br />bank's customer has run into lending limits. <br /> <br />Mr. Martin indicated that the lending capacity is 10 to one and the businesses can borrow <br />up to ten times what the City loans the program. <br /> <br />Mayor Capra asked if this would be a one-time contribution or an annual contribution. <br /> <br />Mr. Martin indicated this is a one-time contribution and then explained how the <br />contribution and subsequent lending would be handled noting that 10% of the money <br />loaned could be at risk if the fund fails but the 90% of the funds loaned has a three year <br />money back guarantee. <br /> <br />Council Member Lakso asked what happens when a business defaults. <br /> <br />Mr Martin indicated that the risk is purchased when the loan is purchased by another <br />bank. <br /> <br />VI. PUBLIC HEARINGS <br /> <br />None. <br /> <br />VII. NEW BUSINESS <br /> <br />1. Church of SI. Genevieve Site Plan Review- P & Z Recommendation for <br />Aoproval <br /> <br />City Administrator Larson indicated that Park and Recreation had reviewed this <br />development and made a recommendation to request an easement !Tom the Church in the <br />northwest and southeast corner of the property to allow connection to trails and City <br />property. He then explained that Staff met with Mr. Wilharber to explain the request and <br />was told by Mr. Wilharber that he did not think the Church would have an issue with the <br />request. <br /> <br />Mr Wilharber indicated that he and City Staff met to discuss the request and then the <br />Church Council met and agreed to provide the easements provided that the City pays for <br />all costs associated with them He then eXplained that a civil issue has come up with the <br />survey and the adjoining property owner and the Church has agreed to give the I3 feet six <br />inches in dispute to the property owner at 1680 Heritage with the restriction that if there <br /> <br />Page 3 of8 <br />