The opportunity attraction and promotion program administered by the Wisconsin Economic Development Corporation

Under current law and, except as described below, under the bill, an eligible applicant must expend all moneys received from WEDC on a project (initiative under the bill) to attract to this state or host in this state, or both, a major opportunity or event that is open to the public, whether or not free of charge. Specifically, WEDC moneys may be used to undertake a project (initiative under the bill) to do one or more of the following: 1) bid against other states or jurisdictions outside this state to attract an opportunity or event that will draw national exposure and drive economic development and visitors to this state or 2) host an opportunity or event that will attract national exposure and drive economic development and visitors to this state that the eligible applicant has secured through a competitive bid against other states or jurisdictions outside this state.

The bill authorizes WEDC to award sponsorship moneys to eligible applicants to expend on initiatives to attract or host in this state major opportunities or events that are not open to the public if WEDC determines that the opportunity or event will attract national exposure to this state or contribute substantially to statewide or regional economic growth. Under the bill, WEDC must give special consideration to applications for such sponsorship moneys for initiatives WEDC determines would occur during a tourist offseason or a period of economic need for the state. Additionally, no such sponsorship moneys may be for opportunities or events that WEDC determines are regularly scheduled or rotate destinations within this state.

Under current law, an eligible applicant must include in its application an estimate of projected direct and indirect economic benefits of the proposed opportunity or event and a related cost-benefit analysis concerning the opportunity or event. The bill eliminates that requirement and instead requires WEDC to estimate the projected direct and indirect economic benefits of an eligible applicant’s proposed opportunity or event before awarding a sponsorship to the eligible applicant.

Under current law, an eligible applicant must secure from nonstate sources an amount equal to the amount of the proposed grant award. The bill eliminates the requirement that matching funds must be nonstate sources and provides that matching funds for sponsorship awards may be cash or in-kind contributions.