2019-09-24T09:22:32-05:00 2018-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 777 E WISCONSIN AVENUE 32ND FLOOR MILWAUKEE WI 53202 990 2018-01-01 237129398 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MILW 4142691445 757 NORTH BROADWAY NO 600 MILWAUKEE WI 53202 DAVID E LATONA PRESIDENT 4142691445 2019-09-20 1 TROY MARINE CPA P00187863 4147775500 2019-09-17 104.231.254.62 2019-09-20 20:03:58 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 793A1E00ACF041F16FD41A7A782950CAF62641F6 2018 2019-02-21 02:37:17Z DAVID E LATONA 757 NORTH BROADWAY NO 600 MILWAUKEE WI 53202 4617324 0 X WWW.MEDCONLINE.COM X 1971 WI MEDC PROVIDES GAP FINANCING TO BUSINESSES IN ORDER TO CREATE EMPLOYMENT OPPORTUNITIES AND INCREASE LOCAL INCOMES THROUGH THE RETENTION, EXPANSION AND DEVELOPMENT OF MANUFACTURING, SERVICE AND OTHER COMMERCIAL ESTABLISHMENTS LOCATED IN MILWAUKEE, WAUKESHA, WASHINGTON, WALWORTH, RACINE, KENOSHA AND OZAUKEE COUNTIES (COLLECTIVELY M7 REGION). 26 25 19 25 0 17349 23420 33000 5913526 4504616 -1173358 79708 115024 0 4878612 4617324 101290 81188 0 0 1476376 1454759 0 0 0 5066043 6333791 6643709 7869738 -1765097 -3252414 207316930 164881387 38698365 18491363 168618565 146390024 X MEDC PROVIDES GAP FINANCING TO BUSINESSES IN ORDER TO CREATE EMPLOYMENT OPPORTUNITIES AND INCREASE LOCAL INCOMES THROUGH THE RETENTION, EXPANSION AND DEVELOPMENT OF MANUFACTURING, SERVICE AND OTHER COMMERCIAL ESTABLISHMENTS LOCATED IN MILWAUKEE, WAUKESHA, WASHINGTON, WALWORTH, RACINE, KENOSHA AND OZAUKEE COUNTIES (COLLECTIVELY M7 REGION). 0 0 7174843 4504616 LENDING: MEDC PROVIDES BELOW MARKET INTEREST RATE LOANS TO MILWAUKEE BUSINESSES WORKING IN PARTNERSHIP WITH A BANK. MEDC'S APPROACH TO LENDING REVOLVES AROUND TWO FUNDAMENTAL PRINCIPLES: SHARING RISK WITH ALL PARTICIPANTS IN A PROJECT AND LENDING IN PARTNERSHIP WITH PRIVATE SECTOR FINANCIAL INSTITUTIONS.EXCLUDED FROM EXPENSES ARE $798,713 OF DISTRIBUTIONS OF 99.99% OF NET INCOME TO INVESTOR MEMBERS RELATED TO THE NEW MARKETS TAX CREDIT SUBSIDIARIES. MEDC ONLY OWNS .01% OF THESE FUNDS. SEE ALSO SCHEDULES O AND R FOR FURTHER INFORMATION. 81188 81188 DEVELOPMENT/ENVIRONMENTAL REMEDIATION: MEDC ALSO WORKS IN COLLABORATION WITH THE CITY OF MILWAUKEE AND THE REDEVELOPMENT AUTHORITY OF THE CITY OF MILWAUKEE (RACM) TO ASSIST WITH THE DEVELOPMENT AND ENVIRONMENTAL REMEDIATION OF COMMERCIAL AND INDUSTRIAL PROPERTIES. 7256031 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 264 0 19 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 26 25 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 0 1 1 0 X DAVID E LATONA 4142691445 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 BARRETT TOM DIRECTOR 1.00 X 0 0 0 BARTH STEVE DIRECTOR 1.00 X 0 0 0 BROWN MARTHA L DIRECTOR 1.00 X 0 0 0 CLARK DAVID D DIRECTOR 1.00 X 0 0 0 GAMBOA IVAN DIRECTOR 1.00 X 0 0 0 HALL DR EVE DIRECTOR 1.00 X 0 0 0 HAMILTON ASHANTI DIRECTOR 1.00 X 0 0 0 KENDRIX OSSIE DIRECTOR 1.00 X 0 0 0 KESSLER DEBRA DIRECTOR 1.00 X 0 0 0 KLEINER PAUL DIRECTOR 1.00 X 0 0 0 LATONA DAVID E PRESIDENT/DIRECTOR & SECRETARY 40.00 X X 161416 0 37096 LUTZ SARAH DIRECTOR 1.00 X 0 0 0 MACARENO AMELIA E DIRECTOR 1.00 X 0 0 0 MARCOUX RICHARD DIRECTOR 1.00 X 0 0 0 MATSON MARTIN DIRECTOR 1.00 X 0 0 0 MELVIN ANDY DIRECTOR 1.00 X 0 0 0 MITICH REBECCA DIRECTOR 1.00 X 0 0 0 MURPHY MICHAEL DIRECTOR 1.00 X 0 0 0 O'NEILL THOMAS J DIRECTOR 1.00 X 0 0 0 RIVERA PERFECTO DIRECTOR 1.00 X 0 0 0 ROBERTSON KENNETH DIRECTOR 1.00 X 0 0 0 ROEMER JAMES DIRECTOR 1.00 X 0 0 0 SCHMUTZER CRAIG DIRECTOR 1.00 X 0 0 0 SHEEHY TIMOTHY CHAIRMAN/DIRECTOR 1.00 X 0 0 0 THAO MAY YER DIRECTOR 1.00 X 0 0 0 ZALE THOMAS DIRECTOR 1.00 X 0 0 0 ADAMS TRACY THROUGH 318 SECRETARY 40.00 X 19116 0 3634 LUBER TRACY THROUGH 318 TREASURER 40.00 X 21338 0 1080 MILLER JOHN VICE PRESIDENT & TREASURER 40.00 X 106790 0 31805 308660 0 73615 2 0 1 0 DAVIS & KUELTHAU SC 111 E KILBOURN AVENUE MILWAUKEE WI 53202 LEGAL 143208 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 400 BALTIMORE MD 21202 AUDIT & TAX 133580 2 33000 33000 LOAN INTEREST 900099 4321294 4321294 MANAGEMENT AND SERVICI 900099 168322 168322 LOAN RECOVERIES 900099 15000 15000 4504616 79708 79708 4617324 4504616 0 79708 81188 81188 382276 344050 38226 708256 506565 201691 81044 63214 17830 204241 159308 44933 78942 61575 17367 116604 78779 37825 190829 35385 155444 23797 18324 5473 31249 31249 334970 316378 18592 109712 102947 6765 84579 65125 19454 3482 3482 13866 9301 4565 594360 594360 52945 40768 12177 55219 27178 28041 FORGIVENESS OF DEBT 3057105 3057105 LOAN LOSS PROVISION 1625476 1625476 LOAN CLOSING AND SERVIC 34274 34274 UNRELATED BUSINESS INCO 5324 5324 7869738 7256031 613707 0 6959329 4616083 7033202 12385470 111260 32478 166751501 121444040 476839 231085 296343 245754 351038 326038 158 0 25814099 25831524 207316930 164881387 984976 1881541 162525 159309 36788611 15008477 762253 1442036 38698365 18491363 X 162540885 140060963 6077680 6329061 168618565 146390024 207316930 164881387 X -3252414 -18976127 X X 0 1 X 1 1 1 X 115524 67156 38011 23420 33000 277111 4816455 5510082 6033480 5913526 4504616 26778159 4931979 5577238 6071491 5936946 4537616 27055270 0 0 0 27055270 30209 11942 10323 39611 79708 171793 30209 11942 10323 39611 79708 171793 177 177 37515 68932 37923 115024 259394 4999880 5658112 6119737 6091581 4617324 27486634 0.98430 0.97210 0.00630 0.00490 X 1 63788 359142 380405 42525 1 X 227409 89742 137667 115547 92142 23405 133883 49201 84682 245754 ACCRUED INTEREST RECEIVABLE 322703 REAL ESTATE HELD FOR DEVELOPMENT 3172021 DUE FROM MEDC CAPITAL FUND VIII INVESTMENT FUND, LLC 13682000 DUE FROM MEDC FCI LOAN POOL INVESTMENT FUND, LLC 8551250 DUE FROM PABST PROFESSIONAL INVESTMENT FUND, LLC 103550 25831524 CAP ACCESS BANK LOAN LOSS RESERVE 1416916 ACCRUED INTEREST PAYABLE 25120 1442036 X PART IV, LINE 2B: WRITTEN AGREEMENT WITH VARIOUS CUSTOMERS, ESCROW AMOUNTS ARE GENERALLY COLLECTED MONTHLY IN ORDER TO PAY REAL ESTATE TAXES AS A CONDITION OF THE LOANS. PART X, LINE 2: THE CORPORATION IS AN EXEMPT ORGANIZATION FOR INCOME TAX PURPOSES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE (IRC). HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE CORPORATION IS ALSO EXEMPT FROM STATE INCOME TAXES. THE AFFILIATES HAVE ELECTED TO BE TREATED AS PASS-THROUGH ENTITIES FOR INCOME TAX PURPOSES AND, AS SUCH, ARE NOT SUBJECT TO INCOME TAXES. RATHER, ALL ITEMS OF TAXABLE INCOME, DEDUCTIONS AND TAX CREDITS ARE PASSED THROUGH TO AND ARE REPORTED BY THEIR OWNERS ON THEIR RESPECTIVE INCOME TAX RETURNS. THE AFFILIATES' FEDERAL TAX STATUS AS PASS-THROUGH ENTITIES ARE BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE AFFILIATES ARE NOT REQUIRED TO TAKE ANY POSITIONS IN ORDER TO QUALIFY AS A PASS-THROUGH ENTITY. THE AFFILIATES ARE REQUIRED TO FILE AND DO FILE TAX RETURNS WITH THE INTERNAL REVENUE SERVICE AND OTHER TAXING AUTHORITIES. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THERE ARE NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. 1 DENMARK LQ LLC 35050 OLD WOODS OCONOMOWOC WI 53066 473643463 7342 SITE ASSESSMENT GRANT SOHI CORNER INC 831 W WISCONSIN AVENUE MILWAUKEE WI 53233 203847105 5812 SITE ASSESSMENT GRANT 0 2 PART I, LINE 2: THE ORGANIZATION UTILIZES AN ACCOUNTING SOFTWARE PACKAGE WHICH TRACKS THE AMOUNT OF GRANTS ISSUED THROUGHOUT THE YEAR. X X X X X 0 0 0 0 0 0 0 0 0 LATONA DAVID E PRESIDENT/DIRECTOR & SECRETARY 144005 0 0 0 17411 0 15023 0 22073 0 198512 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE, COMPRISED OF 11 DIRECTORS OF THE ORGANIZATION, HAS FULL GOVERNING AUTHORITY OVER THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION HAS SIX CLASSES OF DIRECTORS, OF WHICH ALL ARE MEMBERS. THE CLASS I, II, III, AND IV DIRECTORS COMPRISE 9 OF 11 SEATS ON THE EXECUTIVE COMMITTEE. THE LAST TWO SEATS OF THE EXECUTIVE COMMITTEE CONSIST OF CLASS V DIRECTORS. THE 11 MEMBER EXECUTIVE COMMITTEE ELECTS ALL DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS REVIEWED BY MANAGEMENT PRIOR TO FILING. ALL DIRECTORS ARE MADE AWARE THAT A FILED COPY OF THE FORM 990 IS AVAILABLE TO ALL DIRECTORS FOR REVIEW UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE EXECUTIVE COMMITTEE AND STAFF COMPLETE FORMS ANNUALLY. IF ANY INSTANCES OF POTENTIAL CONFLICTS