SB69: Bill Text

LRB-1890/1

MES:wlj:rs

2003 - 2004 LEGISLATURE

2003 Senate BILL 69

March 11, 2003 - Introduced by Senators Hansen and Breske, cosponsored by Representatives Seratti, Gunderson, Montgomery, Krawczyk, Musser and Bies. Referred to Committee on Economic Development, Job Creation and Housing.

SB69,1,3 An Act to amend 59.57 (2) (c) 3. of the statutes; relating to: changing the definition of industrial development project under the Industrial Development Law.

Analysis by the Legislative Reference Bureau

Under current law, a county board may appropriate money for and create a county industrial development agency, or may appropriate money to a nonprofit agency, to foster industrial development in the county. An agency created by the county is a separate and distinct public instrumentality from the county. An agency may engage in a number of activities to promote industrial development in the county, including the following:

1. Grant financial aid to any industrial development project.

2. Acquire real or personal property; improve, clear, and redevelop the property; or sell, lease, or subdivide the property and make it available for industrial use.

3. Borrow money and issue debt, or loan money, to foster an industrial development project.

Currently, an "industrial development project" is defined as any site, structure, facility, or undertaking comprising or connected with an industrial or manufacturing enterprise that is established, or will be established, by an industrial development agency. Under this bill, the definition of "industrial development project" is expanded to include commercial, retail, or service enterprises.

For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB69, s. 1 Section 1. 59.57 (2) (c) 3. of the statutes is amended to read:

SB69,2,5 59.57 (2) (c) 3. "Industrial development project" means any site, structure, facility, or undertaking comprising or being connected with or being a part of an industrial or, manufacturing, commercial, retail, or service-related enterprise established or to be established by an industrial development agency.

SB69,2,6 (End)