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On August 26, 2020, the Securities and Exchange Commission (SEC) officially adopted a broader definition of an “accredited investor,” which is important in identifying investors who are able to participate in unregistered, private placement offerings, including private real estate, private equity, and some hedge funds.

Prior to this change, individual investors could be considered accredited if they had over $1 million in net assets, not including their primary residence, or annual income of at least $200,000 if single, or $300,000 if married. These thresholds are not adjusted for inflation, making it more likely that more investors would be considered accredited over time. The SEC did not change any of the existing quantitative tests, but noted that previous definitions did not take investors’ actual “financial sophistication” into account.  The new definition expands to include individuals with knowledge and experience within the financial markets. Specifically, this includes individuals who have earned credentials from the SEC such as the Series 7 (general securities), Series 65 (financial advisory), or Series 82 (private securities offerings). 

The initial change is fairly limited in scope, and the SEC does not expect it to result in a significant increase in the number of newly eligible accredited investors. However, the broader definition does open the door to further expansion for how to measure financial literacy, as holders of other credentials and certifications are likely to seek accreditation as well.

SEC Commissioner Hester Peirce commented, “We do not believe wealth should be the sole means of establishing financial sophistication. Rather, the characteristics of an accredited investor can be demonstrated in a variety of ways.”

Wangard Partners offers a wide-variety of real estate investment opportunities to investors, providing comprehensive analysis and insight into the ever-changing market environment. Wangard always advises investors to consult with their financial advisors and tax professionals regarding the suitability of private real estate investments for their specific circumstances.

Let’s Talk. Contact Wangard Today.

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July 14, 2020

Please note the Milwaukee Common Council has approved a mandatory mask ordinance for the City of Milwaukee.  The ordinance “requires a mask or face covering on any person in an indoor public space, as well as a mask or face covering on any person in an outdoor public space when within six feet of another person – save for those who are members of the person’s family or household – for the duration of the ongoing “Moving Milwaukee Forward” health and safety orders.”

Subject to the city ordinance, for the health and safety of you, your neighbors and our team – we request the following for you and your guests.

Please wear a mask when in all common areas of the building.

We ask that when you are in any common hallways or areas of the building – walking down hallways, disposing of trash, walking to and from your car, getting your mail – that you wear a mask.    Preventing a pandemic from affecting our building is our job, as well as the job of all of our residents, and we thank you all for doing your part in preventing the spread of disease. 

Here are additional reminders to stay safe:

• Regular good habits:
  • Stay 6 feet apart from others.
  • Wash your hands frequently – especially after touching doorknobs or pushing elevator buttons – and follow proper hand-washing procedures:
    • Using warm water and soap, wash hands for 20 seconds.
    • Use hand sanitizer with at least 60-95% alcohol.
• Cover your coughs and sneezes with a tissue and discard immediately in a lined trashcan and wash your hands immediately afterwards following the steps noted above.
• Do not share personal items (dishes, utensil, cups, bedding, towels, etc.)
• Clean all high-touch surfaces every day

• If you feel ill:

• Stay in your unit and let building management know you are feeling sick by calling or emailing us.
• Separate yourself from other residents and pets. 
• If you need to leave your unit to go to a doctor, please wear a mask over your nose and mouth (or in the absence of a mask, use a scarf or handkerchief) and disposable gloves. Discard these items upon returning home and/or wash immediately.
• Any co-residents should use a face mask and or gloves when in the same room as you.
• Do not use public transportation, ride sharing, or taxis.
• Do not enter any public areas in the building.

Thank you for your cooperation, stay vigilant and stay safe!

Governor Scott Walker announced today that the Wisconsin Economic Development Corporation (WEDC) is providing Milwaukee Tool Co. with $8 million in state tax credits to support the company’s plans to build a $32 million R&D facility in Brookfield – a project expected to create 350 new jobs.

“A little more than two years ago, Milwaukee Tool announced the expansion of their headquarters creating nearly 600 jobs in Brookfield, and now we are here today to announce yet another expansion that will create 350 more jobs,” said Governor Walker, who joined company officials in a ceremonial groundbreaking event at the company’s headquarters. “As a global manufacturer, Milwaukee Tool had other options for its latest expansion, but chose Wisconsin because of our dedicated workforce and strong business climate. Thank you to Milwaukee Tool for their continued commitment to creating jobs, contributing to our economy, and growing in our state.”

Milwaukee Tool has purchased a 3.5-acre site near its current facility that will house an advanced manufacturing research and development facility and office space. The 114,500-square foot, multi-story building starts construction in Q3 and is expected to be completed by Q4 of 2019, bringing their global headquarter space from 390,000 square feet to an approximate 504,500 square feet.

The company plans to create 350 jobs at the facility over the next five years – primarily engineering and software positions with an annual average salary of $75,000.

“When you look at the growth our company has achieved in the last decade, the catalyst for our success has been our people. The drive, determination, and obsession of our employees has enabled us to continue delivering disruptive innovation for the professional trades and our distribution partners,” said Steve Richman, Milwaukee Tool Group President. “We are proud to partner with the State of Wisconsin to grow a world-class work environment that will continue to attract, retain, and recruit the best talent in the world.”

In 2016, WEDC awarded Milwaukee Tool up to $18 million in performance-based state income tax credits for a 200,000-square-foot expansion of its corporate headquarters in Brookfield expected to create about 600 jobs. To ensure the latest expansion would occur in Wisconsin, WEDC amended its contract with Milwaukee Tool to provide an additional $8 million in tax credits.

As a result, the company has agreed to create 942 new jobs, retain its existing jobs, and make $67 million in capital investments through 2022. The actual amount of tax credits the company will receive is contingent upon the number of jobs created and retained, and the amount of capital investment made through 2022.

In addition to the creation of 350 jobs at Milwaukee Tool’s Brookfield headquarters, an economic modeling study estimates the project could indirectly generate 690 additional jobs in the region. Those 1,040 new jobs are expected to generate about $13 million in state income tax revenue over a five-year period.

The construction phase of the project could directly support an additional 160 jobs and 100 indirect jobs.

The City of Brookfield is also supporting the expansion of the city’s largest employer by providing $3.5 million in Tax Increment Financing assistance to help offset the project costs.

“We thank Milwaukee Tool for its continued expansion in the City of Brookfield,” said Brookfield Mayor Steven Ponto. “We value Milwaukee Tool as a great corporate citizen and the jobs that are being created are high level, family supporting jobs which benefit our city and the metropolitan area.”

The Milwaukee 7 Regional Economic Development Organization also worked with the company to ensure the expansion took place in the region.

“We’re delighted that Milwaukee Tool has selected southeastern Wisconsin for yet another significant expansion,” said Gale Klappa, co-chair of Milwaukee 7 and chairman and CEO of WEC Energy Group. “The company’s decision to again invest here highlights how attractive the Milwaukee region is to global companies that require skilled knowledge workers. We’re attracting corporate investment at a pace unprecedented in Wisconsin history.”

Milwaukee Tool purchased the 3.5-acre parcel north of Lisbon Road from Wangard, the developer of the Eastgate Business Center. Wangard will be Milwaukee Tool’s lead development and construction management consultant.

Read the full press release as issued by the Governor here.