CDA aims to replenish capital catalyst fund

By Dave Fidlin


After receiving a recent infusion of $75,000 into their budget from a tax-incremental financing district, officials within Whitewater’s Community Development Authority are looking to replenish their capital catalyst fund.

The state-run Wisconsin Economic Development Corporation distributes grants to qualifying communities for the capital catalyst program. Funding is aimed at giving an extra push to start-up companies that are in their infancy, or incubation, period.

Whitewater has received capital catalyst grants from WEDC on three prior occasions.

At their meeting April 28, the CDA authorized staffers to send out a fourth grant request of $75,000. As part of the plan the CDA will provide a $75,000 contribution and seek a matching grant of the same amount from WEDC.

Whitewater CDA Executive Director Patrick Cannon said interest within the community in the capital catalyst program has remained strong.

“We have several people who are interested in participating in it,” Cannon said.

In other recent business, the CDA:

– Agreed to enter into an agreement with University of Wisconsin-Whitewater professor Russell Kashian for a study of the city’s housing stock at a cost of $3,000.

– Discussed potential participating in a program called certified sites, which is designed to put the spotlight on shovel-ready projects within municipalities.

– Granted a three-month loan to the owner of Jimmy’s Classic Italian Beef. CDA members said the extension of a previous loan payback program is designed to coincide with an anticipated rise in business during the summer.

– Approved a request from the owners of iButton Link to increase a loan request from $15,000 to $100,000. The increase is attributed to iButton’s steady growth.


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