2024-11-14T14:47:12-06:00 2023-12-31 390919055 RITZ HOLMAN LLP 330 E KILBOURN AVE SUITE 550 MILWAUKEE WI 53202 990 2023-01-01 311724109 LEGACY REDEVELOPMENT CORPORATION LEGA 4143430163 1536 W NORTH AVENUE MILWAUKEE WI 53205 TERESE CARO CEO/PRESIDENT 4143430163 2024-11-14 1 1 RENEE MESSING P01872384 4142711451 2024-10-29 2023 2024-10-15 13:58:12Z TERESE CARO 1536 W NORTH AVE MILWAUKEE WI 53205 2559769 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. 11 11 6 15 0 0 1240449 2042917 49155 83080 408806 433347 600 425 1699010 2559769 345000 322971 0 0 400122 469434 0 0 9510 608657 573228 1353779 1365633 345231 1194136 10893308 13951507 9436488 11300551 1456820 2650956 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 1254860 322971 506680 1. 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. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. THE GOAL IS TO GET THE LOAN CLIENTS BANKABLE. IN 2023,LRC PROVIDED 15 LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS AT APPROXIMATELY $2MM INJECTED INTO DISADVANTAGED COMMUNITIES AND TO SOCIALLY AND ECONOMICALLY DISADVANTAGED INDIVIDUALS (SEDI). THE 2023 LRC'S PORTFOLIO IS COMPRISED OF DIRECT LENDING TO DIVERSE INDUSTRIES OF SMALL BUSINESSES INCLUDING THE EXPANSION INTO THE RACINE MARKET. LRC HAS CONTINUED TO BE A COMMUNITY PARTNER WITH THE GREATER MILWAUKEE FOUNDATION, EXPANDING OUR REACH TO EARLY CHILDHOOD EDUCATION SMALL BUSINESSES. IN ADDITION, WE'VE PARTNERED WITH ANOTHER LOCAL CDFI ON A PROJECT THAT WILL PROVIDE AFFORDABLE GROCERIES IN A FOOD DESERT IN A CHALLENGED AREA OF MILWAUKEE. THE PROJECT WILL PROVIDE JOB'S AND HOUSING. 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. 1254860 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 24 0 1 6 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 WI X LAKEYTHEIA STRIBLING-DANTZLER 4143430163 1536 W NORTH AVENUE MILWAUKEE WI 53205 TROY L REESE CHAIR 1.00 X X 0 0 0 JOHN A ERICH ESQ VICE CHAIR 1.00 X X 0 0 0 MARJORIE RUCKER SECRETARY 1.00 X X 0 0 0 TERESE CARO EX OFFICER 40.00 X 117733 0 19754 MIKE KATZ EX TREASURER 1.00 X X 0 0 0 RICHARD W LINCOLN DIRECTOR 1.00 X 0 0 0 DR GEORGE HINTON DIRECTOR 1.00 X 0 0 0 NICOLE L ROBBINS DIRECTOR 1.00 X 0 0 0 NIKKI PURVIS DIRECTOR 1.00 X 0 0 0 BRIAN MAYS DIRECTOR 1.00 X 0 0 0 DARIAN LUCKETT DIRECTOR 1.00 X 0 0 0 SALLY R PELTZ DIRECTOR 1.00 X 0 0 0 117733 0 19754 1 0 0 0 0 1915092 127825 2042917 LOAN SERVICE FEES 561499 83080 83080 83080 433347 423600 9747 MISCELLANEOUS REVENUE 900099 425 425 425 2559769 506680 0 10172 300000 300000 22971 22971 137488 130333 4933 2222 249308 239379 5578 4351 54363 52550 1306 507 28275 27020 770 485 16587 16587 40155 35191 4334 630 43148 24506 18642 20827 635 20192 4453 93 4360 18851 1153 17698 24661 23880 466 315 764 617 147 14874 11374 3500 279747 279747 1021 1021 4785 4785 LOAN LOSS RESERVE 60000 60000 OTHER EXPENSES 24601 13779 10822 EQUIPMENT AND SOFTWARE 13686 13045 641 DUES & SUBSCRIPTIONS 3100 2000 100 1000 1968 1968 1365633 1254860 101263 9510 1144437 2708154 1180226 1525216 375263 52391 7992953 9464512 15784 20925 14757 12605 3173 2152 181472 178157 10893308 13951507 69949 38932 1002697 2899646 3913 32544 8359929 8329429 9436488 11300551 X 1440040 2621189 16780 29767 1456820 2650956 10893308 13951507 1194136 0 X 0 1 X 1 1 1 X 340364 488823 471378 1240449 2042917 4583931 340364 488823 471378 1240449 2042917 4583931 4583931 479608 424 88 193 9747 490060 375 854 600 425 2254 5076245 1983921 0.90300 0.75290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 14757 12605 2152 2152 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, 2023, 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. 1 WARDLAW PRODUCTIONS LLC 126 S 2ND ST MILWAUKEE WI 53204 473836790 20000 0 LOAN FORGIVENESS VOGUE DREAMS LLC 128 EAST BURLEIGH STREET MILWAUKEE WI 53212 463730639 20000 0 LOAN FORGIVENESS TRANSFORMATION SERVICES INC 835 N 23RD STREET MILWAUKEE WI 53233 300639850 20000 0 LOAN FORGIVENESS THERESE TAILORING BOUTIQUE LLC 608 E CLARK ST MILWAUKEE WI 53212 471381750 20000 0 LOAN FORGIVENESS STUDIO D LLC 1658 N VAN BUREN ST MILWAUKEE WI 53202 392030679 20000 0 LOAN FORGIVENESS SIGNATURE SWEETS LLC 3801 N OAKLAND AVE SHOREWOOD WI 53211 396788211 20000 0 LOAN FORGIVENESS SATORI FOOD PROJECT INC 3002 N 70TH STREET MILWAUKEE WI 53210 834400568 20000 0 LOAN FORGIVENESS RL DAVIS CONTRACTING SERVICES LLC 1701 W MT VERNON AVE MILWAUKEE WI 53233 270606388 20000 0 LOAN FORGIVENESS REALTY WORLD LLC 426 N 35TH ST MILWAUKEE WI 53208 611657060 20000 0 LOAN FORGIVENESS REBEL LLC 2028 E NORTH AVE MILWAUKEE WI 53202 371872055 20000 0 LOAN FORGIVENESS PAMPER ME PLEAZ LLC 7484 W APPLETON AVE MILWAUKEE WI 53216 391803210 20000 0 LOAN FORGIVENESS ADRIANNA SPARKLE CLEAN LLC 4114 W HOWARD AVE MILWAUKEE WI 53221 395214876 20000 0 LOAN FORGIVENESS DOLLED INC 2000 N DOCTOR MLK JR DR MILWAUKEE WI 53212 475161946 20000 0 LOAN FORGIVENESS FIELDS VERSATILE CLEANING LLC 6907 N 60TH ST MILWAUKEE WI 53223 833083735 20000 0 LOAN FORGIVENESS GIFTED HANDS LLC 4401 W FOND DU LAC AVE MILWAUKEE WI 53216 387846037 20000 0 LOAN FORGIVENESS 15 PART I, LINE 2: FORGIVABLE LOANS ARE MADE TO SMALL BUSINESSES BASED ON ESTABLISHED CRITERIA. WHEN ALL CRITERIA FOR FORGIVENESS IS MET, THE LOAN IS CONSIDERED PAID AND CONVERTED TO A GRANT. 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 B, LINE 15A THE COMPENSATION OF THE CEO IS REVIEWED BY THE BOARD ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST 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