(1) DEFINITION. In this section, “eligible applicant” means any of the following in this state: (a) A city, village, town, or county. (b) An American Indian tribe or band in this state. (c) An area visitor and convention bureau. (d) A business improvement district. (e) A private entity. (2) ESTABLISHMENT OF PROGRAM. The corporation shall establish and administer the economic development program under this section for the purpose of attracting opportunities and events to this state. (3) GRANTS. (a) The corporation shall award grants to eligible applicants for major opportunities and events projects as provided under par. (b). The corporation shall prescribe the form of application and the information required to be submitted with an application, which shall include an estimate of projected direct and indirect economic benefits of the proposed opportunity or event to the state and a related cost-benefit analysis concerning the opportunity or event. (b) An eligible applicant shall expend all grant moneys on a project as specified in the application 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, grant moneys may be used to undertake a project 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. 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. (c) Grants awarded under this subsection are not subject to s. 238.03 (3) (a). (4) MATCHING REQUIREMENT. The corporation may not award a grant under sub. (3) unless the eligible applicant has secured from nonstate sources an amount equal to the amount of the proposed grant. (5) CONSULTATION WITH DEPARTMENT OF TOURISM. The corporation may consult with the department of tourism to implement the corporation’s duties under this section. (6) ANNUAL REPORT. No later than October 1 of each year, the corporation shall submit a report to the joint committee on finance for the previous fiscal year that includes a detailed description of each grant awarded under sub. (3), including the eligible applicant’s analysis concerning the opportunity or event.
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