Main street bounceback grants and making an appropriation. (FE)
This legislation aims to reduce vacancy rates in commercial properties and stimulate economic growth throughout Wisconsin. By providing funding for businesses that take on vacant spaces, SB891 is designed to encourage entrepreneurship and promote a vibrant economy in local communities. The WEDC will be tasked with formulating eligibility criteria and procedural guidelines for these grants, which are expected to be consistent with prior grant programs to maintain continuity and familiarity for applicants. This could lead to a more structured approach in evaluating businesses for financial assistance, supporting a more predictable funding environment.
Senate Bill 891 introduces a program of Main Street Bounceback Grants aimed at revitalizing commercial areas by providing financial assistance to businesses that are opening new locations or expanding operations in vacant commercial properties. The bill allocates $25 million in general purpose revenue per year for the 2023-2025 fiscal biennium, emphasizing support from the Wisconsin Economic Development Corporation (WEDC). It establishes a formal statutory framework for a grant system that was previously funded through federal American Rescue Plan Act (ARPA) funds. Recognizing the current program's success, the bill seeks to institutionalize these grants to ensure ongoing support for local businesses.
While the bill has fundamental support for promoting economic development, there may be points of contention related to the eligibility restrictions, as it specifies that grants cannot be awarded to nonprofit organizations. Some stakeholders might argue this exclusion neglects the role nonprofits play in community development and can limit the positive impact of the grants. Additionally, community advocates may express concerns about ensuring fair distribution of funds across different regions and not disproportionately benefiting larger corporations over small local businesses seeking to expand or relocate.