Capital Region Communities Apply for Technology Zone Designation
For more information contact:Katherine Naherny, Madison Dept. of Planning and Development, 267-8737
FOR IMMEDIATE RELEASE 2/28/2002Issued By: County ExecutiveView only releases from County Executive
Mayor Susan J.M. Bauman of Madison and Dane County Executive Kathleen Falk are collaborating with Mayor Dan Ramsey of Middleton, Mayor Mark Vivian of Fitchburg, Mayor Tom Metcalfe of Monona, and Town of Madison Chair Jim Campbell to submit an application to the Wisconsin Department of Commerce for designation of the greater Madison area as a Wisconsin Technology Zone. If successful in the application, the Capital Region Technology Zone would be one of eight (8) technology zones Governor Scott McCallum plans to create under a program to promote high technology business development in Wisconsin. The application is being submitted today, February 28. Zone designations will be announced in April.
The benefit of a technology zone designation is to allow eligible businesses locating or expanding in the area to receive tax credits against income tax liability. Each zone will have up to $5 million in tax credits to use as an incentive for high technology business development.
The Wisconsin Technology Zone program encourages communities to demonstrate regional cooperation in their application and to focus on industry clusters where they have a competitive advantage. In keeping with that, Dane County, the cities of Madison, Middleton, Fitchburg, and Monona, and the Town of Madison are using the technology zone application to formally identify the existing network of high technology companies and support services as the Capital Region Technology Zone.
Initially, the zone is defined by the city limits and urban service areas of the applicant communities. Key target industry clusters for the Capital Region Technology Zone are biotechnology and related life-science businesses, instrumentation manufacturing, and information technology.
The Capital Region Technology Zone will be administered through the Madison Development Corporation and will be overseen by a technology zone board composed of technology, business, and economic development professionals who have been approved by the chief elected official of each applicant community. The technology zone will work closely with UW-Madison, MATC, area Chambers of Commerce, utilities, private developers and brokers, and other organizations to market the technology zone and to assist technology companies to start, locate, or expand in the Capital Region Technology Zone.
The highest elected officials of the applicant communities enthusiastically endorse the creation of the Capital Region Technology Zone. The zone designation will be an important tool for positioning the Madison area as a global leader in the New Economy. It will also benefit Wisconsin by capitalizing on the strengths and technology growth potential of the greater Madison area. The State will build a powerful nucleus for generating technology activity and economic growth in other parts of Wisconsin.
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