June 8, 2011

 

 

 

 

 

MADISON – A bill creating a Development Opportunity Zone (DOZ) in the City of Beloit passed the State Senate unanimously today, the final step before going to Gov. Scott Walker’s desk.  The vote was 33-0.

 

“Beloit is now a signature away from establishing a new economic development zone to build on the success of the last one,” said Sen. Tim Cullen, Senate co-sponsor of the bill.  “Not only will this help attract new business, it will also help existing businesses in the city center, the I-90 Industrial Park and elsewhere add jobs.  I’m pleased with the broad bipartisan support this bill has received throughout the legislative process.”

 

“The entire region will benefit from the jobs and capital investment that will be generated by business expansion, retention and recruitment related to the DOZ,” said Rep. Amy Loudenbeck, Assembly author of the bill.  “I am pleased that the legislature took swift, bipartisan action to get this bill passed and help bring family-supporting jobs to Beloit.”

 

Unlike the last Development Opportunity Zone, the current bill allows the Beloit City Council to designate any part of the city – or the entire city – as a development zone.  Under the bill, $5 million in tax credits would be available to businesses over five years, with an option of extending the DOZ for another five years and $5 million.  Businesses must submit a project plan showing they will create jobs, make capital investments, or do environmental remediation.  To qualify for credits, the new jobs must be held by Wisconsin residents.

 

Proponents of the bill applauded the Legislature’s swift action on the bill.

 

"The Beloit business community is very pleased that the Wisconsin Senate has approved Assembly Bill 13,” said Randall Upton, president of the Beloit Chamber of Commerce.  “We look forward to the Governor's signing and the development zone coming into force.  We anticipate an increase in economic activity as a result of the zone, and the anticipated creation of much needed employment."

 

“We sincerely appreciate the bipartisan support for this important bill to help Beloit deal with the lingering effects of the recession,” said Beloit City Manager Larry Arft.  “Economic development initiatives are currently underway to add needed jobs in the city, and the Development Opportunity Zone tax credits are an important part of that process.”

 

"The Development Opportunity Zone provides a much needed addition to our economic development tool box,” said James Otterstein, Rock County economic development director.  “This tool helps ensure that the county's anchor communities share the fruits of its economic recovery and revitalization efforts."