(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. ECONOMIC DEVELOPMENT CORPORATION 238.157 (d) A business improvement district.
(e) A private entity.
(3) OPPORTUNITY ATTRACTION AND PROMOTION SPONSORSHIPS.
(a) The corporation shall sponsor eligible applicants for major opportunities and events initiatives as provided under pars.
(b) and (cm). The corporation shall prescribe the form of sponsorship application and the information required to be submitted with a sponsorship application. Prior to awarding a sponsorship, the corporation shall estimate the projected direct and indirect economic benefits of the proposed opportunity or event to the state.
(b) Except as provided in par. (cm), an eligible applicant shall expend all sponsorship moneys on an initiative 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, sponsorship 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.
(cm) An eligible applicant may expend sponsorship moneys on an initiative, as specified in the application, to attract to this state or host in this state, or both, a major opportunity or event that is not open to the public if the corporation determines that the opportunity or event will attract national exposure to this state or contribute substantially to statewide or regional economic growth. The corporation shall give special consideration to applications for sponsorship moneys under this paragraph for initiatives the corporation determines would occur during a tourist offseason or a period of economic need for the state. No sponsorship moneys may be expended under this paragraph for opportunities or events that the corporation determines are regularly scheduled in this state or rotate destinations within the state. In each fiscal year, of all the moneys the corporation allocates to the program under this section, no more than 25 percent of those moneys may be expended under this paragraph.
(4) MATCHING REQUIREMENT. The corporation may not award a sponsorship under sub.
(3) unless the eligible applicant has secured cash or in-kind contributions in an amount equal to the amount of the proposed sponsorship award.
(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 sponsorship awarded under sub. (3), including the corporation’s estimate concerning the opportunity or event.