2014-11-13T11:14:59-06:00 2013-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 777 E WISCONSIN AVENUE 32ND FLOOR MILWAUKEE WI 53202 990 2013-01-01 237129398 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MILW 4142865840 809 N BROADWAY NO 104 MILWAUKEE WI 53202 DAVID E LATONA PRESIDENT 4142865840 2014-11-13 1 TROY E MARINE CPA P00187863 4147775500 2014-11-13 2013 2015-11-30 17:44:51Z DAVID E LATONA 809 N BROADWAY NO 104 MILWAUKEE WI 53202 8725157 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. 25 23 16 22 418122 196185 1767279 3567120 2405272 2161377 1834155 2540523 1001901 456137 7008607 8725157 706513 3587120 0 0 1238319 1290154 0 0 0 2700308 2632276 4645140 7509550 2363467 1215607 178822636 171107026 19805925 19033886 159016711 152073140 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 3467561 2199392 LOANS: THE MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION PROVIDES LOW INTEREST 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. 3649747 3587120 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. 7117308 1 1 0 0 0 0 0 0 0 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 60 0 16 1 1 1 0 0 0 0 0 0 0 0 0 X 25 23 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 1 1 0 X DAVID E LATONA 4142865840 809 N BROADWAY ROOM 104 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 CROSS CARLA Y DIRECTOR 1.00 X 0 0 0 DAVIS JOE SR DIRECTOR 1.00 X 0 0 0 DICKMAN SAMUEL D DIRECTOR 1.00 X 0 0 0 DWYER MICHAEL J DIRECTOR 1.00 X 0 0 0 GALANIS JOHN DIRECTOR 1.00 X 0 0 0 KLEINER PAUL DIRECTOR 1.00 X 47896 0 2287 LEMKE MARK DIRECTOR 1.00 X 0 0 0 LUBER FRED 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 MCKEY JEAN DIRECTOR 1.00 X 0 0 0 MONNAT ROBERT B DIRECTOR 1.00 X 0 0 0 O'NEILL THOMAS J DIRECTOR 1.00 X 0 0 0 PENMAN JULIE A DIRECTOR 1.00 X 0 0 0 RIVERA PERFECTO 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 WALSH PATRICK G DIRECTOR 40.00 X 153017 0 14710 MILLER JOHN VICE PRESIDENT 40.00 X 93565 0 28789 LATONA DAVID E PRESIDENT/DIRECTOR 40.00 X 168588 0 37745 LUBER TRACY TREASURER 40.00 X 82018 0 13980 LUCKETT TRACY SECRETARY 40.00 X 54527 0 3404 599611 0 100915 2 0 1 0 FRIEBERT FINERTY & ST JOHN 330 EAST KILBOURN AVENUE SUITE 125 MILWAUKEE WI 53202 LEGAL 285941 1 3559620 7500 3567120 LOAN INTEREST AND SERVICING FEES 900099 2161377 2161377 2161377 2540523 2540523 PARTNERSHIP INCOME 900099 418122 418122 OTHER INCOME 900099 38015 38015 456137 8725157 2199392 418122 2540523 3587120 3587120 599611 539650 59961 429743 386769 42974 59272 53345 5927 130092 117083 13009 71436 64292 7144 86941 78247 8694 243190 218871 24319 140024 126022 14002 34865 31379 3486 304561 274105 30456 405530 364977 40553 37631 33868 3763 40085 36077 4008 LOAN LOSS PROVISION & G 1220506 1098455 122051 PROJECT & ECONOMIC DEVE 69586 62627 6959 LOAN CLOSING AND SERVIC 49357 