Bill No.: SF0022                  Drafter:  MRW

LSO No.:  09LSO-0062              Effective Date:  7/1/2009

Enrolled Act No.:  SEA0003

Chapter No.:       8

Prime Sponsor:     Joint Minerals, Business and Economic Development Interim Committee

Catch Title:       Wyoming Economic Development Act.

Subject:  Wyoming Economic Development Act-partnership challenge loan program.

Summary/Major Elements:

· The partnership challenge loan program is a successor to the former "amendment IV" loan programs which under a constitutional amendment allows loans of state funds for specified economic development purposes.  This bill amends the program by:

o Increasing various loan limits from $250,000 to $500,000;

o Increasing the guarantee loan participation loan limits from $500,000 to $1,000,000;

o Authorizing loans for the Wyoming Main Street program.  That program is for the preservation of building's historical character.  The loan limitation under this program would be the lesser of $100,000 or 75% of the total loan;

o Repeals the authority of the Wyoming Business Council to administer a fund to provide a source of money for building exterior improvements.

Comments:

• Creates/amends major program - Provides for the Wyoming Main Street loan participation under the Wyoming partnership challenge loan program.