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loans are not available for refinancing existing debt, for the purchase of equity positions in business enterprises, or for speculative real estate developments. 1.0. According to Mr. Scott Martin, President of TCCCF, the Fund has issued 14 loans totaling $0.7 million and its staff is currently working on six additional financing packages. on average, TCCCF receives three to four inquiries per week from commercial lenders or business owners interested in potentially working with the program; in recent months, this number has increased as the need for gap financing has grown with the recent changes in the capital markets. 2. POLICY OBJECTIVE 2.1 Supporting business development and retention, particularly those with living -wage or family - sustaining jobs, within the community seems to be an overarching goal of the City that has been articulated in both the adopted Comprehensive Plan and Imagine Roseville 2025. The Comprehensive Plan states: "Support business development that increases tax base and adds quality jobs" (Section 7, Page 0 ). Imagine Roseville 2025 reiterates this idea under Strategy D1, 2, and 4, which recommend the City encourage businesses with family- sustaining jobs, more actively support existing businesses, and welcome new businesses. The ultimate purpose of joining TCCCF would be to have a tool to encourage and leverage existing and new businesses to invest in Roseville with an anticipated end result of increased tax base and jobs retention and creation within the community. 3. FINANCIAL IMPACTS 3.1 As the initial equity payment remains in the City's name and can be returned to the City after the initial three -year commitment the risk to the City is limited to the $5,000 application fee and the interest generated by the deposited funds. 3.2 It is anticipated that if a company accesses funding through TCCCF, the City could see a positive financial impact through an increase in the tax base related to the investment made by the company. 3.3 Staff has explored a variety of potential funding sources to enroll in the fund outside of the general fund or existing enterprise funds, including possible revolving loan funds and tax increment, to no avail. TCCCF enrollment would not an eligible expenditure under those programs. The General Fund or the Community Development Enterprise Fund would be the source of funds for enrollment in the program, if the Council decides to participate in TCCCF. 4. STAFF RECOMMENDATION 4.1 Staff recommends that the City become of a member of the Twin Cities Community Capital Fund as it will provide the City with a low -risk tool by which to assist existing small businesses grow within the community and to encourage new businesses to select Roseville as their home. 4.2 By enrolling in TCCCF, the City is demonstrating an interest in providing assistance to small businesses. Currently the City has no available assistance programs. Membership in the TCCCF provides businesses interested in expanding or locating in Roseville access to a significant pool of funds to help fill financial gaps, a fairly broad set of eligible uses, and removes risk to the City of non - repayment by the borrower. 4.3 The City is maximizing the value of its investment by investing in a pool of funds that allows a business to have access to gap financing up to 10 times the City's initial investment. A $50,000 Page 2 of 3