44421 4936 7509550 7117308 392242 0 22156618 21291977 4630958 4672481 89434 172846 130454737 134957729 6500 6500 123654 116233 44338 7421 77038 77038 3728 3014 21359285 9918020 178822636 171107026 2862186 2142161 16019162 15873241 924577 1018484 19805925 19033886 X 149221647 142356477 9795064 9716663 159016711 152073140 178822636 171107026 X 1215607 -8159178 X X 0 1 X 1 1 1 X 906017 1814107 1672204 1767279 3567120 9726727 3406241 2969271 2858680 2405272 2161377 13800841 4312258 4783378 4530884 4172551 5728497 23527568 0 0 0 23527568 651164 457531 504051 1834155 2540523 5987424 651164 457531 504051 1834155 2540523 5987424 488048 681248 991225 962735 418086 3541342 39166 38015 77181 5451470 5922157 6026160 7008607 8725121 33133515 0.71010 0.74270 0.18070 0.12510 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 123654 116233 7421 7421 ACCRUED INTEREST RECEIVABLE 326551 DUE FROM REDEVELOPMENT AUTH. OF THE CITY OF MILWAUKEE 427752 REAL ESTATE HELD FOR DEVELOPMENT 954517 DUE FROM MEDC CAPITAL FUND VIII INVESTMENT FUND, LLC 8209200 9918020 FUNDS HELD IN ESCROW 217520 SBA LOAN GUARANTEE DEPOSIT 100071 CASH OVERDRAFT 593488 OTHER LIABILITIES 92000 CLOSING FEE DEPOSIT 15405 1018484 X PART X, LINE 2: THE AFFILIATES HAVE ELECTED TO BE TREATED AS A PASS-THROUGH ENTITY 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 ITS OWNERS ON THEIR RESPECTIVE INCOME TAX RETURNS. THE AFFILIATES' FEDERAL TAX STATUS AS A PASS-THROUGH ENTITY IS BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE AFFILIATES ARE NOT REQUIRED TO TAKE ANY TAX 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 THE AFFILIATES HAVE NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. 1 FREDDY E HURTADO 3149 S ADAMS AVE MILWAUKEE WI 53207 389042121 30000 ME2 ENERGY PROGRAM ARCH ELECTRIC W4499 SUMAC RD PLYMOUTH WI 53073 200448850 567178 ME2 ENERGY PROGRAM TOWER ENERGY INTERNATIONAL 820 WATER ST RACINE WI 53403 271330287 92090 ME2 ENERGY PROGRAM ALVERNO COLLEGE 3400 S 43RD ST MILWAUKEE WI 53215 390806263 25173 ME2 ENERGY PROGRAM ALVERNO GARDEN APARTMENTS 3728 S 43RD ST MILWAUKEE WI 53220 396132297 90000 ME2 ENERGY PROGRAM THE NEWPORT CORPORATION 1610 N PROSPECT AVE MILWAUKEE WI 53202 390975800 111420 ME2 ENERGY PROGRAM JOMELA VALLEY HILL 5601 W NORTH AVE MILWAUKEE WI 53208 900824104 30630 ME2 ENERGY PROGRAM HELPING HANDS HABITAT LLC 6320 W LUSCHER AVE MILWAUKEE WI 53218 208591848 31535 ME2 ENERGY PROGRAM JNR LLC 5121 W HIGHLANDS DR FRANKLIN WI 53132 300329747 29526 ME2 ENERGY PROGRAM EDGEWATER TERRACE CONDO 5645 N GREEN BAY RD GLENDALE WI 53209 391342323 87800 ME2 ENERGY PROGRAM SPIN OUT COIN LAUNDRY LLC 8449 E WIND LAKE RD WATERFORD WI 53185 386908678 29963 ME2 ENERGY PROGRAM MARQUETTE LAUNDRY INC 12705 ROBIN LN BROOKFIELD WI 53005 391754758 29926 ME2 ENERGY PROGRAM TA ACQUISITION 3200 W NORTH AVE MILWAUKEE WI 53208 861116494 29877 ME2 ENERGY PROGRAM INSITE MILWAUKEE LLC 1400 16TH ST- SUITE 300 OAK BROOK IL 60523 363651222 30000 ME2 ENERGY PROGRAM 56 INVESTMENTS CORP 170 W ASPEN CT-UNIT 5 OAK CREEK WI 53154 461221446 92896 ME2 ENERGY PROGRAM JONCO INDUSTRIES INC 2501 W HAMPTON AVE MILWAUKEE WI 53209 391376839 121762 ME2 ENERGY PROGRAM ASHMAN ENTERPRISES 5790 S DUNVEGAN DR NEW BERLIN WI 53146 391944899 29990 ME2 ENERGY PROGRAM HEATING & COOLING SOLUTION 2430 LATHROP AVE RACINE WI 53405 800574888 25140 ME2 ENERGY PROGRAM WISCONSIN KNITWEAR 1111 W LINCOLN AVE MILWAUKEE WI 53215 391700837 23945 ME2 ENERGY PROGRAM AH WELLS LLC 2001 W BELTLINE HWY MADISON WI 53713 452978748 300000 ME2 ENERGY PROGRAM VISUAL IMPRESSIONS INC 6600 W CALUMET RD MILWAUKEE WI 53223 391686502 81500 ME2 ENERGY PROGRAM MILWAUKEE BREWING CO 613 S 2ND ST MILWAUKEE WI 53201 391846135 46667 ME2 ENERGY PROGRAM RUSSELL S DELONG 5739 GLADSTONE LN GREENDALE WI 53129 398724584 29280 ME2 ENERGY PROGRAM R&B WAGNER 10600 W BROWN DEER RD MILWAUKEE WI 53224 390910046 201063 ME2 ENERGY PROGRAM STAY - LITE LIGHTING INC W233N2800 ROUNDY CIRCLE WEST-SUITE 100 PEWAUKEE WI 53072 391730435 62039 ME2 ENERGY PROGRAM GREYWOLF PARTNERS INC 9000 W CHESTER ST-SUITE 350 MILWAUKEE WI 53214 271483786 13611 ME2 ENERGY PROGRAM GENEVA EXCHANGE FUND XLV II LLC 115 S 84TH ST-SUITE 350 MILWAUKEE WI 53214 043827638 13309 ME2 ENERGY PROGRAM GENEVA EXCHANGE FUND L LLC 9000 W CHESTER ST-SUITE 350 MILWAUKEE WI 53214 043827666 8288 ME2 ENERGY PROGRAM GENEVA EXCHANGE FUND XLV III LLC 115 S 84TH ST-SUITE 350 MILWAUKEE WI 53214 043827660 13149 ME2 ENERGY PROGRAM PENFIELD CHILDREN'S CENTER INC 833 N 26TH ST MILWAUKEE WI 53233 391093701 18215 ME2 ENERGY PROGRAM RAIT REUSS FEDERAL PLAZA LLC 310 W WISCONSIN AVE- 1450 MILWAUKEE WI 53203 260902129 300000 ME2 ENERGY PROGRAM REXNORD INDUSTRIES LLC 3001 CANAL ST MILWAUKEE WI 53208 391626766 7239 ME2 ENERGY PROGRAM DILLETT MECHANICAL SERVICE INC 21625 DORAL RD WAUKESHA WI 53186 391846877 30000 ME2 ENERGY PROGRAM LANDMARK ON THE LAKE CONDO ASSOC 1660 N PROSPECT AVE MILWAUKEE WI 53202 389608678 264884 ME2 ENERGY PROGRAM HUMBOLDT TWELVE LLC 7475 N RIVER RD RIVER HILLS WI 53218 455498862 29058 ME2 ENERGY PROGRAM GSD ENTERPRISES LLC 7833 W HAWTHORNE RD MEQUON WI 53097 261972201 30000 ME2 ENERGY PROGRAM COMMON BOND COMMUNITIES 328 W KELLOGG BLVD ST PAUL MN 55102 411260469 52759 ME2 ENERGY PROGRAM AURORA HEALTH CARE METRO INC 2900 W OKLAHOMA MILWAUKEE WI 53215 390806181 94044 ME2 ENERGY PROGRAM COMPASS PROPERTIES LLC 735 NORTH WATER ST-SUITE M180 MILWAUKEE WI 53202 391977290 267922 ME2 ENERGY PROGRAM MILWAUKEE ATHLETIC CLUB 758 N BROADWAY MILWAUKEE WI 53202 390475250 38043 ME2 ENERGY PROGRAM US BANK NATIONAL ASSOCITATION 777 E WISCONSIN AVE-SUITE 3175 MILWAUKEE WI 53202 310841368 64196 ME2 ENERGY PROGRAM GPS EDUCATION GRANT 13000 