CORRECTED COPY
LRB-3295/1
MPG:cjs
2021 - 2022 LEGISLATURE
May 25, 2021 - Introduced by Senators Testin,
Felzkowski and
Ballweg,
cosponsored by Representatives
Krug, Edming, Callahan, James, Mursau,
Rozar, Snyder, Spiros and VanderMeer. Referred to Committee on Economic
and Workforce Development.
SB369,1,2
1An Act relating to: loan for the purchase of the Verso Paper Mill in the city of
2Wisconsin Rapids.
Analysis by the Legislative Reference Bureau
This bill authorizes the Wisconsin Economic Development Corporation to
award a loan of up to $50,000,000 to the Consolidated Cooperative for the purchase
of the Verso Paper Mill in the city of Wisconsin Rapids. The loan is to be for the term
and upon the conditions as may be agreed upon between WEDC and the cooperative.
Additionally, WEDC may not award the loan unless it determines that substantial
additional funding for the purchase of the paper mill has been secured from both
nonstate revenue sources and in the form of a loan issued by the Board of
Commissioners of Public Lands to an entity eligible for the loan. Finally, the bill
requires the governor to allocate $50,000,000 of the funds accepted under the federal
American Rescue Plan Act of 2021 for the loan.
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:
SB369,9149
3Section 9149.
Nonstatutory provisions; Wisconsin Economic
4Development Corporation.
SB369,2,1
1(1)
Purchase of the Verso Paper Mill in Wisconsin Rapids.
SB369,2,82
(a) No later than the first day of the 25th month beginning after the effective
3date of this paragraph, from the moneys allocated under par. (c), the Wisconsin
4Economic Development Corporation may award a loan of up to $50,000,000 to the
5Consolidated Cooperative for the purchase of the Verso Paper Mill, located at 600 4th
6Avenue North in the city of Wisconsin Rapids. The loan shall be for the term and
7upon the conditions as may be agreed upon between the corporation and the
8cooperative.
SB369,2,139
(b) Before awarding the loan under par. (a), the Wisconsin Economic
10Development Corporation shall determine that substantial additional funding for
11the purchase of the Verso Paper Mill has been secured from both nonstate revenue
12sources and in the form of a loan issued by the Board of Commissioners of Public
13Lands to an entity eligible for the loan.
SB369,2,1714
(c) Of the moneys the governor accepts from the federal government under s.
1516.54 pursuant to section 602 of the federal Social Security Act as amended by the
16federal American Rescue Plan Act of 2021, P.L.
117-2, the governor shall allocate
17$50,000,000 for the loan under par. (a
).
