(e) The term "owner", as used in In this section, shall include "owner" includes a person having an estate, interest or easement in the real property to be acquired or a lien, charge or encumbrance thereon on the real property.
150,417
Section
417. 66.415 of the statutes is renumbered 66.1315 and amended to read:
66.1315 Urban redevelopment; continued use of land by prior owner. (1) When title to real property has vested in a redevelopment corporation or city by gift, grant, devise, purchase or in condemnation proceedings or otherwise, the redevelopment corporation or city, as the case may be, may agree with the previous owners of such the property, or any tenants continuing to occupy or use it, or any other persons who may occupy or use or seek to occupy or use such the property, that such the former owner, tenant or other persons may occupy or use such the property upon the payment of a fixed sum of money for a definite term or upon the payment periodically of an agreed sum of money. Such The occupation or use shall may not be construed as a tenancy from month to month, nor require the giving of notice by the redevelopment corporation or the city, as the case may be, for the termination of such occupation or use or the right to such occupation or use, but immediately
. Immediately upon the expiration of the term for which payment has been made the redevelopment corporation or city, as the case may be, shall be is entitled to possession of the real property and may maintain summary proceedings, or obtain a writ of assistance, and shall be is entitled to such any other remedy as may be provided by law for obtaining immediate possession thereof. A former owner, tenant or other person occupying or using such real property shall may not be required to give notice to the redevelopment corporation or city, as the case may be, at the expiration of the term for which that person has made payment for such occupation or use, as a condition to that person's cessation of occupation or use and termination of liability therefor.
(2) In the event that If a city has acquired real property for a redevelopment corporation, the city shall, in transferring title to the redevelopment corporation, deduct from the consideration or other moneys which the redevelopment corporation has become obligated to pay to the city for such this purpose, and credit the redevelopment corporation with, the amounts received by the city as payment for temporary occupation and use of the real property by a former owner, tenant, or other person, as in this section provided, less the cost and expense incurred by the city for the maintenance and operation of such
the real property.
150,418
Section
418. 66.416 (title) of the statutes is renumbered 66.1317 (title).
150,419
Section
419. 66.416 (1) to (4) of the statutes are renumbered 66.1317 (1) to (4), and 66.1317 (1), (2) (a) (intro.), 4. and 5. and (b), (3) and (4), as renumbered, are amended to read:
66.1317 (1) Any A redevelopment corporation may borrow funds and secure the repayment thereof of the funds by mortgage. Every such mortgage shall contain reasonable amortization provisions and shall may be a lien upon no other real property except that forming the whole or a part of a single development area.
(2) (a) (intro.) Certificates, bonds and notes, or part interests therein in, or any part of an issue thereof of, these instruments, which are issued by a redevelopment corporation and secured by a first mortgage on all or part of the real property of the redevelopment corporation, or any part thereof, shall be are securities in which all of the following persons, partnerships or corporations and public bodies or public officers may legally invest the funds within their control:
4. The division of banking as conservator, liquidator or rehabilitator of any such person, partnership or corporation; and persons, partnerships or corporations organized under or subject to chs. 600 to 646.
5. The commissioner of insurance as conservator, liquidator or rehabilitator of any such person, partnership or corporation.
(b) The principal amount of the securities described in par. (a) shall may not exceed the limits, if any, imposed by law for investments by the person, partnership, corporation, public body or public officer making the investment.
(3) Any A mortgage on the real property in a development area, or any part thereof, may create a first lien, or a second 2nd or other junior lien, upon such the real property.
(4) The limits as to principal amount secured by mortgage referred to in sub. (2) shall do not apply to certificates, bonds and notes, or part interests therein
in, or any part of an issue thereof of, these instruments, which are secured by first mortgage on real property in a development area, or any part thereof, which the federal housing administrator has insured or has made a commitment to insure under the national housing act. Any such
A person, partnership, corporation, public body or public officer described in sub. (2) may receive and hold any debentures, certificates or other instruments issued or delivered by the federal housing administrator, pursuant to the national housing act, in compliance with the contract of insurance of a mortgage on all or part of real property in the development area, or any part thereof.
150,420
Section
420. 66.417 (title) of the statutes is renumbered 66.1319 (title).
