2018-11-08T16:00:26-06:00 2017-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 777 E WISCONSIN AVENUE 32ND FLOOR MILWAUKEE WI 53202 990 2017-01-01 237129398 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MILW 4142691445 757 NORTH BROADWAY NO 600 MILWAUKEE WI 53202 DAVID E LATONA PRESIDENT 4142691445 2018-11-08 1 TROY MARINE CPA P00187863 4147775500 2018-11-08 38.122.82.115 2018-11-08 14:10:17 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 793A1E00ACF041F16FD41A7A782950CAF62641F6 2017 2019-02-21 02:37:17Z DAVID E LATONA 757 NORTH BROADWAY NO 600 MILWAUKEE WI 53202 6091581 0 X WWW.MEDCONLINE.COM X 1971 WI TO PROVIDE FLEXIBLE GAP FINANCING TO BUSINESSES IN ORDER TO ASSIST THEM IN EXPANDING AND RETAINING JOB OPPORTUNITIES TO AREA INDIVIDUALS. 27 26 19 26 0 0 38011 23420 6033480 5913526 10323 -1173358 37923 115024 6119737 4878612 101838 101290 0 0 1409730 1476376 0 0 0 1723012 5066043 3234580 6643709 2885157 -1765097 242134829 207316930 29985829 38698365 212149000 168618565 X THE MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION'S MISSION IS TO AID BUSINESS EXPANSION IN ORDER TO GROW OUR ECONOMY THROUGH THE CREATION AND RETENTION OF JOBS AND BY INCREASING THE PROPERTY TAX BASE. THE CORPORATION USES ITS LOAN CAPITAL TO PROVIDE BUSINESS LOANS AND ASSIST IN THE FINANCING OF PROJECTS THAT ACHIEVE THAT OBJECTIVE. 0 0 6192348 5913526 LOANS: THE MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION 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 $1,717,641 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. 101290 101290 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. 6293638 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 1 295 0 19 1 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 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 GALANIS JOHN 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 40.00 X X 170229 0 35474 LEMKE MARK 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 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 SCHMUTZER CRAIG DIRECTOR 1.00 X 0 0 0 SHEEHY TIMOTHY CHAIRMAN/DIRECTOR 1.00 X 0 0 0 TALBOTT ROBIN DIRECTOR 1.00 X 0 0 0 THAO MAY YER DIRECTOR 1.00 X 0 0 0 WALSH PATRICK G DIRECTOR 1.00 X 0 0 0 ZALE THOMAS DIRECTOR 1.00 X 0 0 0 ADAMS TRACY SECRETARY 40.00 X 61695 0 11867 LUBER TRACY TREASURER 40.00 X 85302 0 18302 MILLER JOHN VICE PRESIDENT 40.00 X 99888 0 30303 417114 0 95946 3 0 1 0 VANGARD GROUP LLC 710 N PLANKINTON AVENUE MILWAUKEE WI 53202 TENANT DELIVERY FEE 240000 FRIEBERT FINERTY & ST JOHN 330 EAST KILBOURN AVENUE SUITE 125 MILWAUKEE WI 53202 LEGAL 222660 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 400 BALTIMORE MD 21202 AUDIT & TAX 154572 3 23420 23420 LOAN INTEREST 900099 5726549 5726549 MANAGEMENT AND SERVICING FEES 900099 186977 186977 5913526 39611 39611 1212969 -1212969 -1212969 -1212969 OTHER INCOME 900099 114858 114858 MISCELLANEOUS INCOME 900099 166 166 115024 4878612 5913526 0 -1058334 101290 101290 513060 461756 51304 603177 498208 104969 72902 62696 10206 207281 178262 29019 79956 68762 11194 71865 71865 98926 85076 13850 179791 132921 46870 80399 80399 16765 8383 8382 81191 64364 16827 93836 89336 4500 90009 77408 12601 2694 2317 377 28403 15911 12492 867249 867249 49678 42723 6955 41051 20526 20525 LOAN LOSS PROVISION 3290636 3290636 LOAN CLOSING AND SERVIC 48257 48257 LOAN GUARANTEE EXPENSE 25293 25293 6643709 6293638 350071 0 13344898 6959329 100881 7033202 352381 111260 201605987 166751501 474641 178298 306426 296343 351038 351038 872 158 26072346 25814099 242134829 207316930 871436 984976 162525 28546974 36788611 567419 762253 29985829 38698365 X 205177458 162540885 6971542 6077680 212149000 168618565 242134829 207316930 X -1765097 -41765338 X X 0 1 X 1 1 1 X 3567120 115524 67156 38011 23420 3811231 4142234 4816455 5510082 6033480 5913526 26415777 7709354 4931979 5577238 6071491 5936946 30227008 0 0 0 30227008 60784 30209 11942 10323 39611 152869 60784 30209 11942 10323 39611 152869 418086 177 418263 38015 37515 68932 37923 115024 297409 8226239 4999880 5658112 6119737 6091581 31095549 0.97210 0.94050 0.00490 0.00480 X 1 0 444193 380405 63788 1 X 227409 67001 160408 113349 75485 37864 133883 35812 98071 296343 ACCRUED INTEREST RECEIVABLE 384636 REAL ESTATE HELD FOR DEVELOPMENT 3092663 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 25814099 CAP ACCESS BANK LOAN LOSS RESERVE 711228 ACCRUED INTEREST PAYABLE 51025 762253 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 PURPOSE 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 FEDERAL COMMONS SOUTH SECOND LLC 920 CIRCLE DRIVE ELM GROVE WI 53122 475420534 8064 SITE ASSESSMENT GRANT DEMICHELE COMPANY LLC 2060 N HUMBOLDT AVE SUITE 250 MILWAUKEE WI 53212 272940419 10396 SITE ASSESSMENT GRANT CHERRY WATER LLC 1200 N MAYFAIR ROAD SUITE 310 MILWAUKEE WI 53226 811795902 25000 SITE ASSESSMENT GRANT WWB DEVELOPMENT II LLC C/O IRGENS PARTNERS LLC 833 EAST MICHIGAN STREET SUITE 400 MILWAUKEE WI 53202 814853787 18724 SITE ASSESSMENT GRANT WWB DEVELOPMENT LLC C/O IRGENS PARTNERS LLC 833 EAST MICHIGAN STREET SUITE 400 MILWAUKEE WI 53202 813353663 15886 SITE ASSESSMENT GRANT 0 5 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 150672 0 0 0 19557 0 12302 0 23172 0 205703 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE, COMPRISED OF 10 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 10 SEATS ON THE EXECUTIVE COMMITTEE. THE LAST SEAT OF THE EXECUTIVE COMMITTEE IS A CLASS V DIRECTOR THAT WAS APPOINTED BY A VOTE OF ALL CLASS V DIRECTORS. THE 10 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 -42,150,000. GAIN ON NMTC UNWIND 6,731,327. CONTRIBUTION EXPENSE NMTC UNWIND -5,236,650. PARTNERSHIP DISTRIBUTIONS -1,110,015. FORM 990, PART XII, LINE 2C: NO CHANGES HAVE BEEN MADE FROM THE PRIOR YEAR. MEDC CAPITAL FUND II LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 352319023 LENDING WI 22 0 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MEDC CAPITAL FUND IV LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451031 LENDING WI 31 0 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION PH DYE HOUSE INVESTMENT FUND LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 161782971 LENDING WI 0 0 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MEDC CAPITAL FUND V 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451022 LENDING WI N/A RELATED 24 1403 0 1 0.00010 MEDC CAPITAL FUND VI 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451025 LENDING WI N/A RELATED 8 1887 0 1 0.00010 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 1404 0 1 0.00010 MEDC CAPITAL FUND VIII LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451040 LENDING WI N/A RELATED 20 2042 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 12 1551 0 1 0.00010 MEDC CAPITAL FUND XI LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462677663 LENDING WI N/A RELATED 9 1266 0 1 0.00010 LCM FUNDS PITTSBURGH LLC 330 E KILBOURN AVE SUITE 838 MILWAUKEE WI 53202 461923498 REAL ESTATE WI N/A RELATED -34256 914606 0 0 0.10000 YANKEE HILL HOUSING PARTNERS 2 SCIENCE COURT MADISON WI 53711 391521328 REAL ESTATE WI N/A RELATED 873658 8073112 0 0 0.48510 TS EARLY VENTURES 5156 VISTAMERE CT ORLANDO FL 32819 134219110 TECH INVESTMENT WI N/A RELATED 0 0 0.25000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0