Council Gets Update from Middleton Area Development Corporation

MTT News's picture
By: 
Cameron Bren

MIDDLETON–The Middleton Common Council received an update from the president of the Middleton Area Development Corporation (MADC) about the work the organization is doing in partnership with city officials and the Middleton Chamber of Commerce. MADC finances projects intended to boost economic growth including business projects like development of Middleton Center, the expansion of Electronic Theater Controls, Lucigen Corporation, Capital Brewery and Death’s Door Distillery and the Sand Bar at Keva Sports Center.

MADC president Kevin Mahaney explained to the council that the organization is a private loan fund administered by a local board made up of people with a variety of experience including bankers, business owners, and private investors. 

Mayor Gurdip Brar and Alder Robert Burke are both board members, and MADC is staffed by the city’s Director of Community Development Abby Attoun and City Administrator Mike Davis. Though the city officially dissolved its economic development agreement with MADC in 2010 following a state supreme court ruling (State of Wisconsin v. Beaver Dam Area development Corporation) that changed the private nature of economic development corporations, it continues to work in cooperation with city officials. 

MADC is a 501(c)(4) not for profit non-stock, corporation and retains its own legal and accounting professionals.

The organization can provide financing for projects as a line-of-credit loan or an installment structured loan. Projects can include infrastructure improvements, renovations necessary for a relocation, new construction, and equipment or machinery purchases to grow a business.

MADC was originally set up under former Mayor Dan Ramsey. The common council, at the time, approved the transfer of $2 million from the city’s Tax Incremental Financing District #3 to MADC to further the economic development goals of the city. The initial $2 million investment has generated about $4.5 million in assets for lending assistance to a variety of Middleton businesses, Mahaney said.  

Since the organization was established in 2000 MADC has not had one loan failure. MADC provided financing assistance to Lucigen Corporation to expand their research and development facilities, for the Death’s Door Distillery production facility, the expansion of Capital Brewery, the manufacturing expansion of Electric Theater Controls, the downtown redevelopment Middleton Center and retail businesses located there Journeyman Co. and Fontaine Home, and the new soccer fields, volleyball courts and pavilion at Keva Sports Center. 

MADC also owns the terminal building at Middleton Municipal Airport and it leases to Morey Airplane Company which is the fix-based operator and airport manager.  

Rate this article: 
No votes yet