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Twin Cities Community Capital .fund <br />TWIN COMNIUNFILY <br />APITAIL U <br />Frequently-Asked Questions <br />Page I of') <br />. . =Plh 0, Tmm r., <br />The following represents a sampling of frequently asked questions raised <br />by prospective member organizations: <br />Can any size organization or community become a TCCCF <br />member? <br />There is no minimum or maximum size. eligibility requirement for <br />organizations or communities to become members of the TCCCF. Ire fact, <br />the Fund is designed for and encourages the participation of <br />communities of all sizes, as well as nonprofit economic development <br />organizations that want to increase their development financing <br />capacity. <br />The funds that we have available locally to invest in the TCCCF <br />were originally received from the Minnesota Department. of <br />Employment and Economic Development (DEED) under the <br />Minnesota Investment Fund grant program. These funds were <br />loaned to a local business and. the repayments are being used to <br />capitalize my local revolving loan fund (RLF): Can I use this <br />money to join TCCCF? <br />Yes. The State Legislature enacted an amendment to Minn. Statute <br />1163.$731, subd.2 2000 that specifically authorizes local government <br />units to do so. <br />Homer a -bout- using city general fund dollars for this purpose? <br />Yes, again. Minn. Statutes 469.191 authorizes cities and towns to <br />appropriate not more than $50,000 annually out of their general revenue <br />fund for organizations like the Minnesota Com rn unity Capital Fund. In <br />addition, Minn. Statutes Section 412.211 provides broad pourers to <br />municipalities, [including the authority to support l -oval economic <br />development projects. TCCCF's attorney has issued a detailed legal <br />opinion concerning the• statutory authority under which Cities, Economic. <br />Development Authorities, Housing & Redevelopment Authorities and Port <br />Authorities may participate in the Fund. A copy of this legal opinion is <br />available upon request by calling Scott Martin at (952 )546 -9049 <br />Once we`re a me•m ber• of the. TCCCF, can we increase our initial <br />participation level in order to be able to originate larger loans <br />from the Fund:? <br />Absolutely.. TCCCF members are able to increase their participation <br />am -punt in the Fund at any time in order to meet their changing needs <br />and to make the most of this new financing resource. <br />http : / /www.tcccf. org /faq. cfm 6/11/2008 <br />