June 19, 2013

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Venture capital ready for Walker’s signature

June 18, 2013 By

At last, Wisconsin has a venture capital fund. The bill, including a minor amendment passed in committed, received bipartisan support. Senator John Lehman (D-Racine) was one of two Democrats to vote against it in that chamber on Tuesday. “I just don’t want to throw the money on the table,” said Lehman. “I don’t want to gamble that 25 million dollars. To have this bill without a jobs focus is just something I cannot support in any way.”

“It is really disappointing that 25 million dollars is the best that we can do,” said Senator Julie Lassa (D-Stevens Point). “We don’t have the perfect bill before us,” said Senator Dave Hansen (D-Green Bay). “I’m going to vote for it. Absolutely I’m not crazy about it. I would have preferred a stronger emphasis on jobs.”

“Don’t make perfect the enemy of the good,” said Senator Tim Carpenter (D-Janesville). “It’s the best that we can get done today.” In the end, only Lehman, Senator Fred Risser (D-Madison) and Senator Glenn Grotham (R-West Bend) voted no the package. The Assembly concurred, so the bill is now ready for Governor Scott Walker to sign it into law.

“I look forward to signing it,” Walker said Tuesday. “This is one more way that we move our economy forward.” The bill sets up a “fund of funds” using $25 million in taxpayer funding and at least $50 million from the private sector. The money will target companies in five key areas: agriculture, information technology, engineering, advanced manufacturing, and medical devices.

In other action on Tuesday, the Senate voted unanimously to approved a package of reforms for the Wisconsin Economic Development Agency.

Filed Under: Business, Legislature, News, Politics & Government

Projected drop in gas prices

June 15, 2013 By

Gas prices in Wisconsin have been dipping in recent days, but we’re still well above the national average. “We’ve got some pretty good room to move downward, once we’ve got these supplies flowing back in more freely to the Midwest,” said Pam Moen of AAA Wisconsin.

Moen said refineries that were out of commission during the recent price spike, are now back in operation, or will be soon. “It should be just a matter of days before we get the supply situation back to where it should be in the Midwest, and with that we can hope to see some drop in gas prices, and perhaps even significantly.”

As recently as June 7, the cost of a gallon of unleaded gasoline was averaging $4.00 in Wisconsin.

WIBA

Filed Under: Business, News, Transportation

Senators want WEDC criminal probe

June 14, 2013 By

Three state senators have requested that the Dane County District Attorney open a criminal investigation into the state’s troubled job creation agency. “We don’t know if it rises to the level of criminal behavior, and you don’t want to place blame,” Senator Dave Hansen (D-Green Bay) said. “But what we want to see is WEDC comply with the law.”

The Wisconsin Economic Development Corporation was the focus of a highly critical audit into its operations. The audit found the agency failed to follow state laws in issuing awards, incentives, and tax credits, and failed to track tens of millions of dollars in loans.

“We received the letter, we’ll take a look at it,” Dane County DA Ismael Ozanne said “we look at everything we receive and go from there.”

Hansen said there needs to be an independent investigation and this seems to be the only way to compel their cooperation with state statutes. The letter was sent by Hansen along with Senators Bob Wirch (D-Racine) and Jon Erpenbach (D-Middleton).

WTAQ

Filed Under: Business, News, Politics & Government

Venture capital bill advances

June 7, 2013 By

The state Assembly has signed off on a bill that could help start-up businesses access the money they need to grow.

The legislation approved Thursday sets up a “fund of funds” using $25 million in taxpayer funding and at least $50 million from the private sector. State Representative Mike Kuglitsch (R-New Berlin) says the money will help target companies in five key areas, which include businesses dealing with agriculture, information technology, engineering, advanced manufacturing, and medical devices.

Kuglitsch says he believes the bill is “something that is going to keep our best and brightest minds in the state of Wisconsin.

The legislation was approved with bi-partisan support, although some Democrats voiced concerns that the fund is too small to be sustainable in the long term. However, state Representative Fred Clark (D-Baraboo) says some funding is better than none and it “will help move the bar” in areas that have the potential for great job creation.

The bill has also drawn concerns because biotechnology companies, which have seen rapid growth in the state, were excluded from being eligible for funding. Sponsors of the bill deny the decision was based on politics, rather arguing that those companies often take time to mature and add jobs. Kuglitsch says the goal of the fund is to see job creation happen quickly, which is why it targets industries that often require less investments to get off the ground.

AUDIO: Rep. Mike Kuglitsch (:15)

The bill passed Thursday on a 91-2 vote. It now goes to the Senate.

Filed Under: Business, Legislature

Gas pains: state average tops $4

June 7, 2013 By

For the first time in over a year, Wisconsin’s average gasoline price rose above $4 a gallon Thursday morning.  AAA Wisconsin reported the average statewide price of regular unleaded was $4.007. That’s up from just over $3.97 Wednesday – and 12 cents higher than a week ago.

Tom Kloza of Gas Buddy.Com called it a temporary spike. Two large refineries are running short of capacity in the Chicago area, where much of Wisconsin gets its fuel.

An Exxon-Mobil refinery in Joliet is late in restarting after routine maintenance in April – and production at a BP refinery in Whiting, Indiana has been slowed due to a reconfiguration project.

Both are expected to return to full production soon – and when that happens, Kloza said gas prices will, “drop like rocks.”

Milwaukee Gas Prices.Com reported fuel prices are at their highest since March of 2012. Pam Moen of  AAA said Milwaukee area prices have jumped higher than others, because of the cleaner reformulated gas it uses during the summer months.

WTAQ

Filed Under: Business, News, Transportation
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