2025-11-12T07:43:56-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 990 2024-01-01 237129398 MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION MILW 4142691440 757 NORTH BROADWAY 600 MILWAUKEE WI 53202 DAVID E LATONA PRESIDENT 4142691440 2025-11-11 1 1 TROY MARINE P00187863 4147775500 2025-11-11 2024 2025-03-06 01:10:19Z DAVID E LATONA 757 NORTH BROADWAY 600 MILWAUKEE WI 53202 7243827 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). 24 23 15 23 0 0 0 1826265 3675679 4583719 1342180 833843 6510 0 5024369 7243827 0 0 0 0 1825387 1845221 0 0 0 3330713 5229008 5156100 7074229 -131731 169598 133022594 139494155 46441388 51614291 86581206 87879864 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 6513824 4412191 LENDING: MEDC PROVIDES GAP LOANS AT BELOW MARKET INTEREST RATES TO MILWAUKEE AREA BUSINESSES. MOST TIMES THERE IS A PARTNER BANK WHICH PROVIDES SOME OF THE PROJECT FINANCING. MEDC'S APPROACH TO LENDING REVOLVES AROUND TWO FUNDAMENTAL PRINCIPLES: SHARING RISK WITH ALL PARTICIPANTS IN A PROJECT AND PROVIDE LOANS WHERE THERE IS A GAP BETWEEN AVAILABLE DEBT AND EQUITY. 171528 171528 MEDC PROVIDED GRANT REVIEW SERVICES TO THE MILWAUKEE DEVELOPMENT CORPORATION FOR A PROGRAM IT WAS RUNNING FOR THE WEDC, THE WI TOMORROW MAIN STREET BOUNCEBACK GRANT. MEDC PROVIDED SERVICES OF GRANT REVIEW, PAYMENT PROCESSING. 6685352 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 19 0 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 24 23 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 DAVID LATONA PRESIDENT & SECRETARY 40.00 X X 295100 0 58036 JOHN MILLER VICE PRESIDENT & TREASURER 40.00 X 184870 0 41446 SUSAN EICK RELATIONSHIP MANAGER 40.00 X 101472 0 16560 THOMAS O'NEILL CHAIRMAN 1.00 X X 0 0 0 JAMES ROEMER VICE CHAIR 1.00 X X 0 0 0 AMELIA MACARENO DIRECTOR 1.00 X 0 0 0 ANDY MELVIN DIRECTOR 1.00 X 0 0 0 CAVALIER JOHNSON DIRECTOR 1.00 X 0 0 0 CRAIG SCHMUTZER DIRECTOR 1.00 X 0 0 0 D PATRICK O'BRIEN DIRECTOR 1.00 X 0 0 0 EDWARD HILLMUTH DIRECTOR 1.00 X 0 0 0 GINA STILP DIRECTOR 1.00 X 0 0 0 GREG BAUER DIRECTOR 1.00 X 0 0 0 IVAN GAMBOA DIRECTOR 1.00 X 0 0 0 JOHN HAZOD DIRECTOR 1.00 X 0 0 0 JOHN ZANGHI DIRECTOR 1.00 X 0 0 0 KELSEY BRENN DIRECTOR 1.00 X 0 0 0 KERMAITH MCCLENDON DIRECTOR 1.00 X 0 0 0 NATE ZASTROW DIRECTOR 1.00 X 0 0 0 PAUL KLEINER DIRECTOR 1.00 X 0 0 0 REBECCA MITICH DIRECTOR 1.00 X 0 0 0 ROGER SANDELL DIRECTOR 1.00 X 0 0 0 SARAH LUTZ DIRECTOR 1.00 X 0 0 0 STEVE BARTH DIRECTOR 1.00 X 0 0 0 THOMAS ZALE DIRECTOR 1.00 X 0 0 0 TOM FOTSCH DIRECTOR 1.00 X 0 0 0 581442 0 116042 3 0 1 0 DAVIS & KUELTHAU SC 111 E KILBOURN AVENUE MILWAUKEE WI 53202 LEGAL 269906 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 AUDIT AND TAX 105575 2 1826265 1826265 LOAN INTEREST 900099 4412191 4412191 MGMT & SERVICE FEES 900099 171528 171528 4583719 833843 833843 7243827 4583719 0 833843 579452 521507 57945 764025 688474 75551 111431 100288 11143 304044 279754 24290 86269 77642 8627 108316 