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:
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.
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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.
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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.
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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:.
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5. 234.01 (4n) (a) 3m. a. to d. of the statutes are repealed.
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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.
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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.
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9. 234.01 (4n) (b) 1. of the statutes is repealed.
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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.
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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].
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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.
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13. 234.65 (1) (e) of the statutes is repealed.
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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.
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16. 234.65 (1) (gm) of the statutes is repealed.
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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).
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19. 234.65 (2) (a) 2. of the statutes is repealed.
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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.
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21. 234.65 (2) (c) of the statutes is repealed.
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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.
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25. 234.65 (3) (b) of the statutes is repealed.
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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.
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27. 234.65 (3) (d) of the statutes is repealed.
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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.
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29. 234.65 (3) (g) of the statutes is repealed.
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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).
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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:
