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Twin Cities Community Capital Fund <br />TCCCF <br />Frequently -Asked Questions <br />Page 1 of 4 <br />Throughout the TCCCF development stage, interested individuals <br />raised a number of questions concerning the workings of the Fund. <br />The following represents a sampling of those frequently asked <br />questions: <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. In <br />fact, 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 <br />TCCCF were originally received from the Minnesota <br />Department of Employment and Economic Development <br />(DEED) under the Minnesota Investment Fund grant <br />program. These funds were loaned to a local business and <br />the repayments are being used to capitalize my local <br />revolving loan fund (RLF). Can I use this money to join <br />TCCCF? <br />Yes. The State Legislature enacted an amendment to Minn. Statute <br />116J.8731, subd.2 2000 that specifically authorizes local <br />government units to do so. <br />How about 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 <br />revenue fund for organizations like the Minnesota Community <br />Capital Fund. In addition, Minn. Statutes Section 412.211 provides <br />broad powers to municipalities, including the authority to support <br />local economic development projects. TCCCF's attorney has issued a <br />detailed legal opinion concerning the statutory authority under which <br />Cities, Economic Development Authorities, Housing & <br />Redevelopment Authorities and Port Authorities may participate in <br />the Fund. A copy of this legal opinion is available upon request by <br />calling Scott Martin at (952)546 -9049. <br />Once we're a member of the TCCCF, can we increase our <br />initial participation level in order to be able to originate <br />http: / /www.tcecf.org /faq.cfm 4/22/2005 <br />