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CABA reports loans current; committee notes $500,000 confidential loan and returns to RLF from Lakeview project
Summary
CABA reported all revolving loans are current, noted a recently approved $500,000 confidential city loan to support an existing manufacturing operation, said Uptown loans have closed and that finalized costs on Lakeview Tech Academy returned roughly $210,000 to revolving loan funds; CABA's 2025 single audit is underway.
Brock Portillo of CABA presented the fourth-quarter loan report to the Kenosha Finance Committee, saying all loans in the revolving loan fund are current with no defaults and outlining recent activity including a recently approved $500,000 city revolving loan that is confidential while private details finalize.
"There is a $500,000 loan in the city revolving loan fund that was recently approved. This is still a little confidential of the city, but it's in support of existing companies, manufacturing operation," Portillo said, adding the loan will cover equipment and construction costs and that more details will be released when publicly appropriate.
Portillo also reported that the Uptown project loan has closed and that construction has commenced; finalized costs for the Lakeview Tech Academy building returned roughly $210,000 to the revolving loan fund. He added that CABA's annual financial and single audit for 2025 is underway and typically wraps up in April or May.
Committee members asked about anticipated opening timelines for an Uptown restaurant and supermarket; Portillo said the construction contract allowed a 12-month build period but equipment lead times (particularly refrigeration for the grocery store) are the main uncertainty.
The committee moved to receive and file the report and the motion carried unanimously.