150,421
Section
421. 66.417 (1) to (6) of the statutes are renumbered 66.1319 (1) to (6), and 66.1319 (1), (2), (3), (5) and (6), as renumbered, are amended to read:
66.1319 (1) The A local governing body may by resolution determine that real property, title to which is held by the city, specified and described in such the resolution, is not required for use by the city and may authorize the city to sell or lease such the real property to a redevelopment corporation; provided, that, if the title of the city to such the real property be is not declared inalienable by charter of the city, or other similar law or instrument.
(2) Notwithstanding the provisions of any general, special or local law or ordinance, a sale or lease authorized under sub. (1) may be made without appraisal, public notice or public bidding for a price or rental amount and upon terms agreed upon between the city and the redevelopment corporation to carry out the purposes of ss. 66.405 66.1301 to 66.425. In the case of a lease, the 66.1329. The term of the lease shall
may not exceed 60 years with a right of renewal upon the same terms.
(3) Before any sale or lease to a redevelopment corporation shall be is authorized, a public hearing shall be held by the local governing body to consider the proposed sale or lease.
(5) The deed or lease of such real property shall be executed in the same manner as a deed or lease by the city of other real property owned by it and may contain appropriate conditions and provisions to enable the city to reenter the real property in the event of a violation by if the redevelopment corporation violates of any of the provisions of ss. 66.405 66.1301 to
66.425 66.1329 relating to such the redevelopment corporation or of violates the conditions or provisions of such the deed or lease.
(6) A redevelopment corporation purchasing or leasing real property from a city shall may not, without the written approval of the city, use such the real property for any purpose except in connection with its development. The deed shall contain a condition that the redevelopment corporation will devote the real property granted only for the purposes of its development subject to the restrictions of ss. 66.405 66.1301 to 66.425 66.1329, for breach of which the city shall have the right to
may reenter and repossess itself of the real property.
150,422
Section
422. 66.418 of the statutes is renumbered 66.1321 and amended to read:
66.1321 Urban redevelopment; city lease to, terms. If real property of a city be is leased to a redevelopment corporation:
(1) The lease may provide that all improvements shall be the property of the lessor;.
(2) The lessor may grant to the redevelopment corporation the right to mortgage the fee of such the real property and thus enable the redevelopment corporation to give as security for its notes or bonds a first lien upon the land and improvements;.
(3) The execution of a lease shall
does not impose upon the lessor any liability or obligation in connection with or arising out of the financing, construction, management or operation of a development involving the leased land so leased. The lessor
shall may not, by executing such the lease, incur any obligation or liability with respect to such the leased premises other than may devolve upon the lessor with respect to premises not owned by it. The lessor, by consenting to the execution by a redevelopment corporation of a mortgage upon the leased land, shall does not thereby assume, and such the consent shall may not be construed as imposing upon the lessor, any liability upon the note or bond secured by the mortgage;.
(4) The lease may reserve such any easements or other rights in connection with the real property as may be that are considered necessary or desirable for the future planning and development of the city and the extension of public facilities therein in the city, including the construction of subways and conduits and the widening and changing of grade of streets. The lease may contain such any other provisions for the protection of the parties as that are not inconsistent with the provisions of ss. 66.405 66.1301 to 66.425 66.1329.
150,423
Section
423. 66.419 (title) of the statutes is renumbered 66.1323 (title) and amended to read:
66.1323 (title) Urban redevelopment; aids
by city and appropriations.
150,424
Section
424. 66.419 of the statutes is renumbered 66.1323 (1) and amended to read:
66.1323 (1) In addition to the powers conferred upon the city by other provisions of ss. 66.405 to 66.425, the. A local governing body is empowered to may appropriate moneys for the purpose of, and to
may borrow or to accept grants from the federal or state governments or any agency thereof of their agencies, for and in aid of the acquisition of any lands required to carry out the plan or the purposes mentioned in s. 66.42; and to these ends, to 66.1325. The local governing body may enter into
such contracts, mortgages, trust indentures or other agreements as the federal government may require requires.
