234.65(5)(b)

(b) Contributing to this state’s economic growth and the well-being of its residents.

234.65

234.65 Economic development.

234.65(1)

(1)

234.65(1)(a)

(a) With the consent of the Wisconsin Economic Development Corporation and subject to para. (f), 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.

234.65(1)(b)

(b) The limits in §§ 234.18, 234.40, 234.50, 234.60, and 234.61 do not apply to bonds or notes issued under this section.

234.65(1)(c)

(c) The authority may not issue more than $200,000,000 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.

234.65(1)(d)

(d) Section 234.15 does not apply to bonds or notes issued under this section, and any bond or note issued under this section shall contain on its face a statement to that effect.

234.65(5)(c)

(c) Locating economic development projects in areas of high unemployment or low average income.

234.65(5)(d)

(d) Obtaining the participation of a large number of financial institutions in the lending.

234.65(5)(e)

(e) The geographical distribution of lending in this state.

234.65(1)(dm)

(dm) The authority has no moral or legal obligation or liability to any borrower under this section except as expressly provided by written contract.

234.65(1)(e)

(e) The authority shall employ the building commission as its financial consultant to assist and coordinate the issuance of bonds and notes under this section.

234.65(1)(f)

(f) The authority may not issue bonds or notes under para. (a) unless it has contracted to reimburse the Wisconsin Economic Development Corporation a sum certain for the corporation’s operating costs in carrying out its responsibilities to effectuate and promote the economic development programs created with the bonding authority in this chapter and its responsibilities under § 238.25.

234.65(1)(g)

(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 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.

234.65(1)(gm)

(gm) The authority may not grant a loan in an amount greater than 4% of the amount of bonds and notes authorized under para. (c) for the benefit of a business that, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales in excess of $5,000,000.

234.65(1)(gp)

(gp) The authority may not refinance a loan to a business that has been a participant in a tax incremental financing district.

234.65(1m)

(1m) The Wisconsin Economic Development Corporation shall, in consultation with the authority, adopt rules and procedures to implement sub. (3).

234.65(2)

(2)

234.65(2)(a)

(a) The authority may finance an economic development loan only after considering all of the following:

234.65(2)(a)1.

1. The extent to which an economic development project will maintain or increase employment in this state.

234.65(2)(a)2.

2. The extent to which an economic development project will make a significant contribution to this state’s economic growth and the well-being of its residents.

234.65(2)(a)3.

3. Whether an economic development project will be located in an area of high unemployment or low average income.

234.65(2)(a)4.

4. The number of financial institutions participating in the economic development loan program.

234.65(2)(a)5.

5. The extent to which the activities constituting the economic development project otherwise would not occur.

234.65(3)(b)

(b) Conventional financing is unavailable for the economic development project on reasonably equivalent terms and conditions.

234.65(3)(c)

(c) The economic development project is or will be located in this state.

234.65(3)(dg)

(dg) The authority shall not assume primary risk for any economic development loan.

234.65(2)(b)

(b) Paragraph (a) does not apply to an economic development loan to finance an economic development project described under § 234.01 (4n)(c).

234.65(2)(c)

(c) The authority shall give priority to an application for an economic development loan if the business applying for the loan certifies that it will use techniques or processes that reduce or eliminate the use of ozone-depleting substances that are listed as class I substances under 42 USC 7671a.

234.65(3)

(3) Except as provided in sub. (3g), the authority may finance an economic development loan only if all of the following conditions are met:

234.65(3)(a)

(a) The business that will receive the loan, at least 30 days prior to signing of the loan contract, has given notice of intent to sign the contract, on a form prescribed under § 238.11 (1), to the Wisconsin Economic Development Corporation and to any collective bargaining agent in this state with whom the person has a collective bargaining agreement.

234.65(3)(am)

(am) The authority has received an estimate issued under § 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.

234.65(3)(d)

(d) The business receiving the benefits of the loan proceeds, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales of $35,000,000 or less.

234.65(3)(e)

(e) The economic development loan will not be used to refinance existing debt, unless it is in conjunction with an expansion of the business or job creation. This paragraph does not apply to an economic development loan to finance an economic development project described under § 234.01 (4n)(c).

234.65(3)(f)

(f) The name of the person receiving the loan does not appear on the statewide support lien docket under § 49.854 (2)(b) or, if the person’s name appears on that docket, the person provides to the authority a payment agreement that has been approved by the county child support agency under § 59.53 (5) and that is consistent with rules promulgated under § 49.858 (2)(a).

234.65(3)(g)

(g) The business that will receive the loan certifies that it will not begin or expand operations that will increase emissions of any ozone-depleting substance that is listed as a class I substance under 42 USC 7671a.

234.65(3g)

(3g)

234.65(3g)(a)

(a) Nothing in sub. (a) or (am) may be considered to require a business signing a loan contract to satisfy an estimate under sub. (am).

234.65(3g)(b)

(b) Paragraph (a) and sub. (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 § 234.01 (4n)(c).

234.65(3m)

(3m) An economic development loan may not be made unless the Wisconsin Economic Development Corporation complies with sub. (1m) and certifies that each loan complies with sub. (3).

234.65(3r)

(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 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) [§ 238.11 (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 § 234.01 (4n)(c).

234.65(4)

(4) In respect to the loans issued under this section, the authority shall submit to the governor, the joint committee on finance and the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under § 13.172 (3), within 6 months after the close of its fiscal year an annual report including all of the following for the fiscal year:

234.65(4)(a)

(a) A statement of the authority’s operations, accomplishments, goals and objectives.

234.65(5)(a)

(a) Maintaining or increasing employment in this state.

234.65(4)(b)

(b) A financial statement showing income and expenses, assets and liabilities and a schedule of its bonds and notes outstanding and the amounts redeemed and issued.

234.65(5)

(5) On or before July 1, 1985, and every July 1 thereafter, the Wisconsin Economic Development Corporation shall submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under § 13.172 (3), a report that addresses the effects of lending under this section in the following areas: