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Case #2 <br /> <br />Twin City Community Capital Fund (TCCCF) Presentation <br />Sean M. Sullivan, Economic Development/TIF Specialist <br /> <br />Background: <br /> <br />The EDA has directed Staff to research additional funding sources to facilitate our current <br />economic development program. The Minnesota Community Capital Fund (MCCF) is a fund <br />that provides 10:! leveraging of funds to serve as gap financing for economic development <br />projects. This fund was created for greater Minnesota to assist in projects. The success of this <br />fund has prompted interest from metropolitan cities. The TCCCF is now being set up to provide <br />the same funding mechanism for metropolitan cities such as Ramsey. The fund is designed to <br />mirror the MCCF and Scott A. Martin will be at the meeting to outline how the fund works. <br /> <br />Obse~w'ations: <br /> <br />Attached to this case is information pertaining to the types of projects the MCCF has funded <br />since 2003 and general information on the TCCCF. The flexibility in how the funds can be used <br />(i.e. bricks and mortar) differentiate it from the Tax Increment Financing. The initial investment <br />of the participating community ranges from $50,000 to $100,000. Again Scott Martin will be <br />able to spell out the details and be available for questions after his Presentation. <br /> <br />Reco~nmendation: <br /> <br />Based on discussion <br /> <br />Review Checklist: <br />Community Development Director <br />Megan Wald, Associate Planner <br /> <br />CC: I}4.13.05 <br /> <br />l0 <br /> <br /> <br />