2011 WISCONSIN ACT
214
An Act
to repeal
234.01 (4n) (a) 3m. a. to d., 234.01 (4n) (a) 3m. e., 234.01 (4n) (b) 1., 234.01 (4n) (b) 2., 234.65 (1) (e), 234.65 (1) (f), 234.65 (1) (gm), 234.65 (1) (gp), 234.65 (2) (a) 2., 234.65 (2) (c), 234.65 (3) (a), 234.65 (3) (b), 234.65 (3) (d), 234.65 (3) (g), 234.65 (5) (b), 238.11 (3) and 238.11 (5) (b);
to renumber
234.65 (5) (a), 234.65 (5) (c), 234.65 (5) (d) and 234.65 (5) (e);
to renumber and amend
234.01 (4n) (a) 3m. (intro.), 234.01 (4n) (b) (intro.), 234.65 (1) (c) and 234.65 (5) (intro.);
to consolidate, renumber and amend
238.11 (5) (intro.) and (a);
to amend
66.1103 (4m) (a) 2., 234.01 (4n) (a) 1., 234.01 (4n) (a) 3., 234.01 (4n) (a) 4., 234.65 (1) (a), 234.65 (1) (g), 234.65 (1m), 234.65 (2) (a) 4., 234.65 (3) (intro.), 234.65 (3) (am), 234.65 (3) (dg), 234.65 (3g), 234.65 (3m), 234.65 (3r), 238.11 (1) and 238.25; and
to create
234.65 (1) (c) 2. and 234.65 (3) (bm) of the statutes;
relating to:
economic development activities of the Wisconsin Housing and Economic Development Authority.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1
.
66.1103 (4m) (a) 2. of the statutes, as affected by
2011 Wisconsin Act 32
, is amended to read:
66.1103
(4m)
(a) 2. The municipality or county has received an estimate issued under s. 238.11 (5)
(a)
, and the Wisconsin Economic Development Corporation has estimated whether the project which the municipality or county would finance under the revenue agreement is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.
Section
2
.
234.01 (4n) (a) 1. of the statutes is amended to read:
234.01
(4n)
(a) 1. Facilities for manufacturing
or commercial real estate
activities
specified under division D, standard industrial classification manual, federal office of management and budget, as published by the federal government printing office
.
Section
3
.
234.01 (4n) (a) 3. of the statutes is amended to read:
234.01
(4n)
(a) 3. Facilities for the storage or distribution of products of manufacturing activities
under subd. 1.
, materials, components
,
or equipment.
Section
4
.
234.01 (4n) (a) 3m. (intro.) of the statutes is renumbered 234.01 (4n) (a) 3m. and amended to read:
234.01
(4n)
(a) 3m. Facilities for the retail sale of goods or services
to consumers if any of the following applies:
.
Section
5
.
234.01 (4n) (a) 3m. a. to d. of the statutes are repealed.
Section
7
.
234.01 (4n) (a) 4. of the statutes is amended to read:
234.01
(4n)
(a) 4. Facilities for research and development activities
relating to production of tangible products
.
Section
8
.
234.01 (4n) (b) (intro.) of the statutes is renumbered 234.01 (4n) (b) and amended to read:
234.01
(4n)
(b) Activities of a long-term nature, such as research and development
, performed by any of the following:
or long-term working capital.
Section
9
.
234.01 (4n) (b) 1. of the statutes is repealed.
Section
10
.
234.01 (4n) (b) 2. of the statutes is repealed.
234.65
(1)
(a)
With the consent of the Wisconsin Economic Development Corporation and subject to par. (f), the
The
authority may issue its negotiable bonds and notes to finance its economic development activities authorized or required under this chapter, including financing economic development loans.
Section
12g
.
234.65 (1) (c) of the statutes is renumbered 234.65 (1) (c) 1. and amended to read:
234.65
(1)
(c) 1. The authority may
not
issue
not
more than
$200,000,000
$150,000,000
in aggregate principal amount of bonds and notes under this section, excluding bonds and notes issued to refund outstanding bonds or notes issued under this section
, in each of the 3 consecutive fiscal years beginning after the effective date of this subdivision .... [LRB inserts date], and, except as provided in subd. 2., may not issue bonds and notes under this section after the last day of the 3rd fiscal year that begins after the effective date of this subdivision .... [LRB inserts date]
.
Section
12r
.
234.65 (1) (c) 2. of the statutes is created to read:
234.65
(1)
(c) 2. If, after the last day of the 3rd fiscal year that begins after the effective date of this subdivision .... [LRB inserts date], the authority determines that a continuation of the program under this section will promote significant economic development in this state, the authority may seek approval from the joint committee on finance to issue additional bonds and notes under this section by submitting to the committee a written request that states the reasons supporting the authority's determination that the issuance of additional bonds and notes will promote significant economic development in this state. If, within 14 working days after the date of that written request, the cochairpersons of the committee do not notify the authority that the committee has scheduled a meeting to review the authority's proposal to issue additional bonds and notes under this section, the authority may proceed to issue not more than $150,000,000 in aggregate principal bonds and notes under this section, excluding bonds and notes issued to refund outstanding bonds or notes issued under this section, in each of the 3 consecutive fiscal years beginning with the fiscal year in which approval is obtained under this subdivision. If, within 14 working days after the date of that written request, the cochairpersons of the committee notify the authority that the committee has scheduled a meeting to review the authority's proposal to issue additional bonds and notes under this section, the authority may issue bonds and notes under this section only upon approval of the committee.
