Wisconsin Economic Development Corp. gave taxpayer funds to businesses that created jobs in other states, audit finds

MADISON - The state`s economic development agency gave nearly half a million dollars to a company that cut more jobs than it created and handed out taxpayer funds to others for jobs in other states, according to a bruising audit released Friday. 

In addition, the Wisconsin Economic Development Corp. didn`t recover more than $400,000 in tax credits and more than $4 million in loans it could have when employers didn`t meet the terms of their taxpayer-funded deals, auditors concluded.

The report by the nonpartisan Legislative Audit Bureau comes as the economic development corporation is tasked with overseeing up to $3 billion in state subsidies for Foxconn Technology Group. The Taiwanese electronics maker is eligible for about $1 billion in local incentives as well.

Skeptics for years have criticized the economic development corporation for not staying on top of its duties....

An old Article on the subject....

A new role for the WEDC

by Ken Harwood  -  November 14, 2012, 12:00 AM   ...more

Ken Notes: Do I ever get to mention that I wrote about the potential for problems and offered solutions the week WEDC was created and have continued to advocate for Wisconsin ever since. Paul Jadin, a friend, also discovered concerns early on and was asked to leave rather than solve them. We need an economic development corporation but we we need it to track it`s investments, create opportunities for ALL new and growing businesses, work with communities and local ED professionals, and create a nonpartisan pro jobs environment in the State. This is not a difficult task, the difficult part will be taking the politics out of the mix...