108316 175913 158321 17592 111900 111900 53775 53775 752777 677499 75278 784089 784089 65512 58961 6551 84887 84887 LOAN LOSS PROVISION 3091839 3091839 7074229 6685352 388877 0 19493690 17125856 13357347 14650654 11291 20237 93934161 98262835 644170 570449 83988 73721 89000 340050 6053117 9020802 133022594 139494155 15558255 8685319 28193087 29296869 2690046 13632103 46441388 51614291 X 75824592 78692402 10756614 9187462 86581206 87879864 133022594 139494155 X 169598 1129060 X X 0 1 X 1 1 1 X 225600 282587 1826265 2334452 4081155 4052735 3586421 3675679 4583719 19979709 4306755 4335322 3586421 3675679 6409984 22314161 0 0 0 22314161 382266 171791 457351 1342180 833843 3187431 382266 171791 457351 1342180 833843 3187431 6510 6510 4689021 4507113 4043772 5024369 7243827 25508102 0.87480 0.88580 0.12500 0.11400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 63647 268584 230319 101912 1 X 251452 236470 14982 247596 200515 47081 145122 133464 11658 73721 ACCRUED INTEREST RECEIVABLE 309806 REAL ESTATE HELD FOR DEVELOPMENT 3678544 INVESTMENT IN CERTIFICATE OF DEPOSIT 5032452 9020802 CAP ACCESS BANK LOAN LOSS RESERVE 2720472 DUE TO LOAN SERVICING CLIENTS 10911631 13632103 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. THERE ARE NO UNCERTAIN TAX POSITIONS FOR THE CORPORATION. X X X X X 0 0 0 0 0 0 0 0 0 DAVID LATONA PRESIDENT & SECRETARY 235000 0 0 0 60100 0 28097 0 29939 0 353136 0 0 0 JOHN MILLER VICE PRESIDENT & TREASURER 176370 0 0 0 8500 0 20935 0 20511 0 226316 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A 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 FOUR CLASSES OF DIRECTORS. THE CLASS I AND II DIRECTORS COMPRISE 9 OF 11 SEATS ON THE EXECUTIVE COMMITTEE. THE LAST TWO SEATS OF THE EXECUTIVE COMMITTEE CONSIST OF CLASS III 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 ALL DIRECTORS AND STAFF MUST REVIEW AND SIGN THE CONFLICT POLICY. CONFLICTS MUST BE DISCLOSED IMMEDIATELY TO THE PRESIDENT AND/OR THE CHAIR. FORMS ARE UPDATED BY STAFF ANNUALLY, BY THE DIRECTORS AT THE RENEWAL OF THEIR TERM. 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 2023/2024. 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: PARTNERSHIP DISTRIBUTIONS 1,129,060. 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 3678544 MEDC MEDC CAPITAL FUND VIII LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 943451040 LENDING WI 57785 259500 MEDC MEDC CAPITAL FUND X LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462672187 LENDING WI 196759 15725355 MEDC MEDC CAPITAL FUND XI LLC 757 NORTH BROADWAY SUITE 600 MILWAUKEE WI 53202 462677663 LENDING WI 281743 13265982 MEDC LCM FUNDS PITTSBURGH LLC 330 E KILBOURN AVE SUITE 838 MILWAUKEE WI 53202 461923498 REAL ESTATE WI N/A RELATED 44973 70904 0 1 0.10000 YANKEE HILL HOUSING PARTNERS 2 SCIENCE COURT MADISON WI 53711 391521328 REAL ESTATE WI N/A RELATED 1154112 8853157 0 1 0.48510 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0