AB741: Bill Text

AB741, s. 77 Section 77. 560.17 (6m) (b) of the statutes is repealed.

AB741, s. 78 Section 78. 560.17 (7) (a) of the statutes is amended to read:

AB741,32,7 560.17 (7) (a) Except as provided in par. (am), the department shall designate staff to evaluate applications for grants or loans and assist the board under this section. The board shall act on an application for a grant or loan at its next regularly scheduled meeting after the department determines that the application is complete, except that the board shall act on an application for a loan under sub. (5r) and advise the applicant of its decision within 45 days after the department determines that the application is complete.

AB741, s. 79 Section 79. 560.205 (3) (c) of the statutes is repealed.

AB741, s. 80 Section 80. 560.29 (3) of the statutes is created to read:

AB741,32,11 560.29 (3) Department reporting requirements. The department shall include in the report required under s. 560.01 (2) (am) all of the following:

AB741,32,13 (a) The total amount of certified capital investments made, by calendar year, since July 1, 1999.

AB741,32,15 (b) Statistical information on the qualified investments made by certified capital companies during the previous 2 calendar years.

AB741,32,18 (c) The department's assessment of the number of jobs created in this state during the previous 2 calendar years as a result of qualified investments made by certified capital companies under this section.

AB741, s. 81 Section 81. 560.42 (5) of the statutes is repealed.

AB741, s. 82 Section 82. 560.52 of the statutes is repealed.

AB741, s. 83 Section 83. 560.55 of the statutes is repealed.

AB741, s. 84 Section 84. 560.607 (2) of the statutes is repealed.

AB741, s. 85 Section 85. Subchapter VII (title) of chapter 560 [precedes 560.80] of the statutes is amended to read:

AB741,32,25 CHAPTER 560

AB741,33,3 SUBCHAPTER VII MINORITY BUSINESS EARLY PLANNING AND DEVELOPMENT PROJECTS grants and loans

AB741, s. 86 Section 86. 560.80 (3m) of the statutes is amended to read:

AB741,33,8 560.80 (3m) "Education and training project" means a business education and training program for minority group members and minority businesses that have received loans for working capital from an eligible recipient under s. 560.837 (1) (b) 560.82 (1m) (e).

AB741, s. 87 Section 87. 560.80 (4) of the statutes is amended to read:

AB741,33,14 560.80 (4) "Eligible development project costs" means costs that, in accordance with sound business and financial practices, are appropriately incurred in connection with a development project, but does not include entertainment expenses or expenses incurred more than 6 months before the board approves a grant or loan under s. 560.83 560.82 (1m) (b).

AB741, s. 88 Section 88. 560.80 (5) of the statutes is renumbered 560.80 (5) (intro.) and amended to read:

AB741,33,19 560.80 (5) (intro.) "Eligible recipient" means a person who is eligible to receive a grant under s. 560.82 (5) (a) or 560.837 or a grant or loan under s. 560.83 (5) (a) or (b). any of the following:

AB741, s. 89 Section 89. 560.80 (5) (a) and (b) of the statutes are created to read:

AB741,33,22 560.80 (5) (a) An individual who is a minority group member and a resident of this state.

AB741,33,23 (b) A minority business.

AB741, s. 90 Section 90. 560.80 (5) (c) of the statutes is created to read:

AB741,34,2 560.80 (5) (c) A person who is eligible to receive a grant under s. 560.82 (1m) (d) or (e).

AB741, s. 91 Section 91. 560.80 (5m) of the statutes is amended to read:

AB741,34,5 560.80 (5m) "Finance project" means financial assistance to a minority group member or a minority business described in s. 560.837 560.82 (1m) (d) and (e).

AB741, s. 92 Section 92. 560.81 (title) of the statutes is repealed.

AB741, s. 93 Section 93. 560.81 (intro.) of the statutes is renumbered 560.82 (1g) and amended to read:

AB741,34,12 560.82 (1g) The department shall make a grant or loan to an eligible recipient or local development corporation under this subchapter section if any of the following apply: the board awards a grant or loan to the eligible recipient or local development corporation under sub. (1m).

AB741, s. 94 Section 94. 560.81 (1) to (4) of the statutes are repealed.

