GBEDC Annual Report 2011 - Greater Beloit Economic

THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION
ANNUAL REPORT 2011
Greater Beloit Works
The Greater Beloit Economic Development Corporation
500 Public Avenue
Beloit, WI 53511
ph: (608) 364-6748
fx: (608) 364-6756
www.greaterbeloitworks.com
ORGANIZATIONAL
MISSION & VISION
STATEMENTS
FELLOW INVESTORS
Mission Statement
The mission of the Greater
Beloit Economic Development
Corporation (GBEDC) is to act
as the primary organization
coordinating, facilitating and
implementing economic
development activities in the
Greater Beloit area.
A Message from the ‘11 Board President
Unlike many communities, Greater Beloit enjoyed a year
of continued stability and growth. Through the continued
cooperation of the private and public partnership that Beloit
enjoys, we have had several noteworthy successes in attracting, expanding, and retaining important businesses in the
Stateline area.
John Nicholas,
‘11 Board Chair
Guiding Principles
GBEDC seeks to fulfill its
mission by:
The combined efforts of the GBEDC, Visit Beloit, Chamber of Commerce, and
Downtown Beloit Association towards mutual and shared strategic goals will continue to enhance our community’s visibility and display progress that is more readily
achieved through collaboration and cooperation.
Promoting a positive
image of the area including
our industries, workforce,
educational institutions
and quality of life.
Developing regional cooperative and collaborative
partnerships with public and
private bodies to support
the local workforce and
existing businesses.
Developing a diverse
group of leaders to actively
build on our community’s
successes and continue to
enhance our local economy.
The Greater Beloit Economic Development Corporation
(GBEDC) has remained busy with many projects and I am
pleased to report that our investors continue to be supportive
of our efforts.
The GBEDC currently has seven standing committees, which are composed of many
active members and volunteers. The committees are Investment and Recruitment,
Loan and Finance, Business Development, Business/Education Partnership, Strategic Planning, Executive, and Nominating.
It is through these committees that the mission of the Corporation is realized.
Quarterly Board of Director’s meetings allow the members to stay abreast of the
workings of the Corporation with the Executive Committee meeting monthly. Other
committee meetings are scheduled as necessary.
There is a great deal of momentum and progress going on and I appreciate all of
the support and encouragement I have received during my tenure as President of
the Corporation. It has been an honor to serve and I hope and expect the incoming
President will be afforded the same support as I have received.
Promoting the growth of
existing and new business
to build an economic
environment that will
enhance our local
economy.
Working together to
develop and recruit a
skilled workforce to fill the
knowledge-based needs of
today’s businesses and
create tomorrow’s jobs.
www.greaterbeloitworks.com
‘11 Board & Committee Members
Chair
John Nicholas
Vice Chair
Jim Fisher
Vision Statement
We will be a broad-based,
public/private partnership that
creates a common focus for
economic development
activities in Great Beloit.
LEADERSHIP TEAM
‘11 OFFICERS
& EXECUTIVE
COMMITTEE
BUSINESS INDUSTRY
Bill Sullivan, Chief Executive Officer
Beloit Health System – Clinic Division
Kent Eymann, Publisher
Beloit Daily News
John Todd, Vice President
Kerry Americas
John Patch, President
McBain Enterprises, Inc.
Joe Stadelman, Vice President
Angus-Young Associates, Inc.
Pete Underwood,
V.P./General Counsel/Secretary
Regal Beloit
Jim Zisser, Project Manager
Frito-Lay
Rob Gerbitz, Managing Director
Hendricks Development Group
Curt Lansbery, President
North American Tool Corporation
Tom Barnes, Real Estate Asset Manager
ABC Supply
Keith Kruse, V.P., Director of Operations
Tricor Insurance
REAL ESTATE/DEVELOPERS/
CONTRACTORS
Tom Ptacin, President
Klobucar Construction Co., Inc.
