August 4, 2021 - Introduced by Representatives B. Meyers, Milroy, Shankland,
Conley, Vruwink, Considine, Subeck, Shelton and Spreitzer, cosponsored by
Senator Bewley. Referred to Committee on Jobs and the Economy.

AB492,1,4 1An Act relating to: loan related to the Verso Paper Mill in the city of Wisconsin
2Rapids; loan related to the Park Falls Pulp and Paper Mill in the city of Park
3Falls; funding for the University of Wisconsin System; special education
4funding and making an appropriation.

This bill authorizes the Wisconsin Economic Development Corporation to
award a loan of up to $50,000,000 to the Consolidated Cooperative or other eligible
borrower in relation to the Verso Paper Mill in the city of Wisconsin Rapids. The loan
may be used for any or all of the following:

1. Purchase of the Mill.

2. Improvements to infrastructure related to the Mill.

3. Equipment upgrades at the Mill.

The loan is to be for the term and upon the conditions as may be agreed upon
between the parties, except that the loan contract must provide WEDC with a
security interest in the Mill to secure repayment of the loan. Under the bill, WEDC
may establish an interest rate for the loan that is below the market rate, and at the
corporation's discretion, the loan may be forgivable. Additionally, the bill provides
that before awarding the loan WEDC may determine that substantial additional
funding for the purposes specified above 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.

The bill also authorizes WEDC to award a loan of up to $15,000,000 to the Park
Falls Mill Multi-Stakeholder Cooperative or other eligible borrower in relation to
the Park Falls Pulp and Paper Mill in the city of Park Falls. The loan may be used
for any or all of the following: