Yes. In 2012, the chief executive of the Wisconsin Economic Development Corp., Reed Hall, wrote a letter requesting a $200 million loan from the State of Wisconsin Investment Board, which manages the Wisconsin Retirement System public employee pension fund. Hall said the funds would be used to promote startup business growth.
Tag: WEDC
Posted inEconomy, Government, Scott Walker's Wisconsin
State revokes tax credits after W.W. Grainger cuts, outsources jobs
The Department of Revenue has revoked $50,000 worth of tax credits from W.W. Grainger, a distributor of industrial and maintenance supplies, after the company failed to create promised jobs, sold subsidiaries employing hundreds of its workers and sent some jobs overseas.
Posted inGovernment, News about Wisconsin Watch
Center’s Dee J. Hall receives Lee President’s Award for State Journal WEDC investigation
The Wisconsin Center for Investigative Journalism’s Dee J. Hall received an award for reporting from her former employer, Lee Enterprises, on Thursday. The Lee President’s Award, the company’s highest journalistic honor, recognized Hall and Wisconsin State Journal Reporter Matthew DeFour for their investigation into a failed taxpayer-funded loan to one of Gov. Scott Walker’s top […]
Posted inEconomy, Government, Scott Walker's Wisconsin
Scott Walker’s untold story: Jobs lacking after big state subsidy of Kohl’s stores
In its first 15 months of existence, the Wisconsin Economic Development Corp. awarded $126 million in incentives to 24 companies without a full financial review. Some deals turned out well, others have failed. The largest — up to $62.5 million in tax credits to Kohl’s Corp. — so far has not generated the number of jobs or amount of capital spending promised.
Posted inEconomy, Government, Scott Walker's Wisconsin
8 tales from around Wisconsin: Some WEDC deals worked, others tanked
Snapshots of some of the 24 companies that got a piece of the $126 million in state taxpayer subsidies without full financial review from the Wisconsin Economic Development Corp.
Posted inEconomy, Government, Scott Walker's Wisconsin
Republican, Democratic board members of the Wisconsin Economic Development Corp. speak out
Assembly Minority Leader Peter Barca, D-Kenosha, and Sen. Rick Gudex, R-Fond du Lac, address criticism of the Wisconsin Economic Development Corp. Both lawmakers are WEDC board members.
Posted inEconomy, Scott Walker's Wisconsin
Low pay leads to double subsidies for retail companies, group says
Good Jobs First, a Washington, D.C.-based nonprofit that advocates for accountability in economic development, generally recommends against taxpayer subsidies for retail companies such as Kohl’s Corp.
The group’s research director, Philip Mattera, said retail positions tend to be low-paid, part-time jobs.
Posted inEconomy, Government, Scott Walker's Wisconsin
Two companies fail after getting $1.4 million from Gov. Scott Walker’s jobs agency
Despite signs of trouble with the companies, Gov. Scott Walker’s jobs agency awarded about $1.4 million in taxpayer money to two northern Wisconsin firms that have now failed to repay the loans.