City’s protection a priority in CDA’s grants to firm
By Dave Fidlin
Correspondent
An unnamed medical software development company could be the recipient of more than $100,000 in grant and loan dollars if it locates within Whitewater.
After discussing a series of items in closed session, the city’s Community Development Authority on June 24 voted to issue two grants to the firm, whose name was not disclosed. The CDA’s motion came with a lengthy series of caveats that were aimed at protecting the city.
The company could be the recipient of a $10,000 grant and a $100,000 royalty investment through Capital Catalyst, a program developed by the Wisconsin Economic Development Corporation.
The city in recent years has successfully obtained Capital Catalyst dollars from WEDC. The program is aimed at spurring economic development in communities across the state.
After deliberating on the company’s dual requests behind closed doors, CDA members pointed to a number of possibilities, including partnerships with a number of University of Wisconsin-Whitewater programs, including departments specializing in marketing and computer science.
Patrick Cannon, executive director of the Whitewater CDA, said the company is still evolving.
“As part of their funding picture, they still need to get FDA approval,” Cannon said.
Because of the tentative nature of federal regulatory approvals, the CDA made its approval contingent on the company successfully obtaining those licensures.
The appointed body also made the grant and loan approvals contingent on the company successfully obtaining office space to lease within Whitewater. A number of safeguards also have been put in place that terminate the Capital Catalyst agreement if the company decides to leave Whitewater.
The medical software development company’s Capital Catalyst requests were among a series of items taken up by the CDA in closed session. However, it was the only one that was acted on in open session.
Other issues that remain under deliberation include the proposed sales of several parcels of land within the city’s business park on the east side of Highway 59. One unnamed business has reportedly placed an offer to purchase between 4 and 6 acres of land, while another had placed a bid for 2-and-a-half acres.
The CDA in closed session also discussed the possibility of using economic development incentives within several of the city’s tax incremental financing (TIF) districts.
In other recent business, the CDA:
-Continued discussion of a citywide fiber optics project. Cannon said the proposal is ongoing, and staff within the CDA are compiling finite details.
-Discussed a potential program aimed at recruiting and retailing businesses in the city. The issue was raised by Common Council President Patrick Singer, who sits on the CDA.
“I’d like to see a program developed for business outreach and retention,” Singer said. “It’s an easy thing to put together.”
Singer and other CDA members said they would like to see semi-regular reports compiled that address business trends an issues, positive and negative, that could help in making future decisions.
