MDC Chair Message 2011

Madison Development Corporation, with our national economy, has emerged from the recession.  MDC is strong and has been an important factor in Madison and Dane County for alleviating the effects of the recession and assisting in a positive outcome.  Our 2010 jobs report showed that the MDC small business borrowers created 150 new jobs.  This compares to 110 in 2009.  Of the new jobs, 81% were at high wages and 79% included employer sponsored health benefits. At the same time, MDC expanded its inventory of available affordable housing by acquiring properties on the south side and the near east side, both of which are the subject of significant renovation.  This was accomplished while maintaining the exceptionally strong balance sheet, reflecting MDC's conservative leverage and aggressive debt amortization.

I am proud to complete my term as board chair.  The credit for MDC's success, however, must go to its senior management, Frank Staniszewski, President; Joan Frost, Controller/Director of Operations; Dave Scholtens, VP of Lending; Sandy Schultheis, Senior Property Manager; and the rest of the staff, and the board, all of whom have taken seriously their roles as stewards of the MDC resources and servants to the community.

The MDC Venture Debt Fund had a particularly successful year.  MDC's investor partners, MG&E, Johnson Bank, Anchor Bank, Associated Bank, State Bank o;f Cross Plains, Capitol Bank, Middleton Community Bank, Oak Bank, M&I Bank, First Business Bank, Settler's Bank, Town Bank, Starion Bank, Middleton Area Development Corporation, and the City of Fitchburg, through renewed and additional commitments, have built the fund.  It is now, at a revolving fund of approximately $5 Million, an important and sustainable amount, available to meet a very significant part of the financing need of eligible emerging technology businesses.

Design plans and permitting have been completed for the next major initiative of MDC, the Midwest BioLink Commercialization and Business Center.  The process of raising the remaining necessary funds is underway and it is hoped that construction will commence in late 2011 or early 2012.  This partnership with the City of Madison will be the cornerstone of efforts to develop bio-ag technology businesses as a significant economic sector for Madison and Dane County.

Annual Meeting Message

Chair of the Board of Directors

Thomas P. Solheim