HomeMy WebLinkAbout6.e. Expenditure of $100,000 for Membership in the Twin Cities Community Captial FundAGENDA ITEM: Expenditure of $100,000 to allow
membership in the Twin Cities
Community Capital Fund
AGENDA SECTION:
Consent
PREPARED BY: Kim Lindquist, Community Development
Director
AGENDA NO
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ATTACHMENTS: None
APPRIT Y#
RECOMMENDED ACTION: Motion to approve expenditure of $100,000 for participation
in the Twin Cities Community Capital Fund.
4ROSEMOUNT
CITY COUNCIL
City Council Regular Meeting: June 21, 2005
EXECUTIVE SUMMARY
ISSUE
The Port Authonty at their meeting on June 7, 2005 voted to become a member of the Twin Cities
Community Capital Fund (TCCCF) The Port Authority voted to participate at the $100,000 level which
will allow loans of up to $1 million. To participate, the City must deposit $100,000 into the fund with
10 °Jo, or $10,000, allocated toward working capital for the fund The $10,000 is considered a no interest
loan to the Fund with the final decision as to whether it will be tepaid up to the future Board of Directors.
The $10,000 will come out of the $100,000 deposit and will not reduce ability to make future loans.
As was indicated to the Port .Authority, the deposit will be held by the Fund without interest. If the City
chooses to terminate its membership m the future, the $90,000 deposit will be returned to the City The
deposit in the fund functions as an asset of the City for bookkeeping and audit purposes. The City funds
that will be deposited for membership will come from general fund resents.