Amendment SA1-SB769

LRBa2116/1

MPG:ahe

2017 - 2018 LEGISLATURE

SENATE AMENDMENT 1, TO SENATE BILL 769

February 13, 2018 - Offered by Joint Committee on Finance.

SB769-SA1,1,1 At the locations indicated, amend the bill as follows:

SB769-SA1,1,2 1. Page 4, line 19: after that line insert:

SB769-SA1,1,7 “(3g) Grants for revolving loan funds. (a) In this subsection and in sub. (3r), “eligible organization” means each county economic development organization serving a rural county and each regional economic development organization serving a rural county that the corporation determines under par. (d) is eligible for a grant under par. (c).

SB769-SA1,1,9 (b) From the appropriation under s. 20.192 (1) (bm), the corporation shall allocate $5,000,000 for grants under this subsection.

SB769-SA1,2,5 (c) The corporation shall award a onetime grant of $250,000 to each eligible organization, or shall grant a smaller amount if the eligible organization so elects. The corporation may award a onetime grant of more than $250,000 to a consortium of rural counties, or to a consortium of eligible organizations in lieu of a grant to individual counties that are members of the consortium. An eligible organization or a consortium receiving a grant under this paragraph shall expend the grant moneys only for the purpose of creating or expanding a revolving loan fund that promotes economic development and entrepreneurial start-ups in a rural county served by the eligible organization or in rural counties served by the consortium.

SB769-SA1,2,9 (d) In determining whether a county economic development organization serving a rural county or regional economic development organization serving a rural county is eligible for a grant under par. (c), the corporation shall consider all of the following:

SB769-SA1,2,11 1. Whether the organization has appropriate fiscal and administrative policies and procedures in place.

SB769-SA1,2,13 2. Whether the organization's staff is sufficient and qualified by education or experience to administer a revolving loan fund.

SB769-SA1,2,16 3. Whether the organization can provide at least 2 examples of projects financed with public funding that the organization has taken from grant application to project completion.

SB769-SA1,2,18 4. Whether the organization has experience or a history of serving the community with economic development projects.

SB769-SA1,2,22 (3r) Grants for program operations and marketing. (a) From the appropriation under s. 20.192 (1) (bm), the corporation shall award a onetime grant of $50,000 to each eligible organization, or shall grant a smaller amount if the eligible organization so elects, subject to all of the following:

SB769-SA1,2,25 1. The eligible organization shall expend all grant moneys received under this paragraph only for the purpose of program operations and marketing within a rural county served by the eligible organization.

SB769-SA1,3,4 2. The eligible organization shall submit a report to the corporation no later than 180 days after the last day of the state fiscal year in which the grant is awarded concerning the organization's use of the grant under this paragraph. The report shall include a description of all marketing efforts undertaken as a result of the grant.

SB769-SA1,3,7 (b) A rural county served by an eligible organization receiving a grant under par. (a) may not use or depend on grant moneys to support existing funding for economic development purposes.”.

SB769-SA1,3,8 2. Page 5, line 7: delete “sub. (2)" and substitute “this section".

SB769-SA1,3,9 3. Page 5, line 7: after that line insert:

SB769-SA1,3,12 “(5m) Focus on underserved communities. In administering this section, the corporation shall make every effort to ensure that underserved communities in rural counties are prioritized.”.

SB769-SA1,3,13 (End)