Steve McNeal, Superintendent
School District of Beloit
AT-LARGE
Mike Bua, Finance Director
Beloit Health System
Dr. Thomas Eckert, President
Blackhawk Technical College
Fred Buggs, Chief Professional Officer
Stateline Boys & Girls Club
Jim Fisher, President
JBF Group
LOCAL GOVERNMENT
Larry Arft, City Manager
City of Beloit
Roger Anclam, Chairperson
Town of Turtle
Bob Museus, Administrator
Town of Beloit
EX-OFFICIO
Randall Upton, President
Greater Beloit Chamber of Commerce
Deb Frederiksen, Executive Director
Visit Beloit
Jason Houle, Principal
R. H. Batterman & Co., Inc.
Kathleen Braatz, Executive Director
Downtown Beloit Association
Diane Gustafson, Vice President
M & I Bank
Rick Bastian, President and CEO
Blackhawk Bank
Rick Barder, Retired
Ed Hansen, V.P. of Business Banking
Gateway Community Bank
Secretary/Treasurer
Ed Hansen
Immediate Past Chair
Tom Ptacin
Business/Education
Partnership Committee
Co-Chair
Rick Barder
Business Development
Committee Chair
Rick Bastian
Designated Loan
& Finance Committee Chair
Diane Gustafson
Investment/Recruitment
Committee Chair
Keith Kruse
Strategic Planning
Committee Chair
Joel Patch
Mike Duffy, Mayor
City of South Beloit
Joel Patch, Partner
Commercial Property Group, LLC
FINANCIAL INSTITUTIONS
Arlyn Erdmann,
V.P. of Commercial Loans
First National Bank
‘11 Executive Committee Members, pictured from left to right: Jim Fisher (Vice
Chair), John Nicholas (Chair), Rick Barder (Business/Education Partnership Committee Chair), Diane Gustafson (Designated Loan & Finance Committee Chair),
Larry Arft (Local Government Jurisdiction Representative), Tom Ptacin (Immediate Past Chair), and Rick Bastian (Business Development Committee Chair). Not
pictured: Ed Hansen (Secretary/Treasurer), Keith Kruse (Investment/Recruitment
Committee Chair), and Joel Patch (Strategic Planning Committee Chair).
EDUCATION
John Nicholas,
V.P. of Administration & Treasurer
Beloit College
Nailah Adama, Representative
Community Development Authority
Bruce Kepner,
Economic Development Specialist
Alliant Energy
Dan Boutelle, Plan Commission Chair
City of Beloit
Tara Tinder, Executive Director
Stateline Community Foundation
STAFF MEMBERS
Andrew
Janke
Economic
Development
Director
City of Beloit
Shauna
El-Amin
Administrative
Assistant
City of Beloit
(INVESTORS CONT.)
‘11 INVESTORS
ABC Supply
Alliant Energy
Allied Games
THE YEAR IN REVIEW
A Great Year for Expansion Projects
Amcraft Building Projects
Angus Young Associates
Avid Pallet
Axium Foods/McCleary, Inc.
Beloit Box Board
Beloit College
Beloit Daily News
Beloit Health System
Beloit Health System—
Clinic Division
Beloit Snappers
Beloit Special Machining Co.
Blackhawk Bank
Blackhawk Logistics
Blackhawk Technical College
Blackhawk Transport
Budweiser Motors
Business Outreach Services—
UW Whitewater
City of Beloit
City of South Beloit
Coldwell Banker Commercial/
McGuire Mears
Commercial Property Group
Corporate Contractors Inc.
Culvers
Durst
Electrol Specialties Company
Fairbanks Morse Engine
Finley/Dencker
First American Credit Union
First National Bank & Trust
Frito Lay
G. G. Grabowski CPA, SC
Gateway Community Bank
www.greaterbeloitworks.com
Projects.........................................14
Greater Beloit Chamber
of Commerce
New Jobs...................................491
Harris Ace Hardware
Total Investment...... $334,322,483
Hendricks Holding Company,
LLC
Square Footage................. 691,900
American Aluminum Extrusion
Company
American Construction Metals
Genencor International
‘11 RECAP
Tilley’s Pizza House
Despite the continuing challenging economic times Greater Beloit had a good year
with several major expansion projects being and announced and some being completed by the end of the year. A few notable expansion projects include:
Kettle Foods is constructing
a 45,000 square foot addition
to meet the growing demand
for their potato chip products.
The company is investing $40
million into their Beloit facility and will add 100 new jobs.
The GBEDC was instrumental
in supporting this project by
providing a $200,000 Industrial
Development Grant.
To support the logistical needs
of the Kettle Foods expansion,
Alliance Development is constructing a 110,000 square foot
warehouse facility. Total private
investment is $4,900,000 and
will create up to 10 jobs.
Wild Aseptics completed a
$6,000,000 expansion project
that allowed the company to
add to its production capacity.
The project led to the creation
of 7 new jobs.
Woodman’s Food
Market completed the
construction to its 32,136
square foot expansion of their
west side warehouse distribution facility. The project leveraged over $1,422,483 in private
investment.
Kettle Foods
Wild Aseptics
FatWallet.com
moved from their
Rockton, IL location in April to the former Kerry office building located at 100
East Grand Avenue. The company moved specifically to avoid the need to
pay a new on-line sales tax imposed by the State of Illinois. The initial move
created 54 new jobs. Later in the year the company was sold to California
based Ebates.com which plans to stay in their downtown Beloit location and
continue to grow and create jobs.
NorthStar Medical Radioisotopes, LLC announced that they were
planning on developing a production facility in Beloit that utilizes linear accelerators to produce isotopes that are used in diagnostic medical imaging.
The project will involve the construction of an 82,000 square foot facility, leveraging $194 million in investment, and creating 150 new jobs by 2016. The
company will also be moving their corporate headquarters to Beloit.
Kerry Ingredients and Flavors
Kerry Ingredients and
Flavors is construction a
29,000 square foot addition to their corporate headquarters facility. The new
addition will house internal support operations and the vacated space will
be remodeled to support activities relating to new flavor and pharmaceutical
operations. Total investment in the project is $8,000,000 and will result in the
creation of 47 new jobs.
2011 also saw the announcement of two new companies that chose to locate in
Greater Beloit:
Hormel Foods Corporation
JBF Group
Kerry Americas
Kettle Foods
Klobucar Construction, Inc.
M & I Bank
McBain Enterprises, Inc.
MLG Development
Morse Group
Mule-Hide Products
The year’s most significant commercial project announcement was the beginning of
construction of the $1.2 million Tilley’s Pizza House.
Neighborhood Housing Services
Unemployment numbers for the area continue to decline from a high in 2009 of
18.6% down to a still unacceptable 12.4%. As the economy continues its slow recovery, hopefully, this trend of decline
will accelerate. Pipeline activity in
2011 was much more robust compared to the 2 years prior to it.
Papa Murphy’s Take N Bake
GBEDC staff and volunteers spent a
great deal of effort and time in 2011
working on a number of Strategic
Collaborations including:
Woodman’s Food Market
Henry Technologies
Turtle Creek Corridor
Redevelopment Plan Phase I
Upper Floor Housing
Grant Program
Downtown Façade
Grant Program
Educational Initiatives
Promoting the “Shovel Ready”
certification of the Gateway
Business Park
Completing the
100th BRE interview
Launching of virtual
buildings project
The GBEDC continued to collaborate
with Rock County 5.0 as that organization has risen over $1 million
North American Tool
Paperchine
PRIDE Associates
R. H. Batterman & Co., Inc.
Regal-Beloit
River’s Edge Foundry, LLC
Rock Bar & Grill
Genencor International
Rock County Electric
Cooperative Assoc.
Siepert & Co. LLP
Sikich LLP
Stainless Tank & Equipment, LLC
Stateline Boys & Girls Club, Inc.
Alliance Development
Stateline Community
Foundation
Summit Machine Works, Inc.
Town of Beloit
Town of Turtle
Tricor Insurance
Visit Beloit
H.B. Specialty Foods
Welders Supply Company
GBEDC’S FOCUS
& INVESTORS
OUR FOCUS
The GBEDC organizes economic activities in the Greater Beloit
area focusing on: Industrial and
Commercial Development,
Package Incentives, Marketing,
and Job Training. The GBEDC
acts as a liaison to resources
that provide for business retention and expansion as well as
new businesses, creating and
retaining jobs while increasing
the tax base. Acting as a voice
for the business community, we
facilitate professional partnerships with local government
agencies, utility companies,
realtors, and public and private
entities. We also provide valueadded services tailored to meet
the needs of members and the
community, including financial
assistance.
OUR INVESTORS
Our investors are the region’s
largest stakeholders and
strongest community-minded
businesses that support the
organization’s mission to foster
economic growth in the Greater
Beloit area. As a public/private
partnership, the GBEDC strives
to be comprised of small and
large employers, professional
service and retail businesses,
community organizations,
and private individuals in the
Greater Beloit area.
INVESTOR BENEFITS
Recognition as a strong corporate citizen who supports
professional economic development and a higher standard of
living and quality of life for the
Greater Beloit area. Networking
opportunities with other businesses to create, retain, and
expand business opportunities
and markets within the Greater
Beloit area. Involvement in
implementing new strategies
that will strengthen and grow
our community. Opportunity to
serve on the Board of Directors.
Investors may actively volunteer
on one or more of the standing
committees including: Loan and
Finance, Recruitment/Investment, Strategic Planning, Business Development, and Business/Education Partnership.
www.greaterbeloitworks.com
(THE YEAR IN REVIEW CONT.)