150,425
Section
425. 66.42 of the statutes is renumbered 66.1325, and 66.1325 (intro.) and (1), as renumbered, are amended to read:
66.1325 Urban redevelopment; city improvements. (intro.) For the purpose of aiding and cooperating in the planning, undertaking, construction or operation of any such redevelopment plan located within the area in which it is authorized to act, any a local governing body may, upon such terms, with or without consideration, as it may determine that it determines, do all of the following:
(1) Cause parks, playgrounds, recreational, community, educational, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished adjacent to or in connection with housing projects;.
150,426
Section
426. 66.421 (title) of the statutes is repealed.
150,427
Section
427. 66.421 of the statutes is renumbered 66.1323 (2) and amended to read:
66.1323 (2) The A city is authorized to may appropriate moneys for the purpose of making plans and surveys to carry out such redevelopment, and for any purpose required to carry out the intention of ss. 66.405
66.1301 to 66.425 66.1329.
150,428
Section
428. 66.422 (title) of the statutes is renumbered 66.1327 (title) and amended to read:
66.1327 (title) Urban redevelopment; construction of statute; conflict of laws; supplemental powers.
150,429
Section
429. 66.422 of the statutes is renumbered 66.1327 (1) and amended to read:
66.1327 (1) Sections 66.405 66.1301 to 66.425 66.1329 shall be construed liberally to effectuate the purposes hereof of urban redevelopment, and the enumeration therein of specific powers shall
does not operate to restrict the meaning of any general grant of power contained in ss. 66.405 66.1301 to
66.425 66.1329 or to exclude other powers comprehended in such the general grant.
150,430
Section
430. 66.424 (title) of the statutes is repealed.
150,431
Section
431. 66.424 of the statutes is renumbered 66.1327 (2) and amended to read:
66.1327 (2) Insofar as If ss. 66.405 66.1301 to 66.425 66.1329 are inconsistent with any other law, the provisions of these sections shall be are controlling.
150,432
Section
432. 66.425 (title) of the statutes is repealed.
150,433
Section
433. 66.425 of the statutes is renumbered 66.1327 (3) and amended to read:
66.1327 (3) The powers conferred by ss. 66.405 66.1301 to 66.425 shall be 66.1329 are in addition and supplemental to the powers conferred by any other law.
150,434
Section
434. 66.43 (title) of the statutes is renumbered 66.1331 (title).
150,435
Section
435. 66.43 (1), (2), (2m) and (3) (intro.) and (a) of the statutes are renumbered 66.1331 (1), (2), (2m) and (3) (intro.) and (a), and 66.1331 (2), (2m) and (3) (intro.) and (a), as renumbered, are amended to read:
66.1331 (2) Findings and declaration of necessity. It is hereby found and declared that there have existed and continue to exist in cities within the state, substandard, insanitary, deteriorated, slum and blighted areas which constitute a serious and growing menace, injurious and inimical to the public health, safety, morals and welfare of the residents of the state; that the. The existence of such these areas contributes substantially and increasingly to the spread of disease and crime (necessitating excessive and disproportionate expenditures of public funds for the preservation of the public health and safety, for crime prevention, correction, prosecution, punishment, and the treatment of juvenile delinquency and for the maintenance of adequate police, fire and accident protection, and other public services and facilities), constitutes an economic and social liability, substantially impairs or arrests the sound growth of cities, and retards the provision of housing accommodations; that this. This menace is beyond remedy and control solely by regulatory process in the exercise of the police power and cannot be dealt with effectively by the ordinary operations of private enterprise without the aids herein provided; that the in this section. The acquisition of property for the purpose of eliminating substandard, insanitary, deteriorated, slum or blighted conditions thereon or preventing recurrence of such these conditions in the area, the removal of structures and improvement of sites, the disposition of the property for redevelopment incidental to the foregoing these activities, and any assistance which may be given by cities or any other public bodies in connection therewith, are public uses and purposes for which public money may be expended and the power of eminent domain exercised; and that the. The necessity in the public interest for the provisions herein enacted of this section is hereby declared as a matter of legislative determination. Nothing herein contained shall be deemed to contravene, repeal or rescind the finding and declaration of necessity heretofore set forth in s. 66.43 (2) prior to the recreation thereof on July 10, 1953.