Section
13
.
234.65 (1) (e) of the statutes is repealed.
Section
15
.
234.65 (1) (g) of the statutes is amended to read:
234.65
(1)
(g) In granting loans under this section the authority shall give preference to businesses which are more than 50% owned or controlled by women or minorities, to businesses that, together with all of their affiliates, subsidiaries and parent companies, have current gross annual sales of $5,000,000 or less or that employ
25
250
or fewer persons and to new businesses that have less than 50% of their ownership held or controlled by another business and have their principal business operations in this state.
Section
16
.
234.65 (1) (gm) of the statutes is repealed.
Section
17
.
234.65 (1) (gp) of the statutes is repealed.
234.65
(1m)
The
Wisconsin Economic Development Corporation
authority
shall
, in consultation with the authority,
adopt
rules and
procedures to implement sub. (3).
Section
19
.
234.65 (2) (a) 2. of the statutes is repealed.
Section
20
.
234.65 (2) (a) 4. of the statutes is amended to read:
234.65
(2)
(a) 4. The number of financial institutions participating in the economic development
loan program
project
.
Section
21
.
234.65 (2) (c) of the statutes is repealed.
Section
22
.
234.65 (3) (intro.) of the statutes is amended to read:
234.65
(3)
(intro.)
Except as provided in sub. (3g), the
The
authority may finance an economic development loan only if all of the following conditions are met:
234.65
(3)
(am) The authority has
received an estimate issued under s. 238.11 (5) (b), and the Wisconsin Economic Development Corporation has
estimated whether the project that the authority would finance under the loan is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.
Section
25
.
234.65 (3) (b) of the statutes is repealed.
Section
26
.
234.65 (3) (bm) of the statutes is created to read:
234.65
(3)
(bm) One or more other financial institutions participate in the economic development project.
Section
27
.
234.65 (3) (d) of the statutes is repealed.
Section
28
.
234.65 (3) (dg) of the statutes is amended to read:
234.65
(3)
(dg) The authority shall not assume
primary
unsecured or uncollateralized
risk for any economic development loan.
Section
29
.
234.65 (3) (g) of the statutes is repealed.
Section
30
.
234.65 (3g) of the statutes is amended to read:
234.65
(3g)
(a) Nothing in sub. (3)
(a) or
(am) may be considered to require a business signing a loan contract to satisfy an estimate under sub. (3) (am).
(b) Paragraph (a) and sub. (3)
(a) and
(am) do not apply to a person engaged in the business of operating a railroad or to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).
234.65
(3m)
An economic development loan may not be made unless the
Wisconsin Economic Development Corporation
authority
complies with sub. (1m) and certifies that each loan complies with sub. (3).
234.65
(3r)
Any economic development loan that a business receives from the authority under this section to finance a project shall require the business to submit to the
Wisconsin Economic Development Corporation
authority
within 12 months after the project is completed or 2 years after a loan is issued to finance the project, whichever is sooner
, on a form prescribed under s. 234.11 (1),
the net number of jobs eliminated, created, or maintained on the project site and elsewhere in this state as a result of the project. This subsection does not apply to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).
Section
33
.
234.65 (5) (intro.) of the statutes, as affected by
2011 Wisconsin Act 32
, is renumbered 234.65 (4) (c) (intro.) and amended to read:
234.65
(4)
(c) (intro.)
On or before July 1, 1985, and every July 1 thereafter, the Wisconsin Economic Development Corporation shall submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report that addresses the
The
effects of lending under this section in the following areas:
Section
34
.
234.65 (5) (a) of the statutes is renumbered 234.65 (4) (c) 1.
Section
35
.
234.65 (5) (b) of the statutes is repealed.
Section
36
.
234.65 (5) (c) of the statutes is renumbered 234.65 (4) (c) 2.
Section
37
.
234.65 (5) (d) of the statutes is renumbered 234.65 (4) (c) 3.
Section
38
.
234.65 (5) (e) of the statutes is renumbered 234.65 (4) (c) 4.
238.11
(1)
The corporation shall prescribe the notice forms to be used under
ss.
s.
66.1103 (4m) (a) 1.
and 234.65 (3) (a).
The corporation shall include on the forms a requirement for information on the number of jobs the person submitting the notice expects to be eliminated, created, or maintained on the project site and elsewhere in this state by the project which is the subject of the notice. The corporation shall prescribe the forms to be used under
ss.
s.
66.1103 (4m) (b)
and 234.65 (3r)
.
Section
41
.
238.11 (5) (intro.) and (a) of the statutes, as affected by
2011 Wisconsin Act 32
, are consolidated, renumbered 238.11 (5) and amended to read:
238.11
(5)
The corporation shall issue an estimate made
: (a) Under
under
sub. (2)
,
to the city, village, town, or county which will issue the bonds to finance the project which is the subject of the estimate.
238.25
Assistance to loan recipients.
The corporation shall assist new businesses and small businesses receiving
economic development loans under s. 234.65 (1) (a) or
the assistance of the Wisconsin Housing and Economic Development Authority in locating sources of venture capital and in obtaining the state and federal licenses and permits necessary for business operations.