LOCAL PARTNERSHIPS
GBEDC Helps KIDS AGAINST HUNGER
300 Block of State Street
Gantry Park
to help the economic development organizations
implement a variety of strategies to better position
Rock County moving forward. A number of initiatives
were completed in 2011 including the development of a series of videos focusing
on Rock County’s Logistics cluster and our Real Estate and Development Opportunities. A video promoting the Rock County airport will be completed in early 2012.
Several significant infrastructure development projects were also completed including:
Reconstruction of the 300 block of State Street
Construction of the downtown Gantry and Gantry Park
Reconstruction of Cranston Road
The start of construction of the Henry Avenue Bridge
Major development projects that were completed in 2011 represented the creation
of 61 new jobs, a total private investment of over $7,422,483 million, and added
32,136 square feet. These include:
FatWallet.com
Wild Aseptics
Woodman’s
Other development projects that are under construction, or have been announced
in 2011 will add an additional 430 new jobs, result in the private investment of
$326,900,000 and add an additional 659,764 square feet. These projects include:
Henry Bridge
Cranston Road
Alliant Energy Gateway Substation
Kettle Foods
Alliance Development
Genencor
Birds Eye Foods
NorthStar Medical
Radioisotopes
Kerry Ingredients
& Flavours
The Morse Group
H.B. Specialty Foods
Tilley’s Pizza House
Fairbanks Morse
Alliant Energy
Between completed and announced projects, the region can
anticipate the creation of 491 new
jobs, the addition of 691,900 square
feet, and private investment contributions totaling $334,322,483.
This year the school-wide event was
continued, and 150,000 meals were
packaged, all of them were sent to Haiti.
Students volunteered their morning off
of school and community
members took off work to participate.
Students were asked to get donations
by presenting to area businesses, which
not only brings students together but
GBEDC prides itself on being
committed to the community
and the youth in it. We feel that
getting involved in education
is important. Some initiatives
we have organized include:
Business Education Summit
Our fifth annual summit was
held on August 24 with featured
speakers Alan Borsuk, Senior
Fellow in Law at Marquette University Law School, and Janice
Brown, Executive Director at the
Kalamazoo Promise. This event
was held in partnership with the
School District of Beloit and the
Greater Beloit Chamber.
The 4th Kids Against
Hunger packaging
event at Beloit
Memorial High School
was held this year.
The first year started
with students and
mentors in our Lunch
& Learn Program packaging 8,000 meals that
were given to local
organizations, Caritas and ECHO. The
second event was introduced schoolwide with over 290,000 meals packaged
and shipped to Cameroon, Africa. The
third event was held with another group
of Lunch & Learn students and mentors
who packaged another 8,000 meals for
local organizations.
PARTNERSHIPS
IN EDUCATION
also brings community members into the
school to show the students how much
their efforts really matter.
We would like to extend a special thank
you to AVID PALLET for donating pallets
for this project.
Speakers Bureau Pool
We maintain an up-to-date list
of professionals in the area who
are willing to speak about their
professions to School District of
Beloit students.
Connections Initiative
We connect BMHS freshmen
with area businesses that
welcome these students into
their facilities to discuss
careers available. Although this
program will not be continued,
plans are underway to partner
with the Chamber for its Career
Fair held each November.
Lunch & Learn
This mentoring program
matches area professionals with
BMHS freshmen. Currently, 25
mentors work with students
every Friday over lunch, provided by a Stateline Community
Foundation grant. This year we
also introduced programs at
both Beloit middle schools.
Reality Store
Area businesses set up shop for
the morning to teach students
real life lessons, including budgeting, setting up a checking
account, buying a home, buying
a car, and paying bills, all
factored on a career-based income of the student’s choosing.
‘11 COMMITTEES
EXECUTIVE COMMITTEE
The Executive Committee shall
be comprised of not more than
eleven (11) members.
John Nicholas – Chair
Jim Fisher – Vice Chair
Ed Hansen – Secretary/Treasurer
Tom Ptacin – Immediate Past Chair
Larry Arft
Rick Barder
Rick Bastian
Diane Gustafson
Keith Kruse
Joel Patch
Mike Duffy
BUSINESS DEVELOPMENT
COMMITTEE
The Business Development
Committee shall be comprised
of not more than nine (9). Three
(3) of whom shall be members
of the Board of Directors.
