560.139 Economic development grants. - Wisconsin Statutes

560.139

560.139 Economic development grants.

560.139(1)

(1) Remediation and economic redevelopment.

560.139(1)(a)

(a)

560.139(1)(a)1.

1. Subject to subd. 2., from the appropriation under s. 20.143 (1) (kj), the department shall make grants to the city of Milwaukee to fund a program to be administered by the Milwaukee Economic Development Corporation. Under the program, the Milwaukee Economic Development Corporation shall provide grants to persons for remediation and economic redevelopment projects in the Menomonee valley. A person may not receive a grant unless the person provides matching funds for at least 50% of the cost of the project.

560.139(1)(a)2.

2. The department may not expend more than $900,000 in grants to the city of Milwaukee under this paragraph.

560.139(1)(c)

(c)

560.139(1)(c)1.

1. From the appropriation under section 20.143 (1) (qm) of the statutes, the department shall make a grant of $375,000 in fiscal year 2001-02 and a grant of $375,000 in fiscal year 2002-03 to the Milwaukee Economic Development Corporation and a grant of $375,000 in fiscal year 2001-02 and a grant of $375,000 in fiscal year 2002-03 to the Menomonee Valley Partners, Inc. The grants in fiscal year 2001-02 shall be made no later than 120 days after September 1, 2001, and the grants in fiscal year 2002-03 shall be made no later than October 1, 2002.

560.139(1)(c)2.

2. The proceeds of the grants under subd. 1. must be used to fund projects that are selected for funding on the basis of the degree of blight and underused economic potential in the area, the area's potential for redevelopment, and the project's compatibility with the Menomonee Valley land use plan. The grant proceeds may be used to fund the cost of acquisitions, demolition, environmental assessments, removal of underground storage tanks and abandoned containers, site investigations, cleanup, and monitoring, and other costs associated with such activities.

560.139(1)(c)3.

3. A person may not receive for a project a grant from the Milwaukee Economic Development Corporation or the Menomonee Valley Partners, Inc., that is funded with the proceeds of a grant under subd. 1. unless the person provides matching funds at least equal to the amount of the grant received by the person.

560.139(4)

(4) Origination fee. The department may charge the recipient of a grant or loan under sub. (1) (a) an origination fee of not more than 2 percent of the grant or loan amount if the grant or loan equals or exceeds $100,000. The department shall deposit all origination fees collected under this subsection into the appropriation account under s. 20.143 (1) (gm).

560.139 - ANNOT.

History: 1999 a. 9; 2001 a. 16; 2007 a. 125 ss. 64, 69; 2009 a. 28, 276.