AB741, s. 95 Section 95. 560.82 (title) of the statutes is amended to read:

AB741,34,15 560.82 (title) Minority business early planning grants and loans.

AB741, s. 96 Section 96. 560.82 (1) of the statutes is renumbered 560.82 (1m) (intro.) and amended to read:

AB741,34,19 560.82 (1m) (intro.) Subject to s. 560.84, the department The board may award a grant or loan under this section to an any of the following:

AB741,34,21 (a) Subject to s. 560.84, an eligible recipient, as defined in s. 560.80 (5) (a), to fund an early planning project.

AB741, s. 97 Section 97. 560.82 (1m) (b) and (c) of the statutes are created to read:

AB741,34,25 560.82 (1m) (b) Subject to s. 560.84, an eligible recipient or local development corporation that submits application materials in a form specified by the department by rule to fund eligible development project costs.

AB741,35,2 (c) A local development corporation to make grants or loans under sub. (2g) (a) 1. or to fund a revolving fund program under sub. (2g) (a) 2.

AB741, s. 98 Section 98. 560.82 (2) (intro.) of the statutes is amended to read:

AB741,35,7 560.82 (2) (intro.) The department board may not award a grant or loan under sub. (1) (1m) (a) unless the eligible recipient, as defined in s. 560.80 (5) (a), submits an application, in a form required by the department, that contains or describes all of the following:

AB741, s. 99 Section 99. 560.82 (3) (intro.) of the statutes is amended to read:

AB741,35,11 560.82 (3) (intro.) An eligible recipient, as defined in s. 560.80 (5) (a), who receives a grant or loan under sub. (1) (1m) (a) or s. 560.835 (6), 2001 stats., may only use the proceeds of the grant for the following purposes:

AB741, s. 100 Section 100. 560.82 (4) (intro.) of the statutes is amended to read:

AB741,35,14 560.82 (4) (intro.) In any fiscal biennium, the department The board may not do any of the following:

AB741, s. 101 Section 101. 560.82 (4) (a) (intro.) of the statutes is amended to read:

AB741,35,17 560.82 (4) (a) (intro.) Award in a fiscal biennium, for grants or loans under sub. (1) (1m) (a), more than 25% of the total of all of the following:

AB741, s. 102 Section 102. 560.82 (4) (a) 2. of the statutes is amended to read:

AB741,35,21 560.82 (4) (a) 2. The lesser of the funds received in a fiscal biennium in repayment of grants or loans under s. 560.83, 2005 stats., and this section or the funds appropriated for the fiscal biennium under s. 20.143 (1) (im).

AB741, s. 103 Section 103. 560.82 (4) (b) of the statutes is amended to read:

AB741,35,25 560.82 (4) (b) Award, in a fiscal biennium to any one eligible recipient, as defined in s. 560.80 (5) (a), or for any one early planning project, grants or loans under sub. (1) (1m) (a) that total more than $15,000.

AB741, s. 104 Section 104. 560.82 (5) (a) of the statutes is repealed.

AB741, s. 105 Section 105. 560.82 (5) (b) of the statutes is renumbered 560.82 (5) and amended to read:

AB741,36,7 560.82 (5) If the department board awards a grant or loan under sub. (1) (1m) (a), the department may contract directly with and pay grant or loan proceeds directly to any person providing technical or management assistance to the grant or loan recipient.

AB741, s. 106 Section 106. 560.83 (title) of the statutes is repealed.

AB741, s. 107 Section 107. 560.83 (1) of the statutes is repealed.

AB741, s. 108 Section 108. 560.83 (2) of the statutes is renumbered 560.82 (2g).

AB741, s. 109 Section 109. 560.83 (3) of the statutes is renumbered 560.82 (2g) (c) and amended to read:

AB741,36,15 560.82 (2g) (c) The board may not award a grant or loan under sub. (1) or (2) unless the eligible recipient or the local development corporation submits an application, or other materials, in a form specified by the department by rule.

AB741, s. 110 Section 110. 560.83 (4) (a) of the statutes is renumbered 560.82 (4) (c) and amended to read:

AB741,36,21 560.82 (4) (c) In Award in any fiscal biennium, the board may not award, to any one eligible recipient or local development corporation or for any one development project, grants or loans under sub. (1) (1m) (b) that total more than $100,000 in a fiscal biennium.