Rick Bastian – Chair
Kent Eymann
Bill Lock
Frank McKearn
Tom Ptacin
Jeff Hazekamp
Mark Membrino
BUSINESS/EDUCATION
PARTNERSHIP COMMITTEE
The Business/Education
Partnership Committee shall be
comprised of a co-chairperson
representing GBEDC and a
co-chairperson representing
the GBCC and no set maximum
number of members.
Rick Barder – Co-Chair
Jim Agate – Co-Chair
NOMINATING COMMITTEE
The Nominating Committee
shall be comprised of the immediate past chair (Committee
Chair) of the Board of Directors,
and at least two (2) additional
members.
Tom Ptacin – Chair
Tom Barnes
Jim Fisher
Rob Gerbitz
www.greaterbeloitworks.com
BUSINESS/EDUCATION PARTNERSHIP COMMITTEE:
COMMITTEE REPORTS
From Our Committee Chairs
INVESTMENT/RECRUITMENT COMMITTEE:
As we continue to face economic challenges in the area, we continue to work at
growing investor/membership revenue. We did maintain most of our current base
of supporters, which we feel is acceptable in light of the national and local economy. We were fortunate to receive additional investment revenue from Beloit Health
Systems, and would like to thank them for recognizing how important GBEDC is to
the Greater Beloit community. For 2012, we plan to add additional members to our
committee for help in reaching out to the community, and look at different ways
to allow current partners to increase what they do with us as well as a major focus
on recruitment of new partners. Our revenue budget goal will be $63,000, and our
committee’s focus will be to achieve this goal at a minimum with great hopes that
we will exceed that number. We firmly believe that our organization remains a
critical piece in the local economy’s growth machine and that local businesses can
see that our organization’s growth is good for all. Our history has shown that, and
our future will as well.
—Keith Kruse, Committee Chair
STRATEGIC PLANNING COMMITTEE:
Staff has continued to coordinate the economic development activities in the area in
the context of the adopted Strategic Plan. The Strategic Plan now incorporates the
associated priorities of the GBEDC, the Greater Beloit Chamber of Commerce, Visit
Beloit, and the Downtown Beloit Association in to one document. On a monthly
basis, the Executive Director’s meet to update the Strategic Plan, discuss progress
on our agreed-upon initiatives, develop new ideas, and coordinate activities. The
Plan has been modified eleven times since starting the process in 2010 and reflects
changing priorities within the economic development landscape. Staff has made
several presentations on the Strategic Plan to a variety of stakeholders. In 2010, the
Greater Beloit Chamber of Commerce and Visit Beloit engaged the same consultant
used by the GBEDC to guide them through the development and approval of their
own strategic plans. The DBA plans to also use the same consultant to update their
strategic plan in 2012. Once all four plans are complete, the GBEDC will coordinate
a joint meeting with the consultant to reaffirm that the partners missions are distinct
and there is no redundancy in the organizations goal and objectives.
—Joel Patch, Committee Chair
LOAN AND FINANCE COMMITTEE:
There are six (6) traditional loans currently outstanding which total over $274,000, as
part of the City of Beloit‘s Revolving Loan Fund (RLF) program. The original balances of these loans were $376,000 and all but one (1) have been handled as agreed.
One new traditional loan was approved in the amount of $55,000 for Midwest
Adventures Group, dba Paddle & Trail. Two forgivable loans were approved in 2011,
one to Kettle Foods for $200,000 and one to Genencor International for $100,000.
With no current applications being submitted, there is $237,500, as of October 31,
2011, to be distributed for qualified City of Beloit businesses. An updated brochure
that outlines these programs will be produced in early 2012, and a current edition
is detailed on our webpage www.greaterbeloitworks.com making this information
available to all potential loan applicants.
—Ed Hansen, Committee Chair
Our committee remains very active in supporting the local School District’s in their
quest to give our future workers the tools needed to compete in the workforce.
The 5th annual Business/Education Summit was held in August where we received
an update on the current conditions affecting Wisconsin School District’s as well as
listening to a very innovative program started several years ago in Kalamazoo, MI
called The Kalamazoo Promise. The 4th annual Connections Initiative was held in
May with over 400 Freshmen students from Beloit Memorial visiting over 20 local
businesses for a 2hr overview of the activity of that business. The Lunch & Learn
programs at Beloit Memorial High School as well as Aldrich & McNeel Middle
Schools are continuing with good participation at all levels. There will be over 350
students at Beloit Memorial who will participate in this year’s Mock Interview
Program. A pilot program linking students to adult mentors via the internet is
continuing with over 30 volunteers participating. A program matching teachers
with business leaders is continuing where visitations at businesses and at schools
will take place to learn about skill sets needed in the work world. Plans for the 3rd
Reality Store are underway where students are given real life scenarios and have to
manage a household budget. Our committee will be partnering with the Greater
Beloit Chamber of Commerce on ways to work with community-based non-profit
organizations which will help students perform better and improve the graduation
rate at all local high schools.
