2023-10-31T14:02:58-05:00 2022-12-31 390919055 RITZ HOLMAN LLP 330 E KILBOURN AVE SUITE 550 MILWAUKEE WI 53202 990 2022-01-01 311724109 LEGACY REDEVELOPMENT CORPORATION LEGA 4143430163 1536 W NORTH AVENUE MILWAUKEE WI 53205 TERESE CARO CEO/PRESIDENT 4143430163 2023-10-31 1 TERESE CARO 999009999 1 RENEE MESSING P01872384 4142711451 2023-10-31 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TERESE CARO 1536 W NORTH AVE MILWAUKEE WI 53205 1699010 0 X WWW.LRCMKE.COM/ X 2000 WI TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE. 9 9 7 15 0 0 471378 1240449 84412 49155 416062 408806 854 600 972706 1699010 1040 345000 0 0 307290 400122 0 0 27095 499676 608657 808006 1353779 164700 345231 10634504 10893308 9522915 9436488 1111589 1456820 X LEGACY REDEVELOPMENT CORPORATION (LRC) IS A NON-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) REVOLVING LOAN FUND WHOSE MISSION IS TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE. 0 0 1190126 345000 457768 LEGACY REDEVELOPMENT CORPORATION CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE IDENTIFIED. THE GOAL, TO GET THE LOAN CLIENTS BANKABLE. IN 2021, LRC PROVIDED 45 LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS EXCEEDING $1.88MM. THE 2021 PORTFOLIO WAS COMPRISED OF DIRECT LENDING TO SMALL BUSINESSES EFFECTED BY THE PANDEMIC, AN EXPANSION INTO THE RACINE MARRKET, A PARTNERSHIP WITH THE GREATER MILWAUKEE FOUNDATION AND NEW LOAN DEALS AS A RESULT OF THE ECONOMIC TURNAROUND, POST PANDEMIC. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. OVER 95% OF THE LOANS SERVE THE LOW TO MODERATE INCOME COMMUNITY.WE PROVIDED ONE-ON-ONE TECHNICAL ASSISTANCE (TA) TO BUSINESS STARTUPS AND EXPANSIONS THAT ARE CUSTOMIZED TO THE NEEDS OF THE BORROWERS. THE TA PROVIDED RANGED FROM FINANCIAL EDUCATION TO SUCCESSION PLANNING, ETC. 1190126 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 10 0 1 7 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 WI X LAKEYTHEIA STRIBLING-DANTZLER 4143430163 1536 W NORTH AVENUE MILWAUKEE WI 53205 SALLY R PELTZ DIRECTOR 1.00 X 0 0 0 JOHN A ERICH ESQ VICE CHAIR 1.00 X X 0 0 0 TROY L REESE DIRECTOR 1.00 X 0 0 0 RICHARD W LINCOLN CHAIR 1.00 X X 0 0 0 MIKE KATZ TREASURER 1.00 X X 0 0 0 MARJORIE RUCKER SECRETARY 1.00 X X 0 0 0 DR GEORGE HINTON DIRECTOR 1.00 X 0 0 0 NICOLE L ROBBINS DIRECTOR 1.00 X 0 0 0 TERESE CARO CEO 40.00 X 104067 0 19800 104067 0 19800 1 0 0 0 0 1111776 128673 1240449 LOAN SERVICE FEES 561499 49155 49155 49155 408806 408613 193 MISCELLANEOUS REVENUE 900099 600 600 600 1699010 457768 0 793 345000 345000 123867 103790 13520 6557 205019 176774 16485 11760 47226 43054 2376 1796 24010 20740 1900 1370 2057 2057 38970 34210 2890 1870 44246 29483 14763 15409 7030 8379 4808 1676 3132 18230 1093 17137 47347 22178 23927 1242 933 860 73 6015 2432 3583 314577 314577 2261 208 2053 10976 20 10956 LOAN LOSS RESERVE 60000 60000 EQUIP RENTAL & MAINTENA 18007 17527 480 OTHER EXPENSES 17020 2519 13001 1500 DUES & SUBSCRIPTIONS 3080 2000 80 1000 4721 2898 1823 1353779 1190126 136558 27095 