SB468: Bill Text

SB468,172,8 555.122 Background checks. (1) Before the department executes a contract awarding a grant or loan or tax benefits to a person under this chapter, the department shall conduct a background check of the person that includes information concerning the person's business performance and a review of any legal proceedings in which the person is or was a party.

SB468,172,12 (2) If within 90 days after completing the background check under sub. (1) the department has not executed the contract awarding a grant or loan or tax benefits to the person, the department shall conduct another background check of the person under sub. (1) before executing that contract.

SB468,427 Section 427. Subchapter III of chapter 555 [precedes 555.40] of the statutes is created to read:

SB468,172,15 Chapter 555

SB468,172,17 Subchapter III badger innovation corporation

SB468,172,18 555.40 Definitions. In this subchapter:

SB468,172,20 (1) "Badger Innovation Corporation" or, unless the context requires otherwise, "corporation," means the corporation specified in 16.35 (3).

SB468,172,21 (2) "Board" means the board of directors of the Badger Innovation Corporation.

SB468,172,23 555.41 Department duties. The department shall cooperate with the Badger Innovation Corporation to carry out the corporation's duties under s. 555.43.

SB468,172,25 555.42 Board of directors. (1) The members of the board shall consist of the following:

SB468,173,1 (a) The secretary, who shall act as chairperson.

SB468,173,3 (b) One representative to the assembly appointed by the speaker of the assembly.

SB468,173,5 (c) One representative to the assembly appointed by the minority leader of the assembly.

SB468,173,6 (d) One senator appointed by the majority leader of the senate.

SB468,173,7 (e) One senator appointed by the minority leader of the senate.

SB468,173,11 (f) Nine members nominated by the governor and, with the advice and consent of the senate, appointed for staggered 3-year terms. The members appointed under this subsection shall represent regional and local economic development agencies, private business, and other related stakeholder groups.

SB468,173,13 (g) The secretaries of administration, revenue, and workforce development, who shall serve as nonvoting members.

SB468,173,18 (2) The board shall select a chief executive officer subject to the approval of the governor. The chief executive officer shall serve at the pleasure of the board and shall receive such compensation as may be determined by the board. The chief executive officer shall select a chief operating officer and chief financial officer who shall serve at the pleasure of the chief executive officer.

SB468,173,21 555.43 Corporation duties. The Badger Innovation Corporation shall, as a condition of receiving the payments under s. 555.44 (2), contract with the department to do all of the following:

SB468,173,25 (1) Develop and implement economic programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Wisconsin and to support new business start-ups and business expansion and growth in Wisconsin.

SB468,174,2 (2) Conduct foreign trade missions, business siting promotion, international business development, and marketing.

SB468,174,3 (3) Create industry cluster development strategies.

SB468,174,5 555.44 State aid. (1) The Badger Innovation Corporation may receive the payments under sub. (2) if each of the following is satisfied:

SB468,174,11 (a) The articles of incorporation state that the purpose of the corporation is to carry out the economic development activities specified under s. 555.43 and that, if the corporation dissolves or discontinues economic development activities in this state, the corporation shall in good faith take all reasonable measures to transfer or assign the corporation's assets to an entity whose purpose is to advance economic development in this state.

SB468,174,14 (b) The corporation initially adopts the bylaws drafted under s. 16.35 (3) (b) and maintains the method of selection and composition of the board of directors required under s. 555.42.

SB468,174,15 (c) The requirements under sections 555.42 and 555.43 are met.

SB468,174,19 (d) The corporation permits public inspection and copying of any record of the corporation, as defined in s. 19.32 (2), to the same extent as is required of, and subject to the same terms and enforcement provisions that apply to, an authority under subch. II of ch. 19.

SB468,174,22 (e) The corporation provides public access to its meetings to the same extent as is required of, and subject to the same terms and enforcement provisions that apply to, a governmental body under subch. V of ch. 19.

SB468,174,25 (f) The corporation fully cooperates with the legislative audit bureau for purposes of the audits under s. 13.94 (1) (ds), including by providing the employees of the legislative audit bureau with access to all of the corporation's records.

SB468,175,3 (2) The secretary of administration shall pay aid under s. 20.505 (1) (zr) to the corporation in installments, as determined by the secretary and authorized under this subchapter.

SB468,428 Section 428. Effective dates. This act takes effect on the effective date of the transition plan stated in the notice provided to the legislative reference bureau under section 16.35 (2) (b) 6. of the statutes, as created by this act, except as follows:

SB468,175,8 (1) Creation of economic development transition council. The creation of sections 15.107 (20) and 16.35 of the statutes takes effect on the day after publication.

SB468,175,12 (2) Act ineffective. If the notice specified in section 16.35 (2) (b) 3. of the statutes is not provided to the legislative reference bureau before July 1, 2020, the repeal of sections 15.107 (20) and 16.35 of the statutes takes effect on July 1, 2020, and this act, except for this subsection, shall be ineffective in its entirety.

SB468,175,13 (End)