—Rick Barder & Jim Agate, Committee Co-Chairs
BUSINESS DEVELOPM
ENT COMMITTEE:
Although the econom
ic environment has rem
ained challenging for
tion efforts of most ec
the attraconomic development
organizations, your GB
a pretty good and pro
EDC had
ductive year. One new
plant announcement alo
a handful of expansion
ng with
plans promise to bring
hundreds of jobs and
millions of dollars in inv
tens of
estment to the Greater
Beloit area.
NorthStar Medical Ra
dioisotopes, a compan
y involved in nuclear me
announced plans to bu
dicine,
ild an 82,000 square foo
t facility north of Gatew
could involve as much
ay that
as $194 million in inves
tment. Alliance Develop
has committed to a 11
ment
0,000 square foot addit
ion to its existing distrib
facility. In late 2010, Ke
ution
ttle Foods announced
a $38 million addition
existing award winning
to its
facility. Kerry Ingredien
ts and Flavours also co
to an $8 million, 29,00
mmitted
0 square foot addition
to its headquarters ca
take all of these actio
mpus. We
ns as votes of confide
nce in the unique talen
and infrastructure offere
t, resources
d in Greater Beloit.
In a very competitive
economic developme
nt environment, we rec
low cost land is not the
ognize that
only differentiator. We
achieved “shovel ready
fication for sites at the
” certiGateway Business Park
and have modified sig
advertise that fact. A
nage to
partnership with the Ro
ck County Business All
Angus Young give po
iance and
tential GBEDC clients
ac
cess to a variety of vir
ing designs that play
tual buildto the “speed to marke
t” needs of clients cons
the area for facilities.
idering
The Food Processing
an
d Technology brochure
video was the initial eff
and
ort at broadcasting a
core competency of ou
This year, a similar comm
r region.
itment to a brochure an
d video on Logistics wi
followed by ones on Ad
ll be
vanced Manufacturing
,
He
althcare, the Rock Co
Airport, and other ind
unty
ustries.
All of the economic de
velopment organizatio
ns in Rock County are
same page. Wisconsin
on the
is transforming itself int
o a pro-business state.
this bodes well for bu
All of
siness development wh
en the economy turns
around.
—Rick Bastian, Comm
ittee Chair
(COMMITTEES CONT.)
LOAN AND FINANCE
COMMITTEE
The Loan and Finance
Committee shall be comprised
of seven (7) members, at least
three (3) of whom shall be
Board members. No more than
four (4) of these members shall
be members of the financial
services business sector.
Ed Hansen – Chair
Diane Gustafson
Rick Bastian
Arlyn Erdmann
Bob Manzer
Rob Gerbitz
Brian Kobischka
INVESTMENT/RECRUITMENT
COMMITTEE
The Investment/Recruitment
Committee shall be comprised
of not more than seven (7)
members. One (1) being
designated the Chair of the
Committee.
