2011-11-08T15:13:07-06:00 2010-12-31 BAKER TILLY VIRCHOW KRAUSE LLP 115 SOUTH 84TH STREET SUITE 400 MILWAUKEE WI 53214 990 2010-01-01 237129398 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MILW 4142865840 809 N BROADWAY MILWAUKEE WI 53202 DAVID E LATONA 4142865840 2011-11-07 1 TROY E MARINE CPA 4147775500 2011-11-07 2010 2016-03-07 17:11:31Z PATRICK G WALSH 809 N BROADWAY MILWAUKEE WI 53202 5922332 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. 28 27 21 27 681248 0 906017 1814107 3333588 2969271 716877 457531 494988 681423 5451470 5922332 20152 208791 0 0 1038459 1192048 0 0 0 2542097 1984460 3600708 3385299 1850762 2537033 63603319 64900116 8749916 8190928 54853403 56709188 X THE MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION'S MISSION IS TO AID BUSINESS EXPANSION 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 2323065 2969271 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. 744583 208791 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. 3067648 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 3 0 21 1 1 1 0 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 1 1 0 WI X PATRICK GWALSH 4142865840 809 N BROADWAY ROOM 104 MILWAUKEE WI 53202 SHEEHY TIMOTHY 1.00 X 0 0 0 BARRETT TOM 1.00 X 0 0 0 MORICS WALLY 1.00 X 0 0 0 HINES WILLIE L JR 1.00 X 0 0 0 CLARK DAVID D 1.00 X 0 0 0 DAVIS JOE SR 1.00 X 0 0 0 LUBER FRED 1.00 X 0 0 0 O'NEILL THOMAS J 1.00 X 0 0 0 MCKEY JEAN 1.00 X 0 0 0 LEMKE MARK 1.00 X 0 0 0 MARIA CAROL 1.00 X 0 0 0 TALBOTT ROBIN 1.00 X 0 0 0 BARTH STEVE 1.00 X 0 0 0 GALANIS JOHN 1.00 X 0 0 0 BOMBERG JAMES 1.00 X 0 0 0 KLEINER PAUL 1.00 X 0 0 0 DICKMAN SAMUEL D 1.00 X 0 0 0 CROSS CARLA Y 1.00 X 0 0 0 MONNAT ROBERT B 1.00 X 0 0 0 BLUM LES 1.00 X 0 0 0 PENMAN JULIE A 1.00 X 0 0 0 DWYER MICHAEL J 1.00 X 0 0 0 MACARENO AMELIA E 1.00 X 0 0 0 RIVERA PERFECTO 1.00 X 0 0 0 BROWN MARTHA L 1.00 X 0 0 0 MARCOUX RICHARD 1.00 X 0 0 0 WALSH PATRICK G 40.00 X X 155338 0 11940 SCHERER JAMES 40.00 X 108686 0 12112 LATONA DAVID E 40.00 X 135829 0 29330 LUBER TRACY 40.00 X 73577 0 12270 LUCKETT TRACY 40.00 X 52288 0 11641 525718 0 77293 3 0 1 0 0 1814107 1814107 LOAN INTEREST AND SERV 900099 2969271 2969271 2969271 457531 457531 PARTNERSHIP INCOME 531110 681248 681248 MISCELLANEOUS INCOME 900099 175 175 681423 5922332 2969271 681248 457706 201896 201896 6895 6895 603012 542711 60301 302706 272435 30271 41106 36995 4111 187480 168732 18748 57744 51970 5774 183391 165052 18339 65000 58500 6500 123897 111507 12390 18064 16258 1806 278465 250618 27847 163513 147162 16351 40436 36392 4044 16643 14979 1664 PROJECT & ECONOMIC DEVE 1578293 1420464 157829 LOAN CLOSING AND SERVIC 33048 29743 3305 LOAN LOSS PROVISION & G -516290 -464661 -51629 3385299 3067648 317651 0 7219143 9282302 1652914 4500685 82627 69206 36261291 32350859 215849 193660 44750 22189 78838 83053 18263756 18591822 63603319 64900116 225782 1329090 7675998 5247340 848136 1614498 8749916 8190928 X 46758452 48512892 8094951 8196296 54853403 56709188 63603319 64900116 X 2537033 -681248 X 0 1 1 X 1 1 X 1432068 2444311 772210 906017 1814107 7368713 2850748 3770249 3596408 3406241 2969271 16592917 4282816 6214560 4368618 4312258 4783378 23961630 0 0 0 