SILVER SPRING DR BUTLER WI 53007 391667442 25000 EDUCATION GRANT 1 41 PART I, LINE 2: THE ORGANIZATION UTILIZES AN ACCOUNTING SOFTWARE PACKAGE WHICH TRACKS THE AMOUNT OF GRANTS ISSUED THROUGHOUT THE YEAR, WHICH IS MONITORED BY THE BOARD. X X X X X 0 0 0 0 0 0 0 0 0 WALSH PATRICK G DIRECTOR 153017 0 0 0 0 0 9346 0 5364 0 167727 0 0 0 LATONA DAVID E PRESIDENT/DIRECTOR 168588 0 0 0 0 0 10146 0 27599 0 206333 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 11 A COPY OF THE FORM 990 IS REVIEWED BY MANAGEMENT PRIOR TO FILING. A FILED COPY OF THE FORM 990 IS AVAILABLE TO ALL DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C STAFF ANNUALLY REQUESTS UPDATED FORMS FROM THE BOARD AND STAFF. FORM 990, PART VI, SECTION B, LINE 15 THE CORPORATION ENGAGED AN OUTSIDE CONSULTING FIRM, MRA, TO REVIEW JOB DESCRIPTIONS FOR ALL POSITIONS AND COMPARE COMPENSATION WITH PUBLISHED AND UNPUBLISHED SALARY AND BENEFIT SURVEYS. PAY RANGES WERE ESTABLISHED USING THIS MARKET INFORMATION. MRA ALSO PROVIDED A BENEFITS COMPARISON TO MARKET, WHICH WAS USED AS THE BASIS FOR MANAGEMENT TO ADJUST SOME BENEFITS. THIS PROCESS WAS LAST DONE IN 2011. 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: NON-CONTROLLING MEMBER CONTRIBUTIONS 12,000,000. DISTRIBUTIONS TO NON-CONTROLLING MEMBERS -1,417,406. ACQUISITION OF NON-CONTROLLING INTEREST -19,645,744. PARTNERSHIP DISTRIBUTIONS 903,972. FORM 990, PART XII, LINE 2C: NO CHANGES HAVE BEEN MADE FROM THE PRIOR YEAR. M&I MEDC FUND 809 NORTH BROADWAY ROOM 104 MILWAUKEE WI 53202 204312618 OWNS 100% OF MEDC CAPITAL FUND I, LLC WI 762310 17551488 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MEDC CAPITAL FUND I LLC 809 NORTH BROADWAY ROOM 104 MILWAUKEE WI 53202 200935453 LENDING WI 762310 17551488 M&I MEDC FUND MEDC CAPITAL FUND II LLC 809 N BROADWAY MILWAUKEE WI 53202 352319023 LENDING WI N/A UNRELATED 418204 13393806 0 1 0.00010 MEDC CAPITAL FUND III LLC 809 N BROADWAY MILWAUKEE WI 53202 352319024 LENDING WI N/A UNRELATED 458448 22058870 0 1 0.00010 MEDC CAPITAL FUND IV LLC 809 N BROADWAY MILWAUKEE WI 53202 943451031 LENDING WI N/A UNRELATED 307924 6831028 0 1 0.00010 MEDC CAPITAL FUND V 809 N BROADWAY MILWAUKEE WI 53202 943451022 LENDING WI N/A UNRELATED -200 14068265 0 1 0.00010 MEDC CAPITAL FUND VI 809 N BROADWAY MILWAUKEE WI 53202 943451025 LENDING WI N/A UNRELATED 77509 18880653 0 1 0.00010 MEDC CAPITAL FUND VII LLC 809 N BROADWAY MILWAUKEE WI 53202 943451034 LENDING WI N/A UNRELATED 155876 14064327 0 1 0.00010 CHASE NMTC INGETEAM INVESTMENT FUND LLC 809 N BROADWAY MILWAUKEE WI 53202 274446984 LENDING WI N/A UNRELATED -200 14068265 0 1 0.00010 MEDC CAPITAL FUND VIII LLC 809 N BROADWAY MILWAUKEE WI 53202 943451040 LENDING WI N/A UNRELATED 12002000 0 1 0.00010 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 MEDC CAPITAL FUND I LLC Q 43224 ACTUAL