Keith Kruse — Chair
Fred Buggs
Bill Lock
Brian Mark
Bill Mears
Scott Weiser
Gene Ziemba
STRATEGIC PLANNING
COMMITTEE
The Strategic Planning
Committee shall be comprised
of the Chair of the Board, Vice
Chair of the Board and five (5)
additional members who shall
be investors of the Corporation
Joel Patch — Chair
John Nicholas
Jim Fisher
Tom Barnes
Deb Fredrikson
Fran Patch
Randall Upton
BALANCE SHEET
(As of October 31, 2011)
ASSETS
Current Assets
Checking/Savings
CD #1
50,125.93
CD #2
50,000.00
CD #3
50,000.00
Checking #2—M&I
24,001.87
Money Market—M&I
76,426.44
Total Checking/Savings 250,554.24
Other Current Assets
Prepaid Insurance
960.37
Total Other Current Assets 960.37
Total Current Assets
251,514.61
Fixed Assets
520 E. Grand—Equipment 6,612.74
Accum. Depreciation
(74,648.32)
Bldg Improvements—
520 E. Grand (at cost) 190,873.00
Building—
520 E. Grand (at cost) 140,000.00
Computers &
Related Items
5,175.00
Land—
520 E. Grand (at cost)
25,000.00
Software
3,200.00
Vision Beloit—Furniture
7,240.48
Total Fixed Assets
303,452.90
TOTAL ASSETS
554,967.51
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable
Total Accounts Payable
1,658.67
1,658.67
Total Current Liabilities
1,658.67
Long-Term Liabilities
Contra Current Mat—
City of Beloit
(1,500.00)
Contra Current Mat—
FNB
(3,299.00)
Current Mat—
City of Beloit
1,500.00
Current Mat—
FNB
3,299.00
N/P—City of Beloit
15,075.00
N/P—FNB
127,474.47
Total Long-Term Liabilities142,549.47
Total Liabilities
144,208.14
Equity
Retained Earnings
Net Income
Total Equity
422,229.79
(11,470.42)
410,759.37
TOTAL LIABILITIES
& EQUITY
554,967.51
www.greaterbeloitworks.com
FINANCIAL REPORT
‘11 Budget vs. Actual
Income
Billboard Lease (Lamar)
Business Education Summit
Crop Lease
Interest Income
Investor Dues
Other Income
Rental Income—520 E. Grand
Total Income
October
2011
Actual
2011
Annual
Budget
2011
YTD
Actual
0.00
20.00
0.00
8.27
500.00
16,667.00
200.00
17,395.27
4,500.00
5,500.00
35,000.00
900.00
66,000.00
0.00
0.00
111,900.00
4,500.00
3,865.00
0.00
426.56
61,980.70
22,536.18
800.00
94,108.44
Expenses
Accounting/Audit
Advertising & Marketing
Food Cluster Marketing*
Business/Education Initiatives
Financial Literacy
Connections
Summit
ACT Funding
BTC Funding
Challenge Day
Discretionary Fund
Contingency
EDA Grant Match
Insurance—D&O
Insurance—Liability
Legal Fees, Filing Fee, Etc.
Loan Interest—FNB
Loan Payment #2—CDBG
Meals & Entertainment
Meeting Expense
Office Supplies
Professional Services
Sub Area Plan*
Project Signs
Rent/Utilities
Repairs—520 E. Grand
Furnace*
Staff
Strategic Plan
Subscriptions & Reports
Training/Conference
Travel
Utilities—Signs
UW Engineering Program
Total Expenses
0.00
650.00
0.00
0.00
0.00
0.00
1,635.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
742.43
0.00
36.00
0.00
58.00
0.00
10,300.00
0.00
1,535.53
0.00
0.00
5,500.00
0.00
0.00
279.53
0.00
50.28
0.00
20,786.77
4,000.00
5,000.00
0.00
0.00
0.00
1,200.00
6,000.00
500.00
0.00
2,000.00
1,000.00
0.00
3,000.00
800.00
2,600.00
250.00
11,980.00
1,500.00
500.00
500.00
5,500.00
12,620.00
0.00
1,000.00
20,000.00
2,000.00
0.00
22,000.00
0.00
500.00
4,000.00
3,000.00
450.00
0.00
111,900.00
4,790.00
5,869.18
0.00
0.00
183.00
673.11
5,477.58
33.00
0.00
0.00
130.24
0.00
0.00
0.00
2,554.00
160.00
7,347.82
0.00
176.75
0.00
1,623.39
7,555.00
10,300.00
6,085.84
16,524.37
1,222.07
0.00
32,586.62
0.00
0.00
1,677.49
128.21
481.19
0.00
105,578.86
Net Income/(Loss)
(3,391.50)
0.00
(11,470.42)
(255.79)
0.00
(4,134.38)
(3,647.29)
0.00
(15,604.80)
Net Cash Provided by Financing Activities
Accounts Payable to Rock County 5.0
FUTURE PROJECTIONS
‘12 Proposed Budget
Income
Billboard Lease (Lamar)
Business Education Summit
Crop Lease
Interest Income
Investor Dues
Other Income
Rental Income - 520 E. Grand
Total Income
Amended
2009
Annual
Budget
4,500.00
5,300.00
38,408.00
1,000.00
65,971.00
0.00
14,400.00
129,579.00
Approved
2010
Annual
Budget
Approved
2011
Annual
Budget
4,500.00
4,500.00
5,000.00
5,500.00
37,281.00
35,000.00
900.00
900.00
66,000.00
66,000.00
0.00
0.00
7,200.00
0.00
120,881.00 111,900.00
Projected
Through
Year-End
2011
Proposed
2012
Annual
Budget
4,500.00
4,500.00
3,925.00
5,000.00
13,327.04 60,702.00
455.00
600.00
62,818.00 63,000.00
5,869.18
0.00
1,000.00
3,200.00
91,894.22 137,002.00
Expenses
Accounting/Audit
3,500.00
Advertising & Marketing
14,000.00
Food Cluster Marketing
6,000.00
Business/Education Initiatives
0.00
Financial Literacy
0.00
Connections
2,000.00
Summit
5,000.00
ACT Funding
0.00
BTC Funding
0.00
Challenge Day
0.00
Discretionary Fund
0.00
Contingency
0.00
EDA Grant Match
5,400.00
Insurance—D&O
800.00
Insurance—Liability
2,500.00
Legal Fees, Filing Fee, Etc.
