Section 16.09 - Grant to a local professional baseball park district; short-term loans(1) PUBLIC PURPOSE. The legislature finds and determines that baseball park facilities encourage economic development and tourism in this state, reduce unemployment in this state, preserve business activities within this state, generate additional tax revenues that would not exist without the baseball park facilities, and bring needed capital into this state for the benefit and welfare of people throughout the state. It is therefore in the public interest and serves a statewide public purpose, and it is the public policy of this state, to assist a local professional baseball park district created under subch. III of ch. 229 in the development, construction, improvement, repair, and maintenance of baseball park facilities.(2) DEFINITIONS. In this section:(a) "Baseball park facilities" has the meaning given in s. 229.65(1).(b) "District" has the meaning given in s. 229.65(5).(c) "Gap payment" means payment of the amount specified in sub. (3) (a), which is intended to substantially equal the total estimated taxes imposed under ch. 71 in calendar years 2021, 2022, and 2023 on the payroll of the professional baseball team and of visiting professional baseball franchises using the professional baseball park facilities.(d) "Professional baseball team" has the meaning given in s. 229.65(6m).(3) GRANT. Subject to sub. (4), the department shall award a grant to a district to assist in the development, construction, improvement, repair, and maintenance of baseball park facilities. The grant shall consist of the following: (a) The gap payment of $35,800,000 upon execution of the lease and nonrelocation agreements satisfying s. 229.6802.(b) The payment of $25,000,000 upon execution of the lease and nonrelocation agreements satisfying s. 229.6802. The district shall maintain the moneys paid under this paragraph in a separate account in the baseball park facilities improvement segregated fund established under s. 229.687 and may expend the moneys only for the purpose of winterizing the baseball park facilities.(c) Twenty consecutive annual payments beginning in 2024, subject to the following: 1. The initial payment in 2024 shall equal $13,400,000.2. Except as provided in subd. 3., the amount of each subsequent annual payment shall increase from the initial payment at the rate of 4 percent per year compounded annually.3. No annual payment may exceed $20,000,000, and beginning on July 1, 2041, no annual payment may exceed $10,000,000.4. No annual payment may be made after expiration or termination of the lease specified in s. 229.6802(1).5. Beginning with the 20th annual payment and working backward, the annual payments scheduled to be made under this paragraph shall be reduced by an amount equal to the amount certified under s. 229.682(12) (d).6. The department shall notify the district when it determines that the current annual payment will be the final annual payment under this subsection.(4) CONTRACT REQUIREMENTS. The department may not award a grant under sub. (3) unless s. 229.6802 has been satisfied.(5) LOANS TO A LOCAL PROFESSIONAL BASEBALL PARK DISTRICT. (a) Upon a majority vote of all current members appointed to the board of a district and eligible to vote on the matter, the department shall issue loans to the district in the amount approved by the board no later than 10 days after receipt of the board's request for the loan. The department may not issue more than a total of $35,000,000 in loans under this paragraph.(am) The district shall maintain all proceeds from loans issued under this subsection in a separate account in the baseball park facilities improvement segregated fund established under s. 229.687 and may expend the loan proceeds only for major capital repairs, retractable roof maintenance and repairs, and necessary improvements to the baseball park facilities.(b) Interest on each loan issued under par. (a) shall accrue monthly at a rate equal to the state investment fund earnings rate during the immediately preceding month, as certified by the secretary.(c) The district shall pay all interest accruing on each loan issued under par. (a) on a quarterly basis to the secretary for deposit in the general fund. The outstanding balance of each loan issued under par. (a) shall be paid no later than 15 years after the date of issuance or upon expiration or termination of the lease specified in s. 229.6802(1), whichever is earlier.(d) At least quarterly, the department shall submit a report to the joint committee on finance specifying the outstanding principal and interest owed by the district on each loan issued under par. (a).(e) The department may not issue a loan under this subsection after December 31, 2045.Added by Acts 2023 ch, 40,s 3, eff. 12/7/2023.