SB 468

This bill provides for the elimination of the Wisconsin Economic Development

Corporation (WEDC) and the transfer of its functions to a new Department of

Economic Opportunity (DEO) and a nonstock, nonprofit corporation to be known as

the "Badger Innovation Corporation." The bill's provisions become effective only if

a transition plan is enacted as a part of the 2017-19 biennial budget act.

Transition

The bill creates an Economic Development Transition Council (transition

council) to effect the transition of WEDC's functions to DEO and the Badger

Innovation Corporation. The transition council consists of the following members:

1. Five members appointed by the governor.

2. One representative to the assembly appointed by the speaker of the

assembly.

3. One representative to the assembly appointed by the minority leader of the

assembly.

4. One senator appointed by the majority leader of the senate.

5. One senator appointed by the minority leader of the senate.

6. The chief executive officer, chief operating officer, and chief financial officer

of WEDC.

7. The secretary of administration.

8. The secretary of revenue.

The members appointed by the governor must include representatives of local

and regional economic development agencies.

The bill requires the transition council to develop a detailed plan for the

transfer of WEDC's duties, powers, and functions to DEO and the Badger Innovation

Corporation. The transition council is required to submit the transition plan to the

governor within 12 months after the bill is enacted, except that the Joint Committee

on Finance may approve an extension of that deadline.

The bill requires the governor to include the transition plan as a part of the

executive budget for the 2017-19 fiscal biennium, unless the transition plan is not

ready at that time, in which case the governor must include the transition plan as

a part of the executive budget for the 2019-21 fiscal biennium. If the transition plan

or a version of it is enacted as a part of the 2017-19 or 2019-21 biennial budget act,

the transition plan takes effect approximately six months after enactment of the

biennial budget act, unless the legislature specifies a different effective date.

The transition council is required to send a notice to the Legislative Reference

Bureau for publication in the Wisconsin Administrative Register that confirms

enactment of the transition plan and states the effective date of the transition plan

as enacted. If that notice is not provided before July 1, 2020, the transition plan does

not take effect.

Department of Economic Opportunity