City of Milwaukee - File #: 051499

• File #: 051499
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 2/28/2006
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 6/20/2006
• Title: Substitute resolution authorizing an expenditure from the Development Fund for economic development purposes in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: DEVELOPMENT FUND, ECONOMIC DEVELOPMENT

Date	Ver.	Action By	Action	Result	Tally
6/29/2006	1	MAYOR	SIGNED
6/20/2006	1	COMMON COUNCIL	ADOPTED	Pass	13:0
6/13/2006	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: Pat Walsh, Milwaukee Economic Development Corp. Robert Engelkey, President of Captel, Inc. Jane Turner, Vice President Captel, Inc.	Pass	5:0
6/8/2006	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/6/2006	1	CITY CLERK	DRAFT SUBMITTED
2/28/2006	0	COMMON COUNCIL	ASSIGNED TO

Number

051499

Version

SUBSTITUTE 1

Reference

Sponsor

ALD. BAUMAN

Title

Substitute resolution authorizing an expenditure from the Development Fund for economic development purposes in the 4th Aldermanic District.

Analysis

This substitute resolution authorizes the expenditure of $250,000 from the Development Fund in the form of a loan to Captel, Inc., to assist in the establishment of a site in Milwaukee. The terms of the loan allow for it to be forgivable over 5 years if the company achieves and maintains agreed upon job creation goals.

Body

Whereas, The 2006 Capital Budget for the City of Milwaukee (“City”) provides for the Development Fund; and

Whereas, The City has an ongoing commitment to job creation; and

Whereas, Captel, Inc., (“CTI”) is a relay center devoted to using technologies that allow people with speech and hearing disabilities to communicate telephonically; and

Whereas, CTI, currently based in Madison, Wisconsin, is considering opening a second location in Milwaukee at 310 West Wisconsin Avenue; and

Whereas, CTI, through said location in the heart of Milwaukee, proposes to create up to 800 new jobs providing vital services to our disabled communities; and

Whereas, The City proposes to assist this project with a loan of $250,000 based on the conditions set forth in a Term Sheet, a copy of which is attached to this Common Council File; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized and directed to enter into a Cooperation Agreement with the Milwaukee Economic Development Corporation providing for a loan to CTI on the terms and conditions as set forth in the Term Sheet; and, be it

Further Resolved, That the funds for this loan shall be provided from the Development Fund, Account No. UR03390000.

Drafter

DCD:RT:rt

06/05/06