(2m) Discrimination. Persons otherwise entitled to any right, benefit, facility or privilege under this section shall not, with reference thereto, be denied them in any manner for any purpose nor be discriminated against because of sex, race, color, creed, sexual orientation or national origin.
(3) Definitions. (intro.) The following terms whenever used or referred to in In this section shall, for the purposes of this section and, unless a different intent clearly appears from the context, be construed as follows:
(a) "Blighted area" means any area, including a slum area, in which a majority of the structures are residential or in which there is a predominance of buildings or improvements, whether residential or nonresidential, and which, by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such these factors, is conducive to ill health, transmission of disease, infant mortality, juvenile delinquency and crime, and is detrimental to the public health, safety, morals or welfare.
150,436
Section
436. 66.43 (3) (b) of the statutes is repealed.
Note: Repeals a provision that defines a city to be a city. The provision is unnecessary.
150,437
Section
437. 66.43 (3) (c) to (L) of the statutes are renumbered 66.1331 (3) (c) to (L), and 66.1331 (3) (d), (h) and (k), as renumbered, are amended to read:
66.1331 (3) (d) "Land" includes bare or vacant land, or the land under buildings, structures or other improvements, also and water and land under water. When employed in connection with "use", as for instance, "use of land" or "land use", "land" also includes buildings, structures and improvements existing or to be placed thereon on land.
(h) "Project area" means a blighted area or portion of a blighted area, as defined in par. (a), of such extent and location as adopted by the planning commission and approved by the local legislative body as an appropriate unit of redevelopment planning for a redevelopment project, separate from the redevelopment projects in other parts of the city. In the provisions of this section relating to leasing or sale by the city, for abbreviation "project area" is used for the remainder of the project area after taking out those pieces of property which shall have been or are to be transferred for public uses.
(k) "Real property" includes land; also includes land together with the buildings, structures, fixtures and other improvements thereon; also includes on the land; liens, estates, easements and other interests therein in the land; and also includes restrictions or limitations upon the use of land, buildings or structures, other than those imposed by exercise of the police power.
150,438
Section
438. 66.43 (3) (m) and (n) and (4) to (15) of the statutes are renumbered 66.1331 (3) (m) and (n) and (4) to (15), and 66.1331 (3) (m), (4) (a) and (c), (5), (6) (a) (intro.) and (b) to (g) and (7) to (15), as renumbered, are amended to read:
66.1331 (3) (m) "Redevelopment project" means any work or undertaking to acquire blighted areas or portions thereof of blighted areas, and lands, structures, or improvements, the acquisition of which is necessary or incidental to the proper clearance or redevelopment of such the areas or to the prevention of the spread or recurrence of slum conditions or conditions of blight in such the areas; to clear any such blighted areas by demolition or removal of existing buildings, structures, streets, utilities, or other improvements thereon and; to install, construct, or reconstruct streets, utilities, and site improvements essential to the preparation of sites for uses in accordance with a redevelopment plan; or to sell, lease or otherwise make available land in such blighted areas for residential, recreational, commercial, industrial or other use or for public use, or to retain such the land for public use, in accordance with a redevelopment plan. The term "redevelopment "Redevelopment project"
may also include includes the preparation of a redevelopment plan, the planning, surveying, and other work incident to a redevelopment project, and the preparation of all plans and arrangements for carrying out a redevelopment project. "Redevelopment plan" means a plan for the acquisition, clearance, reconstruction, rehabilitation or future use of a redevelopment project area.
Note: A separate definition of "redevelopment plan" is created in Section 297
.
(4) (a) Every A city is granted, in addition to its other powers, may exercise all powers necessary or convenient to carry out and effectuate the purposes and provisions of this section, including the following powers in addition to others herein granted all of the following:
1. To prepare or cause to be prepared Prepare redevelopment plans and to undertake and carry out redevelopment projects within its corporate limits.
2. To enter Enter into any contracts determined by the local legislative body to be necessary to effectuate the purposes of this section.
