The Northfield Community Investment Fund, a $1.5 million pool intended to assist development and redevelopment projects in Northfield, is up and running. The final signing of the documents is taking place two floors over my head at this very moment.
The Fund was originally the brain-child of the NDDC. Founders Brett Reese, Bardwell Smith and Jim Braucher, along with long-time supporter Dixon Bond, knocked on a few doors several years ago with the vision of spurring investment and redevelopment in downtown. The potential participants preferred a community-wide approach and the baton was passed to the Northfield Enterprise Center (NEC) about two years ago.
The fund participants are Carleton College, St. Olaf College, First National Bank of Northfield and Community National Bank. Each entity has contributed capital to create a community-oriented investment fund.
Seated at the table from left to right: Dave Shumway, First National Bank of Northfield; Alan Norton, St. Olaf College; Lynda Grady, NEC; Don Kuenhast, Community National Bank; Steve Meyer, Oppenheimer Wolff & Donnelly; Fred Rogers, Carleton College; Joe Hargis, NEC.
Although the fund is now community-wide, the type of challenging projects that it will support, those sometimes difficult community-building projects that push the typical bank’s envelope, are often located in downtown. The NDDC is excited about the potential for this new fund.
We thank Carleton College, Community National Bank, First National Bank of Northfield and St. Olaf College for their creativity and courage.