COME UP BASED ON THE ANNUAL FORMS OR DURING THE ORDINARY COURSE OF BUSINESS, THEY ARE TO BE REPORTED TO THE BOARD OF DIRECTORS AND APPROPRIATE ACTION WILL BE TAKEN AND FOLLOWED UP ON AS INSTRUCTED IN THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE CORPORATION PERIODICALLY ENGAGES AN OUTSIDE CONSULTING FIRM, MRA, TO REVIEW JOB DESCRIPTIONS FOR ALL POSITIONS AND COMPARE COMPENSATION AND BENEFITS WITH PUBLISHED AND UNPUBLISHED SALARY AND BENEFIT SURVEYS. PAY RANGES AND BENEFITS ARE ESTABLISHED AND ADJUSTED USING THIS MARKET INFORMATION. THIS PROCESS WAS LAST COMPLETED IN 2018. THE CORPORATION ALSO HAS A COMPENSATION COMMITTEE CONSISTING OF DIRECTORS WHICH REVIEWS THE MRA FINDINGS, COMPENSATION AND BENEFITS. FORM 990, PART VI, SECTION C, LINE 19 SUMMARY FINANCIAL INFORMATION IS PUBLISHED IN OUR ANNUAL REPORT. THE ANNUAL REPORT, FINANCIAL REPORTS AND POLICIES ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ASSIGNMENT OF NOTES TO INVESTOR MEMBERS - CF II-IV NMTC UNWINDS -18,850,000. GAIN ON REDEMPTION AND INVESTMENT IN LLC 49,510. PARTNERSHIP DISTRIBUTIONS -166,776. TRANSFERS OF INTEREST -8,861. FORM 990, PART XII, LINE 2C: NO CHANGES HAVE BEEN MADE FROM THE PRIOR YEAR. SH ACQUISITION LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 453915994 REAL ESTATE WI 0 3172021 MEDC MEDC CAPITAL FUND VII LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451034 LENDING WI N/A RELATED 16 1406 0 1 0.00010 CHASE NMTC INGETEAM INVESTMENT FUND LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 274446984 LENDING WI N/A RELATED -102 0 1 0.00010 MEDC CAPITAL FUND VIII LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451040 LENDING WI N/A RELATED 20 2039 0 1 0.00010 MEDC CAPITAL FUND IX LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462655054 LENDING WI N/A RELATED 14 2000 0 1 0.00010 MEDC CAPITAL FUND X LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462672187 LENDING WI N/A RELATED 16 1552 0 1 0.00010 MEDC CAPITAL FUND XI LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462677663 LENDING WI N/A RELATED 10 1176 0 1 0.00010 LCM FUNDS PITTSBURGH LLC 330 E KILBOURN AVE SUITE 838 MILWAUKEE WI 53202 461923498 REAL ESTATE WI N/A RELATED -14086 856788 0 0 0.10000 YANKEE HILL HOUSING PARTNERS 2 SCIENCE COURT MADISON WI 53711 391521328 REAL ESTATE WI N/A RELATED 901297 7786174 0 0 0.48510 TS EARLY VENTURES 5156 VISTAMERE CT ORLANDO FL 32819 134219110 TECH INVESTMENT WI N/A RELATED 0 0 0.25000 MEDC CAPITAL FUND VI LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451025 LENDING WI N/A RELATED 6 0 1 0.00010 MEDC CAPITAL FUND V LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451022 LENDING WI N/A RELATED 5 0 1 0.00010 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0