23961630 145399 398512 287413 651164 457531 1940019 145399 398512 287413 651164 457531 1940019 66857 -484873 784775 488048 681248 1536055 4495072 6128199 5440806 5451470 5922157 27437704 0.87330 0.89220 0.07070 0.07200 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: PARTNERSHIP INCOME 215849 193660 22189 22189 ACCRUED INTEREST RECEIVABLE 133326 DUE FROM REDEVELOPMENT AUTH. OF THE CITY OF MILWAUKEE 116419 REAL ESTATE HELD FOR DEVELOPMENT 954517 DUE FROM M&I MEDC FUND, LLC & MEDC CAPITAL FUND I 17387560 18591822 FUNDS HELD IN ESCROW 261177 SBA LOAN GUARANTEE DEPOSIT 68844 CASH OVERDRAFT 254477 OTHER LIABILITIES 180000 ENERGY FUNDS PAYABLE 850000 1614498 5922332 3385299 2537033 -681248 -681248 1855785 5241084 0 5241084 681248 681248 5922332 3385299 0 3385299 0 3385299 PART XI, LINE 8 - OTHER ADJUSTMENTS: AT-RISK LIMITATION ON PARTNERSHIP INTEREST -681,248. PART XII, LINE 4B - OTHER ADJUSTMENTS: PARTNERSHIP INCOME 681,248. 1 DOWNER GARAGE RETAIL LLC 1200 N MAYFAIR RD SUITE 220 MILWAUKEE WI 53226 270236917 10656 ENVIRONMENTAL TESTING. MCKINLEY'S CORPORATION 2545 N 30TH STREET MILWAUKEE WI 53210 391224021 2084 ENVIRONMENTAL TESTING. PRAGMATIC DEVELOPMENT LLC 602 S 3RD STREET MILWAUKEE WI 53204 352362224 2669 ENVIRONMENTAL TESTING. COAKLEY BROTHERS CO 400 S FIFTH STREET MILWAUKEE WI 53204 390215980 10732 ENVIRONMENTAL TESTING. BUILDING 41 LLC 700 W VIRGINIA STREET MILWAUKEE WI 53204 391940768 25000 ENVIRONMENTAL TESTING. TOWN DOGS LLC 2999 N HUMBOLDT BLVD MILWAUKEE WI 53212 391869696 5400 ENVIRONMENTAL TESTING. 2452 KK LLC 172 N BROADWAY 2ND FLOOR MILWAUKEE WI 53202 202811854 4536 ENVIRONMENTAL TESTING. SOHI CORNER INC 831 W WISCONSIN AVENUE MILWAUKEE WI 53233 203847105 140819 LARGE IMPACT DEVELOPMENT. 0 7 ENVIRONMENTAL TESTING. 1 6895 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 0 0 0 0 0 0 0 0 0 WALSH PATRICK G 155338 0 0 0 0 0 9372 0 2568 0 167278 0 0 0 LATONA DAVID E 135829 0 0 0 0 0 8525 0 20805 0 165159 0 0 0 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 THE CORPORATION COLLECTED SIGNED COPIES OF THE POLICY FROM ALL DIRECTORS AND STAFF IN 2009 WHEN THE POLICY WAS ADOPTED. 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. 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 VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE, COMPRISED OF 10 DIRECTORS OF THE ORGANIZATION, HAS FULL GOVERNING AUTHORITY OVER THE ORGANIZATION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: AT-RISK LIMITATION ON PARTNERSHIP INTEREST -681,248. TOTAL TO FORM 990, PART XI, LINE 5: -681,248. MEDC CAPITAL FUND I LLC 809 N BROADWAY MILWAUKEE WI 53202 200935453 LENDING WI N/A UNRELATED -101 1685 0 1 0.00010 MEDC CAPITAL FUND II LLC 809 N BROADWAY MILWAUKEE WI 53202 352319023 LENDING WI N/A UNRELATED 21 1339 0 1 0.00010 MEDC CAPITAL FUND III LLC 809 N BROADWAY MILWAUKEE WI 53202 352319024 LENDING WI N/A UNRELATED 18 2206 0 1 0.00010 MEDC CAPITAL FUND IV LLC 809 N BROADWAY MILWAUKEE WI 53202 943451031 LENDING WI N/A UNRELATED 680 0 1 0.00010 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 MEDC CAPITAL FUND I LLC K 180000 FMV MEDC CAPITAL FUND I LLC P 25500 FMV MEDC CAPITAL FUND II LLC K 40899 FMV MEDC CAPITAL FUND III LLC K 62909 FMV