500.00
Loan Payment—FNB
11,979.00
Loan Payment #2—CDBG
1,500.00
Meals & Entertainment
1,000.00
Meeting Expense
3,500.00
Office Supplies/Printing/Mailing
4,700.00
Professional Services
5,000.00
Turtle Creek Corridor Redevelopment Plan
0.00
Project Signs
5,000.00
Rent/Utilities
20,000.00
Repairs—520 E. Grand
6,000.00
Furnace
4,000.00
Special Projects
0.00
Staff
2,256.00
Strategic Planning
0.00
Subscriptions & Reports
500.00
Training/Conference
2,000.00
Travel
500.00
Utilities—Signs
400.00
UW Engineering Program
2,000.00
Total Expenses
110,035.00
3,800.00
4,000.00
4,790.00
4,500.00
10,000.00
5,000.00
5,219.18
5,000.00
0.00
0.00
0.00
0.00
0.00
0.00
250.00
0.00
1,500.00
0.00
183.00
1,000.00
1,220.00
1,200.00
673.11
1,000.00
5,200.00
6,000.00
3,842.58
5,000.00
500.00
500.00
450.00
500.00
200.00
0.00
0.00
200.00
2,000.00
2,000.00
1,100.00
1,500.00
0.00
1,000.00
400.00
1,000.00
0.00
0.00
0.00
0.00
3,000.00
3,000.00
0.00
0.00
800.00
800.00
800.00
800.00
2,500.00
2,600.00
2,554.00
2,600.00
250.00
250.00
160.00
250.00
12,026.00
11,980.00
11,980.00 11,980.00
1,500.00
1,500.00
1,500.00
1,500.00
1,000.00
500.00
350.00
500.00
1,500.00
500.00
150.00
500.00
4,700.00
5,500.00
2,100.00
5,500.00
4,400.00
12,620.00
7,555.00 12,620.00
20,600.00
0.00
10,300.00
0.00
3,000.00
1,000.00
6,085.84
1,000.00
20,000.00
20,000.00
20,000.00 20,000.00
7,000.00
2,000.00
1,222.07
2,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00 15,000.00
20,000.00
22,000.00
38,089.00 24,000.00
0.00
0.00
0.00
0.00
500.00
500.00
100.00
500.00
2,500.00
4,000.00
1,500.00
4,000.00
5,000.00
3,000.00
200.00
3,000.00
450.00
450.00
620.00
620.00
2,000.00
0.00
0.00
0.00
137,146.00 111,900.00 122,173.78 126,070.00
Net Income/(Loss)
(16,265.00)
19,544.00 0.00 (30,279.56)
10,932.00
WISCONSIN
ECONOMIC
DEVELOPMENT
AND GROWTH
Within 500 miles of Beloit:
31 percent of the nation’s
population
30 percent of all U.S.
business operations
30 percent of the nation’s
manufacturing companies
38 percent of all U.S.
manufacturing volume
50 percent of the nation’s
top 20 metro manufacturing
centers
Businesses benefit from Greater
Beloit’s strategic location. Our
geographical location on the
Illinois-Wisconsin border —
midway between Lake Michigan
and the Mississippi River — puts
us in the center of the U.S.A.’s
biggest market — the Midwest.
Speedy access to these markets
is provided by the area’s diversified transportation systems.
Interstate Highways 39, 90, and
43 link the area with other Wisconsin and Illinois communities,
as well as the rest of the nation.
We are in close proximity to
two major cities; Chicago and
Milwaukee both are within a
two-hour drive. Greater Beloit
offers ease of access to markets
and suppliers. This is a highly
significant factor in terms of
freight costs and the increased
emphasis on "Just-In-Time"
production.
With its strategic location and
access to markets, Greater Beloit continually plays a big role
in Wisconsin public economic
development. In short, Greater
Beloit offers firms the right location to expand or establish a
business.