3. Within its boundaries, to acquire by purchase, eminent domain or otherwise, any real or personal property or any interest therein in that property, together with any improvements thereon, necessary or incidental to a redevelopment project; to hold, improve, clear or prepare for redevelopment any such property; to sell, lease, subdivide, retain for its own use, mortgage, or otherwise encumber or dispose of any such property or any interest therein; to in that property; enter into contracts with redevelopers of property containing covenants, restrictions, and conditions regarding the use of such the property in accordance with a redevelopment plan and such other covenants, restrictions and conditions as it may deem
that it deems necessary to prevent a recurrence of blighted areas or to effectuate the purposes of this section; to and make any of such covenants, restrictions, conditions or covenants running with the land, and to provide appropriate remedies for any their breach
thereof.
4. To borrow Borrow money and issue bonds, and to apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the federal, state or county government, or other public body or from any sources, for the purpose of this section; to and give such security as may be required, and to enter into and carry out contracts in connection therewith with the security.
(c) Notwithstanding any other provision of law, the local legislative body may designate, by ordinance or resolution, any local housing authority existing under ss. 66.40 66.1201 to 66.404 66.1211, any local redevelopment authority existing under s. 66.431 66.1333, or both jointly, or any local community development authority existing under s. 66.4325 66.1335, as the agent of the city to perform any act, except the development of the general plan of the city, which may otherwise be performed by the planning commission under this section.
(5) General and project area redevelopment plans. (a) The planning commission is hereby directed to shall make and, from time to time, develop a comprehensive or general plan of the city, including the appropriate maps, charts, tables and descriptive, interpretive and analytical matter, which. The plan
is intended to shall serve as a general framework or guide of development within which the various area and redevelopment projects under this section may be more precisely planned and calculated, and which comprehensive or general. The plan shall include at least a land use plan which designates the proposed general distribution and general locations and extents of the uses of the land for housing, business, industry, recreation, education, public buildings, public reservations and other general categories of public and private uses of the land.
(b) For the exercise of the powers granted and for the acquisition and disposition of real property for the redevelopment of a project area, the following steps and plans shall be requisite, namely are required:
1. Designation by the planning commission of the boundaries of the project area proposed by it for redevelopment, submission of such the boundaries to the local legislative body and the adoption of a resolution by said the local legislative body declaring such the area to be a blighted area in need of redevelopment.
2. Adoption by the planning commission and approval by the local legislative body of the redevelopment plan of the project area. Such The redevelopment plan shall conform to the general plan of the city and shall be sufficiently complete to indicate its relationship to definite local objectives as to appropriate land uses, improved traffic, public transportation, public utilities, recreational and community facilities, and other public improvements in the project area, and. The plan shall include, without being limited to, a statement of the boundaries of the project area; a map showing existing uses and conditions of real property therein in the area; a land use plan showing proposed uses of the area; information showing the standards of population density, land coverage, and building intensity in the area after redevelopment; a statement of proposed changes, if any, in zoning ordinances or maps and building codes and ordinances; a statement as to the kind and number of site improvements and additional public utilities which will be required to support the new land uses in the area after redevelopment; and a statement of a feasible method proposed for the relocation of families to be displaced from the project area.
3. Approval of a redevelopment plan of a project area by the local legislative body may be given only after a public hearing conducted by it, and a finding by it that said the plan is feasible and in conformity with the general plan of the city. Notice of such the hearing, describing the time, date, place and purpose of the hearing and generally identifying the project area, shall be published as a class 2 notice, under ch. 985, the last insertion to be at least 10 days prior to the date set for the hearing. All interested parties shall be afforded a reasonable opportunity at the hearing to express their views respecting the proposed plan, but the hearing shall be is only for the purpose of assisting the local legislative body in making its determination.
(c) In relation to the location and extent of public works and utilities, public buildings and other public uses in the general plan or in a project area plan, the planning commission is directed to shall confer with such other those public officials, boards, authorities and agencies under whose administrative jurisdictions such the uses respectively fall.
(d) After a project area redevelopment plan of a project area shall have has been adopted by the planning commission and approved by the local legislative body, the planning commission may at any time certify said the plan to the local legislative body, whereupon said. The local legislative body shall proceed to exercise the powers granted to it in this section for the acquisition and assembly of the real property of the area. Following such certification, no new construction shall may be authorized by any agencies, boards or commissions of the city, in such the area, unless as authorized by the local legislative body, including substantial remodeling or conversion or rebuilding, enlargement or extension of major structural improvements on existing buildings, but not including ordinary maintenance or remodeling or changes necessary to continue the occupancy.
