Number
130410
Version
SUBSTITUTE 2
Reference
100007, 100770, 110140, 110368, 111490
Sponsor
ALD. KOVAC
Title
Substitute resolution amending agreements with the Wisconsin Energy Conservation Corporation relating to energy efficiency grants.
Analysis
This resolution amends the budget for the Milwaukee Energy Efficiency Program, Me2, grant-funded project to redirect up to $1,000,000 of grant funds currently available to support residential and business loans from Summit Credit Union for use as direct financial incentives offered to businesses through Milwaukee Economic Development Corporation.
The current Me2 budget authorized $1,000,000 in loan loss reserves to Summit Credit Union to support residential loans, supporting a portfolio of up to $20,000,000 in loans, with a maximum value per loan of $15,000. An additional $500,000 in loan loss reserves at Summit Credit Union can support up to $10,000,000 in small business loans, with a maximum loan value of each loan of $20,000. To date, Summit Credit Union has approved and disbursed 211 residential loans (estimated total value of $1.8 million) and 2 commercial loans (estimated total value of $40,000).
Common Council Resolution File Number 111490 authorized an agreement between the Wisconsin Energy Conservation Corporation and the Milwaukee Economic Development Corporation (MEDC) for MEDC to administer up to $3,350,000 in commercial credit enhancements. The U.S. Department of Energy authorized funds to be used as direct incentives to businesses from this pool of resources. Since Me2 began publicly advertising incentives, the program has approved approximately $4,300,000 worth of business rebates and credit enhancements for projects that are complete or nearing completion.
This resolution authorizes the Wisconsin Energy Conservation Corporation to transfer up to $1,000,000 from loan loss reserves at Summit Credit Union to MEDC to cover approved projects through that agency.
Body
Whereas, Common Counc...
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