The Wisconsin State Journal reports:
In just over three years, a little-known government entity created by the Wisconsin Legislature has arranged more than $1.3 billion in mostly tax-free loans for businesses in 33 states.
The Public Finance Authority has delivered reduced-tax financing for a Baptist seminary in North Carolina, Planned Parenthood’s national headquarters in New York, a California-based chain of Christian radio stations and a grocer in Mount Horeb.
Closer to home, it supplied
$55.9 million in tax-subsidized bonds for the controversial Edgewater hotel in 2012 after the developer clashed with Madison officials and a subsidy deal collapsed.
The type of debt the authority issues has drawn criticism. Meanwhile, financial statements for 2011 and 2012 show the agency itself lost money.
Still, backers say the PFA spurs vital business expansion without risk to taxpayers.
Rent seeking gone wild.