title
Consideration of a Redevelopment Loan Fund loan application from Midwest Institutional Trust Company related to tenant space located at 10700 W Research Drive
body
Submitted by:
Paulette Enders
Department:
Development Department
The ownership of MTC Holding Company has formed a new Kansas state-chartered trust company called Midwest Institutional Trust Company ("MITC".) MITC has applied for a Wauwatosa Revolving Loan Fund Corporation loan, as well as a City of Wauwatosa Redevelopment Fund forgivable loan, for furniture, fixtures, and technology equipment. MITC has requested both loans be forgivable. MITC will commit to retain approximately 38 Wisconsin jobs and provide an internship program that would include students from underrepresented groups and diverse backgrounds, including individuals with disabilities and individuals from economically disadvantaged backgrounds. The program will give interns a chance to learn new skills and obtain real-world experience, creating a qualified pool of diverse candidates for the region.
MITC is a national provider of trust, custody, and fiduciary services to the institutional investor
marketplace. Their clients include public pension plans, university foundations, insurance companies,
Taft-Hartley retirement plans, registered investment advisors, hospital foundations, corporate pensions, and endowments. MITC expects to expand their office and expand in the region.
MITC has agreed to acquire and assume a national bank's institutional trust group. The national bank has made the decision to exit the business and eliminate all employment positions currently located in Milwaukee as of 12-31-2023. The employees of MITC will be hired and stay in Wisconsin. Additionally, if the terms MITC proposed are granted, the company will look to bring additional employees to the area including portfolio managers, trust officers, and operations staff.
MITC has negotiated a turnkey lease at 10700 West Research Drive. This particular l...
Click here for full text