2017-11-14T14:49:43-06:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 777 E Wisconsin Avenue 32nd Floor Milwaukee WI 53202 990 2016-01-01 237129398 Milwaukee Economic Development Corporation MILW 4142691440 757 North Broadway No 600 Milwaukee WI 53202 David E Latona President 4142691440 2017-11-14 1 Troy Marine CPA P00187863 4147775500 2017-11-13 38.122.82.115 2017-11-14 14:06:25 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 FC291E00EDC6CE15C22AD045E9D90E0D24B72456 2016 2017-02-10 21:41:12Z David E Latona 757 North Broadway No 600 Milwaukee WI 53202 6119737 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. 24 22 19 23 0 0 67156 38011 5510082 6033480 11942 10323 68932 37923 5658112 6119737 67156 101838 0 0 1233285 1409730 0 0 0 2892468 1723012 4192909 3234580 1465203 2885157 236573789 242134829 25874849 29985829 210698940 212149000 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 2823833 6033480 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.Excluded from expenses are $1,978,306 of distributions of 99.99% of net income to Investor Members related to the New Market Tax Credits subsidiaries. MEDC only owns .01% of these funds. See also Schedules O and R for further information. 101838 101838 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. 2925671 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 264 0 19 1 0 0 0 0 0 0 0 0 0 0 X 24 22 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 1 1 0 X David E Latona 4142691440 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 Hamilton Ashanti director 1.00 X 0 0 0 Kessler Debra Director 1.00 X 0 0 0 KLEINER PAUL director 1.00 X 5060 0 125 LATONA DAVID E President/Director 40.00 X X 218958 0 34525 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 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 59991 0 9510 Luber Tracy Treasurer 40.00 X 95791 0 17704 Miller John Vice President 40.00 X 107483 0 28128 487283 0 89992 2 0 1 0 JCP Construction LLC 1849 N Martin Luther Dr Suite 200 Milwaukee WI 53212 Construction - Other Real Estate Owned 248833 Friebert Finerty & St John 330 East Kilbourn Avenue Suite 125 Milwaukee WI 53202 Legal 226688 Vangard Group LLC 710 N Plankinton Avenue Milwaukee WI 53202 Tenant Delivery Fee 125000 CohnReznick LLP 500 East Pratt Street Suite 400 Baltimore MD 21202 Audit & Tax 108675 4 38011 38011 LOAN INTEREST and Serv 900099 5303719 5303719 Capital Fund Project L 900099 729761 729761 6033480 10323 10323 Other Income 900099 37550 37550 Miscellaneous Income 900099 373 373 37923 6119737 6033480 0 48246 92238 92238 9600 9600 577275 519550 57725 497673 447903 49770 65660 59094 6566 195442 175898 19544 73680 66312 7368 67727 60954 6773 181160 163044 18116 92950 83655 9295 40057 36052 4005 352661 317395 35266 676289 608660 67629 43493 39144 4349 30926 27833 3093 Loan Loss Provision & G 127661 114895 12766 Loan Closing and Servic 66443 59799 6644 Loss on sale of land 43645 43645 3234580 2925671 308909 0 17901676 13344898 100730 100881 172886 352381 192828126 201605987 6500 0 435760 129334 327523 306426 77038 351038 1586 872 25157724 26072346 236573789 242134829 839863 871436 24559598 28546974 475388 567419 25874849 29985829 X 203079061 205177458 7619879 6971542 210698940 212149000 236573789 242134829 X 2885157 -1435096 X X 0 1 X 1 1 1 X 1767279 3567120 115524 67156 38011 5555090 3553902 4142234 4816455 5510082 6033480 24056153 5321181 7709354 4931979 5577238 6071491 29611243 0 0 0 29611243 38578 60784 30209 11942 10323 151836 38578 60784 30209 11942 10323 151836 962735 418086 177 1380998 158132 38015 37515 68932 37923 340517 6480626 8226239 4999880 5658112 6119737 31484594 0.94050 0.93330 0.00480 0.00490 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 222523 44505 178018 90743 61836 28907 122494 22993 99501 306426 ACCRUED INTEREST RECEIVABLE 500484 DUE FROM REDEVELOPMENT AUTH. OF THE CITY OF MILWAUKEE 61419 REAL ESTATE HELD FOR DEVELOPMENT 3173643 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 26072346 FUNDS HELD IN ESCROW 534458 Closing Fee Deposit 32961 567419 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 WP Property Acquisitions LLC 1200 N Mayfair Rd Suite 310 Milwaukee WI 53226 388607457 25000 Site Assessment Grant Denmark LQ LLC 35050 Old Woods Oconomowoc WI 53066 473643463 12758 SITE ASSESSMENT GRANT LCM Funds 26 Prime LLC PO Box 1602 Milwaukee WI 53201 463979088 19003 Site Assessment Grant 3 Site Assessment Grant 1 9600 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 EXECUTIVE COMMITTEE. X X X X X 0 0 0 0 0 0 0 0 0 LATONA DAVID E President/Director 163568 0 0 0 55390 0 12353 0 22172 0 253483 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 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. THIS WAS REVIEWED BY MEMBERS OF THE EXECUTIVE COMMITTEE. 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: Distributions to non-controlling members -1,978,306. Partnership Distributions 543,210. Form 990, Part XII, Line 2c: No changes have been made from the prior year. M&I MEDC Fund 757 North Broadway Suite 600 Milwaukee WI 53202 204312618 Owns 100% of MEDC Capital Fund I, LLC WI 0 0 Milwaukee Economic Development Corporation MEDC Capital Fund II LLC 757 North Broadway Suite 600 Milwaukee WI 53202 352319023 Lending WI N/A related 42 1339 0 1 0.00010 MEDC Capital Fund III LLC 757 North Broadway Suite 600 Milwaukee WI 53202 352319024 Lending WI N/A related 48 2206 0 1 0.00010 MEDC Capital Fund IV LLC 757 North Broadway Suite 600 Milwaukee WI 53202 943451031 Lending WI N/A related 31 683 0 1 0.00010 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 2105 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 1408 0 1 0.00010 LCM Funds Pittsburgh LLC 330 E Kilbourn Ave Suite 838 Milwaukee WI 53202 461923498 Lending WI N/A Related 817736 8285965 0 1 0.48510 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0