(6) (a) (intro.) After the real property in the project area has been assembled, the city shall have power to
may lease or sell all or any part of the real property, including streets or parts thereof to be closed or vacated in accordance with the plan, to a redevelopment company or to an individual, a limited liability company or a partnership for use in accordance with the redevelopment plan. Real property in the project area shall be leased or sold at its fair value for uses in accordance with the redevelopment plan notwithstanding that the fair value may be less than the cost of acquiring and preparing the property for redevelopment. In determining the property's fair value, a city shall take into account and give consideration to the following:
(b) Any such lease or sale under this subsection may be made without public bidding, but only after a public hearing by the planning commission upon the proposed lease or sale and the its provisions
thereof; and notice. Notice of the hearing shall be published as a class 2 notice, under ch. 985.
(c) The terms of such a lease or sale under this subsection shall be fixed by the planning commission and approved by the local legislative body and the. The instrument of lease may provide for renewals upon reappraisals and with rentals and other provisions adjusted to such the reappraisals. Every such lease or sale shall provide that the lessee or purchaser shall carry out or cause to be carried out the approved project area redevelopment plan or approved modifications thereof and that no use shall may be made of any land or real property included in the lease or sale nor any building or structure erected thereon which does not conform to such the approved plan or approved modifications thereof. In the instrument or instruments of lease or sale, the planning commission, with the approval of the local legislative body, may include such other terms, conditions and provisions as in its judgment will provide reasonable assurance of the priority of the obligations of the lease or sale and of conformance to the plan over any other obligations of the lessee or purchaser and also assurance of the financial and legal ability of the lessee or purchaser to carry out and conform to the plan and the terms and conditions of the lease or sale; also, such and may include terms, conditions and specifications concerning buildings, improvements, subleases or tenancy, maintenance and management and any other matters as the planning commission, with the approval of the local legislative body, may impose or approve, including provisions whereby the obligations to carry out and conform to the project area plan shall run with the land. In the event that
If maximum rentals to be charged to tenants of housing be are specified, provision may be made for periodic reconsideration of such rental bases.
(d) Until the planning commission certifies, with the approval of the local legislative body, that all building constructions and other physical improvements specified to be done and made by the purchaser of the area have been completed, the purchaser shall have no power to may not convey all or part of the area, or any part thereof, without the consent of the planning commission and the local legislative body, and no such consent shall may be given unless the grantee of the purchaser is obligated, by written instrument, to the city to carry out that portion of the redevelopment plan which falls within the boundaries of the conveyed property and also that the. The grantee, and the heirs, representatives, successors and assigns of the grantee shall have no right or power to, may not convey, lease or let the conveyed property or any part thereof of the property, or erect or use any building or structure erected thereon on the property free from obligation and requirement to conform to the approved project area redevelopment plan or approved modifications thereof.
(f) The planning commission may, with the approval of the local legislative body, cause to have demolished any demolish an existing structure or clear the area of any part thereof of the structure, or may specify the demolition and clearance to be performed by a lessee or purchaser and the time schedule for same the work. The planning commission, with the approval of the local legislative body, shall specify the time schedule and conditions for the construction of buildings and other improvements.
(g) In order to facilitate the lease or sale of a project area or, in the event that if the lease or sale is of parts of an area, the city shall have the power to may include in the cost payable by it the cost of the construction of local streets and sidewalks within the area or of grading and other local public surface or subsurface facilities necessary for shaping the area as the site of the redevelopment of the area. The city may arrange with the appropriate federal, state or county agencies for the reimbursement of such outlays from funds or assessments raised or levied for such these purposes.
(7) Housing for displaced families.
In connection with every redevelopment plan the The housing authority shall formulate a feasible method for the temporary relocation of persons living in areas that are designated for clearance and redevelopment. In addition the
The housing authority and the local legislative body will
shall assure that decent, safe and sanitary dwellings substantially equal in number to the number of substandard dwellings to be removed in carrying out the redevelopment are available, or will be provided, at rents or prices within the financial reach of the income groups displaced.
