members voted during the April 3 meeting to approve
revisions to the revolving loan fund they oversee to
include real estate investment and residential building
companies that were once considered ineligible for
favorable loans to fund infrastructure projects.
“This is an
economic development tool the city has put in place,”
Administrator Jay Shambeau said. “We are fortunate to be
in a position to grant these dollars to recruit
businesses, entities regarding job growth. Our current
procedures for the revolving loan fund don’t allow us to
grant a loan to individuals if they are tied to any type
In a subsequent
interview, Shambeau cited storefronts in the downtown
area with rental properties above them as examples of
such business enterprises that were previously excluded
from accessing revolving loan fund dollars.
does not alter the loan’s purpose, tying the measure to
job growth, but they can be allocated to a combination
business that also includes residential properties.
“This is really an
endorsement of a mixed-use type project, not a purely
residential-type project because of the jobs that a
mixed-use type of development can bring and I think that
is an increasingly common type of development,
especially in the commercial sector,” City Attorney Ian
representatives oversee a fund totaling about $500,000
they can use to loan money, for favorable terms, to
businesses for various projects tied to job creation.
“If a business were
expanding, or relocating, to West Bend, they would be
eligible based on the number of new employees,” Shambeau
The intent of the
fund is to recruit and to award loan dollars to
highly-skilled jobs. The more positions the firm can
generate based on the project, the higher the potential
loan amount they will receive.
loaned money to Spalding Clinical and other firms who
have completed an application, were interviewed by
economic development staff and approved by a committee.
“The application is
very similar to what they would fill out for a bank
loan,” Deborah Reinbold, with Economic Development
Washington County. “The one difference we will ask about
is the jobs it will create.”