AB741, s. 111 Section 111. 560.83 (4) (b) of the statutes is renumbered 560.82 (4) (d) and amended to read:

AB741,37,3 560.82 (4) (d) In Award, in any fiscal year, the board may not award to any one local development corporation, grants or loans under sub. (2) (1m) (c) that total more than $200,000.

AB741, s. 112 Section 112. 560.83 (5) of the statutes is repealed.

AB741, s. 113 Section 113. 560.837 (1) (intro.) of the statutes is renumbered 560.82 (1m) (d) (intro.) and amended to read:

AB741,37,10 560.82 (1m) (d) (intro.) Subject to s. 560.84, the board may award a grant under this subsection to a nonprofit organization or private financial institution, as defined in s. 234.01 (5k), whether or not for profit, to fund a finance project if all of the following apply:

AB741, s. 114 Section 114. 560.837 (1) (a) of the statutes is renumbered 560.82 (1m) (d) 1.

AB741, s. 115 Section 115. 560.837 (1) (b) of the statutes is renumbered 560.82 (1m) (d) 2. and amended to read:

AB741,37,15 560.82 (1m) (d) 2. The loans for working capital under par. (a) 1. subd. 1. a. do not exceed $5,000.

AB741, s. 116 Section 116. 560.837 (2) of the statutes is renumbered 560.82 (1m) (e).

AB741, s. 117 Section 117. 560.84 (1) (intro.) of the statutes is amended to read:

AB741,37,21 560.84 (1) (intro.) The department or board may not award a grant or loan for a project under this subchapter unless, after considering the application or other material submitted by the eligible recipient or local development corporation, the department or board determines all of the following:

AB741, s. 118 Section 118. 560.84 (1) (b) 1. of the statutes is amended to read:

AB741,37,24 560.84 (1) (b) 1. If an early planning project under s. 560.82, that the project will increase employment in this state.

AB741, s. 119 Section 119. 560.84 (1) (e) 1. of the statutes is amended to read:

AB741,38,6 560.84 (1) (e) 1. For grants funding early planning projects under s. 560.82 (1m) (a), not less than 25% of the cost of the project. Up to 50% of the contribution under this subdivision may be in the form of the in-kind services of a qualified 3rd party or qualified 3rd parties. The department shall determine what services may be used as in-kind contributions and whether a 3rd party is qualified, for purposes of this subdivision.

AB741, s. 120 Section 120. 560.84 (1) (f) of the statutes is amended to read:

AB741,38,9 560.84 (1) (f) That the project meets all applicable criteria set forth in s. 560.82, 560.83, or 560.837, whichever is appropriate.

AB741, s. 121 Section 121. 560.84 (2) (a) 1. of the statutes is amended to read:

AB741,38,12 560.84 (2) (a) 1. If an early planning project under s. 560.82, the extent to which the project will increase employment in this state.

AB741, s. 122 Section 122. 560.85 (2) of the statutes is amended to read:

AB741,38,17 560.85 (2) The board shall develop a policy governing the repayment of grants and loans made under s. 560.83 560.82 (1m) (b) and (c). The board or department shall deposit moneys received in repayment of grants and loans under s. 560.83 560.82 (1m) (b) and (c) in the appropriation under s. 20.143 (1) (im).

AB741, s. 123 Section 123. 560.85 (3) (a) of the statutes is amended to read:

AB741,38,21 560.85 (3) (a) Develop procedures to evaluate applications and monitor project performance for grants awarded for early planning projects under s. 560.82 (1m) (a) or s. 560.835 (6), 2001 stats.

AB741, s. 124 Section 124. 560.85 (3) (b) of the statutes is amended to read:

AB741,39,2 560.85 (3) (b) Develop procedures, with the approval of the board, to evaluate applications, monitor project performance, and audit grants and loans awarded for development projects under s. 560.83 560.82 (1m) (b), projects under s. 560.835, 2001 stats., and finance projects and education and training projects under s. 560.837 560.82 (1m) (d) and (e).

AB741, s. 125 Section 125. 560.905 (2) of the statutes is amended to read: