Current law requires the department of commerce (department) to organize
and assist in maintaining a high-technology business development corporation
(corporation), the purpose of which is to promote and support the creation,
development, and retention of science-based and technology-based businesses in
the state. The department is authorized to provide grants to the corporation of up
to $250,000 in a fiscal year from a general purpose revenue appropriation to the
department specifically for the purpose of providing grants to the corporation.
This bill authorizes the department to provide a grant to the corporation of up
to $2,500,000 in fiscal year 2001-02. The grant must be used for a media campaign
that identifies Wisconsin as the leader in biotechnology and for recruiting
biotechnology business start-up and expansion to the state. The corporation must
contribute an amount that is equal to the grant and submit a plan for the use of the
grant proceeds that is approved by the secretary of commerce. The funding for the
grant comes from a general purpose revenue appropriation to the department,
commonly known as the Wisconsin development fund, that funds various grants and
loans to foster economic development, manufacturing, and technology.
For further information see the state 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:
SB296, s. 1 1Section 1. 20.143 (1) (c) of the statutes, as affected by 2001 Wisconsin Act 16,
2is amended to read:
SB296,3,73 20.143 (1) (c) Wisconsin development fund; grants, loans, reimbursements, and
4assistance.
Biennially, the amounts in the schedule for grants under ss. 560.145,
5560.16, 560.175, and 560.26; for grants and loans under ss. 560.62, 560.63, and
6560.66; for loans under s. 560.147; for reimbursements under s. 560.167; for
7providing assistance under s. 560.06; for the costs specified in s. 560.607; for the loan
8under 1999 Wisconsin Act 9, section 9110 (4); for the grants under 1995 Wisconsin
9Act 27
, section 9116 (7gg), 1995 Wisconsin Act 119, section 2 (1), 1997 Wisconsin Act
1027
, section 9110 (6g), and 1999 Wisconsin Act 9, section 9110 (5), and 2001 Wisconsin

1Act .... (this act), section 3 (1)
; and for providing up to $100,000 annually for the
2continued development of a manufacturing and advanced technology training center
3in Racine. Of the amounts in the schedule, $50,000 shall be allocated in each of fiscal
4years 1997-98 and 1998-99 for providing the assistance under s. 560.06 (1).
5Notwithstanding s. 560.607, of the amounts in the schedule, $125,000 shall be
6allocated in each of 4 consecutive fiscal years, beginning with fiscal year 1998-99,
7for grants and loans under s. 560.62 (1) (a).
SB296, s. 2 8Section 2. 25.17 (71) of the statutes is created to read:
SB296,3,149 25.17 (71) (a) Before June 30, 2004, invest an amount not exceeding
10$50,000,000 in venture capital investment firms. The amount that is required to be
11invested under this paragraph shall be in addition to any amount that is invested in
12venture capital investment firms before the effective date of this paragraph ....
13[revisor inserts date]. In selecting the venture capital investment firms in which to
14make investments, the investment board shall consider all of the following factors:
SB296,3,1615 1. The experience of the venture capital investment firms in making
16investments.
SB296,3,1817 2. The commitment of the venture capital investment firms to making venture
18capital investments in the health care and biotechnology industries.
SB296,3,2019 3. The willingness of the venture capital investment firms to make at least 75%
20of the investments in businesses headquartered in this state.
SB296,3,2221 4. Whether the venture capital investment firms have a place of business in this
22state.
SB296,3,2423 5. The overall experience of the venture capital investment firms in making
24investments in businesses that are in the venture capital stage.
SB296,4,3
16. The relationships that the venture capital investment firms have with
2technology transfer organizations, such as the Wisconsin Alumni Research
3Foundation, Inc.
SB296,4,54 7. The ability of the venture capital investment firms to do lead and follow-on
5investments.
SB296,4,116 (b) Any venture capital investment firm in which the investment board makes
7an investment under par. (a) may only make investments in businesses located in the
8areas of Green Bay, Eau Claire, Madison, Janesville-Beloit, La Crosse, Stevens
9Point-Marshfield, Racine-Kenosha, Milwaukee, Sheboygan-Manitowoc, Superior,
10the Fox River Valley, and Wausau. The investment board shall determine the
11geographic boundaries of each area.
SB296, s. 3 12Section 3 . Nonstatutory provisions.
SB296,4,1313 (1) Grant to high-technology corporation.
SB296,4,1414 (a) In this subsection:
SB296,4,15 151. "Department" means the department of commerce.
SB296,4,17 162. "High-technology corporation" means the high-technology business
17development corporation under section 560.27 of the statutes.
SB296,4,18 183. "Secretary" means the secretary of commerce.
SB296,4,2219 (b) Notwithstanding section 560.27 (3) (c) of the statutes, the department may
20make a grant in fiscal year 2001-02 of up to $2,500,000 from the appropriation under
21section 20.143 (1) (c) of the statutes, as affected by this act, to the high-technology
22corporation if all of the following apply:
SB296,4,25 231. The high-technology corporation uses the grant proceeds for a media
24campaign that identifies Wisconsin as the leader in biotechnology and to recruit
25biotechnology businesses for start-up in, or expansion to, this state.
SB296,5,2
12. The high-technology corporation submits to the department a plan for the
2use of the proceeds, and the secretary approves the plan.
SB296,5,4 33. The high-technology corporation contributes matching funds equal to the
4amount of the grant proceeds.
SB296,5,6 54. The high-technology business agrees in writing to submit to the department
6the report required under paragraph (c) by the time required under paragraph (c).
SB296,5,107 (c) If the high-technology corporation receives a grant under this subsection,
8the high-technology corporation shall submit to the department, within 6 months
9after spending the full amount of the grant, a report detailing how the grant proceeds
10were used.
SB296,5,1111 (End)
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