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Finance committee approves 1-year contract with Waukesha County Center for Growth
Summary
The Waukesha City Finance Committee voted unanimously to approve a one-year, $50,000 contract renewal with the Waukesha County Center for Growth to continue economic development services and deployment of the GROW revolving loan fund in the city.
The Waukesha City Finance Committee on April 8 approved a one-year contract with the Waukesha County Center for Growth (WCCG) to continue economic development services to the city.
The contract is for $50,000 for one year and is included in the city administrator’s approved budget. The committee voted unanimously to approve the contract and forward the item as presented.
The agreement supports WCCG work inside the city, including business retention and expansion services and administration of a GROW revolving loan fund. Therese Still, executive director of the Waukesha County Center for Growth, told the committee that the GROW Fund totals $11,000,000 and is used for gap financing for two primary purposes: workforce/affordable housing projects and business expansions. Still said WCCG has deployed six loans in the city of Waukesha totaling $1,882,000. “We were able to fund the construction costs of 3 houses at a time for a total of $22,000 per house,” Still said, describing a loan structure used with Habitat for Humanity’s Dominica Park project.
Still said three manufacturing or commercial companies also received GROW loans: one received $545,000 for a real estate loan, another $525,000 for real estate improvements and a third $152,000 for real estate investment. Still told the committee that the projects tied to the growth fund generated a conservative estimate of $25,300 in new recurring property tax revenue for the city.
Committee members said they view the contract as a return on investment that supports the city’s retention of employers and promotion of housing projects. A committee member moved to approve the one-year contract; Alderson Moulson seconded the motion. The committee chair called for a voice vote and the item passed unanimously.
Therese Still and city staff said WCCG also manages a business retention program that performed 51 county visits in the past year, 27% of which were with companies located in the city of Waukesha, and that WCCG has three active business expansion projects in the city and one new housing project in early stages.
The contract will be revisited next year for potential multi-year consideration if the city and WCCG remain on a similar trajectory.