714517 1144437 1472902 1180226 76996 375263 8324537 7992953 15432 15784 14757 11584 5226 3173 24894 181472 10634504 10893308 26974 69949 1278029 1002697 597 3913 8217315 8359929 9522915 9436488 X 1060022 1440040 51567 16780 1111589 1456820 10634504 10893308 345231 0 X X 0 1 X 1 1 1 X 211575 340364 488823 471378 1240449 2752589 211575 340364 488823 471378 1240449 2752589 2752589 419749 479608 424 88 193 900062 1455 375 854 600 3284 3655935 1497103 0.75290 0.59400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 14757 11584 3173 3173 X PART IV, LINE 2B: THE ORGANIZATION HOLDS ESCROW BALANCES IN CONNECTION WITH LOAN ACCOUNTS FOR PAYMENT OF REAL ESTATE TAXES. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CLASSIFIED AS OTHER THAN A PRIVATE FOUNDATION. MANAGEMENT HAS REVIEWED ALL TAX POSITIONS RECOGNIZED IN PREVIOUSLY FILED TAX RETURNS AND THOSE EXPECTED TO BE TAKEN IN FUTURE TAX RETURNS. AS OF DECEMBER 31, 2022, THE ORGANIZATION HAD NO AMOUNTS RELATED TO UNRECOGNIZED INCOME TAX BENEFITS AND NO AMOUNTS RELATED TO ACCRUED INTEREST AND PENALTIES. THE ORGANIZATION DOES NOT ANTICIPATE ANY SIGNIFICANT CHANGES TO UNRECOGNIZED INCOME TAX BENEFITS OVER THE NEXT YEAR. 0 EMERGING MUSIC 1935 N 25TH STREET MILWAUKEE WI 53205 800211575 20000 0 LOAN FORGIVENESS EWS ELECTRIC 3518 N 51ST BLVD MILWAUKEE WI 53216 587022016 20000 0 LOAN FORGIVENESS G DELGADO 10411 W JONEN ST MILWAUKEE WI 53224 301257958 20000 0 LOAN FORGIVENESS GILIBRALTAR 6731 W LANCASTER AVE MILWAUKEE WI 53218 510616438 20000 0 LOAN FORGIVENESS IMPERIAL TRUCK 6204 N 35TH ST MILWAUKEE WI 53209 394721342 20000 0 LOAN FORGIVENESS DIAMOND MAID CLEANING 1234 S 23RD ST MILWAUKEE WI 53204 397315195 20000 0 LOAN FORGIVENESS COLORFUL CONNECTIONS 1922 N DOCTOR MLK JR DR MILWAUKEE WI 53212 834247383 20000 0 LOAN FORGIVENESS ALOEKUI 2024 N 25TH ST MILWAUKEE WI 53205 262885119 20000 0 LOAN FORGIVENESS WRIGHT HOUSE 1836 N 14TH ST MILWAUKEE WI 53205 812743161 20000 0 LOAN FORGIVENESS UPTOWNER MKE 1032 E CENTER ST MILWAUKEE WI 53212 391433089 20000 0 LOAN FORGIVENESS TPF LANDSCAPING 10901 W MILL RD MILWAUKEE WI 53225 264291031 20000 0 LOAN FORGIVENESS RISE AND GRIND 2737 N DOCTOR MLK JR DR MILWAUKEE WI 53212 395828578 20000 0 LOAN FORGIVENESS IVORENA TAYLOR 2757 N 41ST ST MILWAUKEE WI 53210 201576441 20000 0 LOAN FORGIVENESS NEW HORIZON 4200 N HOLTON ST MILWAUKEE WI 53212 452035097 20000 0 LOAN FORGIVENESS JO'S LEARNING ACADEMY 4801 W NORTH AVE MILWAUKEE WI 53208 900982552 20000 0 LOAN FORGIVENESS RELENTLESS 4303 N 66TH ST MILWAUKEE WI 53216 399869463 20000 0 LOAN FORGIVENESS FORM 990, PART VI, SECTION B, LINE 11B LINE 11B EXPLANATION - THE BOARD REVIEWED THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL BOARD MEMBERS REVIEW THE CONFLICT OF INTEREST POLICY, AND CERTIFICATION FORMS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR LEGACY MIDWEST REDEVELOPMENT CORP 1536 W NORTH AVENUE MILWAUKEE WI 53205 371487714 TO PURCHASE/DEVELOP LAND/ PROPERTY IN DEV WI 501(C)(3) LINE 11 YES 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0