(8) Use-value appraisals. After the city shall have has assembled and acquired the real property of the project area, it shall, as an aid to it in determining the rentals and other terms upon which it will lease or the price at which it will sell all or part of the area or parts thereof, place a use value upon each piece or tract of land within the area which, in accordance with the plan, is to be used for private uses or for low-rent housing, such use. The use value to shall be based on the planned use; and, for the purposes of this use valuation, it the city shall cause provide a use valuation appraisal to be made prepared by the local commissioner of assessments or assessor; but nothing. Nothing contained in this section shall may be construed as requiring the city to base its rentals or selling prices upon such the appraisal.
(9) Protection of redevelopment plan. (a) Previous to the Before execution and delivery by the city of a lease or conveyance to a redevelopment company, or previous to the before consent by the city to an assignment or conveyance by a lessee or purchaser to a redevelopment company, the articles or certificate of incorporation or association or charter or other basic instrument of such the company shall contain provisions so defining, limiting and regulating the exercise of the powers of the company so that neither the company nor its stockholders, its officers, its directors,
its members, its beneficiaries, its bondholders or other creditors or other persons shall have any power to may amend
or to effect the amendment of the terms and conditions of the lease or the terms and conditions of the sale without the consent of the planning commission, together with the approval of the local legislative body, or, in relation to the project area development plan, without the approval of any proposed modification in accordance with sub. (10); and no. No action of stockholders, officers, directors, bondholders, creditors, members, partners or other persons, nor any reorganization, dissolution, receivership, consolidation, foreclosure or any other change in the status or obligation of any redevelopment company, partnership, limited liability company or individual in any litigation or proceeding in any federal or other court shall may effect any release or any impairment or modification of the lease or terms of sale or of the project area redevelopment plan unless such consent or approval be
is obtained.
(b) Redevelopment corporations A redevelopment corporation may be organized under the general corporation law of the state and shall have the power to be a redevelopment company under this section, and to; may acquire and hold real property for the purposes set forth in this section,; and to
may exercise all other powers granted to redevelopment companies in this section, subject to the provisions, limitations and obligations herein set forth.
(c) A redevelopment company, individual, limited liability company or partnership to which any all or part of a project area or part thereof is leased or sold under this section shall keep books of account of its operations of or transactions relating to such the area or part entirely separate and distinct from accounts of and for any other project area or part thereof of the other project area or any other real property or enterprise; and no. No lien or other interest shall may be placed upon any real property in said the area to secure any indebtedness or obligation of the redevelopment company, individual, limited liability company or partnership incurred for or in relation to any property or enterprise outside of said the area.
(10) Modification of development plans. An approved project area redevelopment plan may be modified at any time or times after the lease or sale of all or part of the area or part thereof provided that if the modification be is consented to by the lessee or purchaser, and that if the proposed modification be
is adopted by the planning commission and then submitted to the local legislative body and approved by it. Before approval, the local legislative body shall hold a public hearing on the proposed modification, notice of the time and place of which shall be given by mail sent at least 10 days prior to the hearing to the then owners of the real properties in the project area and of the real properties immediately adjoining or across the street from the project area. The local legislative body may refer back to the planning commission any project area redevelopment plan, project area boundaries or modification submitted to it, together with its recommendation for changes in such the plan, boundaries or modification and, if such recommended changes be are adopted by the planning commission and in turn formally approved by the local legislative body, the plan, boundaries or modification as thus changed shall be and become becomes the approved plan, boundaries or modification.
(11) Limitation upon tax exemption. Nothing contained in this section shall may be construed to authorize or require the exemption of any real property from taxation, except real property sold, leased or granted to and acquired by a public housing authority. No real property acquired pursuant to under this section by a private redevelopment company, individual, limited liability company or partnership either by lease or purchase shall be is exempt from taxation by reason of such the acquisition.
(12) Financial assistance. The city may accept grants or other financial assistance from the federal, state and county governments or from other sources to carry out the purposes of this section, and may do all things necessary to comply with the conditions attached to such the grants or loans.
(13) Cooperation and use of city funds. (a) To assist any redevelopment project located in the area in which it is authorized to may act,
any a public body may, upon such terms as that it may determine: Furnish determines, furnish services or facilities, provide property, lend or contribute funds, and perform any other action of a character which it is authorized to may perform for other purposes.
