Four Northfield institutions, Community National Bank, First National Bank of Northfield, St. Olaf College and Carleton College, have contributed capital to establish the Northfield Community Investment Fund. The fund, currently $1.5 million, will be administered by the Northfield Enterprise Center.
The Northfield Community Investment Fund will be used to facilitate economic development and redevelopment in Northfield and fund projects that further the city’s economic development plan.
“All of us at the First National Bank of Northfield are excited about the opportunity to team with Carleton and St. Olaf Colleges and Community National Bank to help guide and address the diverse economic needs of our community,” said First National Bank of Northfield president David Shumway.
“Community National Bank is pleased to participate in the Northfield Community Investment Fund. We believe the fund can be a great assistance in the development of select projects that would be beneficial to the Northfield community,” said Don Kuehnast, president of Community National Bank.
The idea for a community investment fund originated with the Northfield Downtown Development Corporation several years ago. The participants preferred a community-wide approach, and leadership was passed to the Northfield Enterprise Center.
St. Olaf and Carleton colleges have a long history of community support and contributions. Both colleges make an annual donation to the City of Northfield, and are strong supporters of the annual United Way fund drive. In addition, students from St. Olaf and Carleton are enthusiastic volunteers at numerous community organizations and events.
”Both colleges place a high priority on community involvement and community service,” said Amy Gage, director of marketing communications at St. Olaf College. “Our students and their parents are drawn to Northfield because of its cultural and artistic character, its economic strength and its diversity of thought. Business investment, and particularly a strong downtown, helps shape this community.”
“We hope that the Northfield Community Investment Fund will be a catalyst for financing projects that are identified as key in the City’s future growth. These projects could be in the core district of the community or on its fringe. Wherever the projects are located, we hope that the support of the Northfield Community Investment Fund will give other investors the confidence to bring them to fruition,” said Dan Bergeson, director of auxiliary services and special projects at Carleton College and president of the Northfield Downtown Development Corp.