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City to return $76,500 in unused capital catalyst funds to WEDC; revolving loan fund remains active
Summary
Manager Hausman told the council the city received a $300,000 WEDC capital catalyst grant in 2020 (matched to $600,000) and has deployed $447,000 in loans; WEDC requested half of the $153,000 undeployed balance ($76,500) be returned, which the council approved, leaving $76,500 available for future loans.
The Fort Atkinson City Council on Dec. 16 authorized staff to return $76,500 to the Wisconsin Economic Development Corporation (WEDC), representing half of the remaining undeployed balance in the city’s Capital Catalyst revolving loan fund.
City Manager Hausman said the city originally received a $300,000 capital catalyst grant in 2020 and matched the funds, creating a $600,000 revolving loan fund intended to provide low‑interest loans to new businesses (up to $100,000 at 2%–4%). Since 2022, the city has used $447,000 for six loans and had $153,000 left undeployed. WEDC requested half of the undeployed balance be returned because the deployment deadline in the amended contract expired on Feb. 7, 2025.
Hausman said returning the $76,500 would remove ongoing WEDC reporting requirements; staff recommended approving the payment upon receipt of an invoice from WEDC. Council moved and approved the payment by voice vote. Manager Hausman said loan repayments and interest will continue to revolve back into the fund for future lending, and that staff will work through an issue on one account that is not current.
