(c) The powers conferred by this section shall be
are in addition and supplemental to the powers conferred by any other law; and this. This section shall be construed liberally to effectuate the its purposes hereof and the its enumeration therein of specific powers shall does not operate to restrict the meaning of any general grant of power contained in this section or to exclude other powers comprehended in such the general grant.
150,453
Section
453. 66.436 of the statutes is renumbered 66.1339 and amended to read:
66.1339 Villages to have certain city powers. Villages shall have all of the powers of cities under ss. 66.395 66.1105, 66.1201 to 66.425, 66.43, 66.431, 66.4325, 66.435 and 66.46 66.1329 and 66.1331 to 66.1337.
150,454
Section
454. 66.437 of the statutes is renumbered 66.1341 and amended to read:
66.1341 Towns to have certain city powers. Towns shall have all of the powers of cities under ss.
66.40 to 66.425, 66.43, 66.431, 66.4325, 66.505 and 66.508 66.0923, 66.0925, 66.1201 to 66.1329 and 66.1331 to 66.1335, except the powers under s. 66.40 66.1201 (10) and any other powers that conflict with statutes relating to towns and town boards.
150,455
Section
455. 66.44 of the statutes is repealed.
Note: Repealed as no longer necessary. The section authorizes housing authorities to develop and administer housing projects to provide housing for persons and their families engaged in war industries or activities.
150,456
Section
456. 66.45 of the statutes is renumbered 66.0315 and amended to read:
66.0315 Municipal cooperation; federal rivers, harbors or water resources projects. Any A county, town, city or village acting under its powers and in conformity with state law may enter into an agreement with an agency of the federal government to cooperate in the construction, operation or maintenance of any federally authorized rivers, harbors or water resources management or control project or to assume any potential liability appurtenant to such a project and may do all things necessary to consummate the agreement. If such a project will affect more than one municipality, the municipalities affected may jointly enter into such an agreement under this section with an agency of the federal government carrying such any terms and provisions concerning the division of costs and responsibilities as may be
that are mutually agreed upon. The affected municipalities concerned may by agreement submit any determinations of the division of construction costs, responsibilities, or any other liabilities among them to an arbitration board. The determination of such a the arbitration board shall be final. This section shall not be construed as a grant or delegation of power or authority to any county, town, city, village or other local municipality to do any work in or place any structures in or on any navigable water except as it is otherwise expressly authorized by state law to do.
150,457
Section
457. 66.46 (title), (1) and (2) (intro.), (a) to (e) and (f) 1. (intro.) and a. to k. of the statutes are renumbered 66.1105 (title), (1) and (2) (intro.), (a) to (e) and (f) 1. (intro.) and a. to k., and 66.1105 (2) (a) 1. b., (e) and (f) 1. (intro.), b. and h., as renumbered, are amended to read:
66.1105 (2) (a) 1. b. An area which is predominantly open and which consists primarily of an abandoned highway corridor, as defined in s. 66.431 66.1333 (2m) (a), or that consists of land upon which buildings or structures have been demolished and which because of obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community.
(e) "Planning commission" means a plan commission created under s. 62.23, a board of public land commissioners if the city has no plan commission, or a city plan committee of the local legislative body, if the city has neither such a commission nor such a board.
(f) 1. (intro.) "Project costs" mean any expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the city which are listed in a project plan as costs of public works or improvements within a tax incremental district or, to the extent provided in subd. 1. k., without the district, plus any incidental costs incidental thereto, diminished by any income, special assessments, or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received by the city in connection with the implementation of the plan. For any tax incremental district for which a project plan is approved on or after July 31, 1981, only a proportionate share of the costs permitted under this subdivision may be included as project costs to the extent that they benefit the tax incremental district. To the extent the costs benefit the municipality outside the tax incremental district, a proportionate share of the cost is not a project cost. The project costs "Project costs" include, but are not limited to:
b. Financing costs, including, but not limited to, all interest paid to holders of evidences of indebtedness issued to pay for project costs and any premium paid over the principal amount thereof of the obligations because of the redemption of such the obligations prior to maturity.
h. The amount of any contributions made under s. 66.431 66.1333 (13) in connection with the implementation of the project plan.
150,459
Section
459. 66.46 (2) (f) 2. and 3. and (g) to (m), (3) and (4) (intro.) and (a) to (gs) of the statutes are renumbered 66.1105 (2) (f) 2. and 3. and (g) to (m), (3) and (4) (intro.) and (a) to (gs), and 66.1105 (2) (i) and (j), (3) (a), (b), (e) and (f) and (4) (a), (b), (c), (e), (f) and (gm) 1. to 3. and 4. a. and b., as renumbered, are amended to read:
66.1105 (2) (i) "Tax increment" means that amount obtained by multiplying the total county, city, school and other local general property taxes levied on all taxable property within a tax incremental district in a year by a fraction having as a numerator the value increment for that year in such the district and as a denominator that year's equalized value of all taxable property in the district. In any year, a tax increment is "positive" if the value increment is positive; it is "negative" if the value increment is negative.
(j) "Tax incremental base" means the aggregate value, as equalized by the department of revenue, of all taxable property located within a tax incremental district on the date as of which such the district is created, determined as provided in sub. (5) (b). The base of districts created before October 1, 1980, shall exclude
does not include the value of property exempted under s. 70.111 (17).
(3) (a) Create tax incremental districts and to define the boundaries of such the districts;
(b) Cause project plans to be prepared, to approve such the plans, and to implement the provisions and effectuate the purposes of such the plans;
(e) Enter into any contracts or agreements, including agreements with bondholders, determined by the local legislative body to be necessary or convenient to implement the provisions and effectuate the purposes of project plans. Such The contracts or agreements may include conditions, restrictions, or covenants which either run with the land or which otherwise regulate the use of land.
(f) Designate, by ordinance or resolution, the local housing authority, the local redevelopmental authority, or both jointly, or the local community development authority, as agent of the city, to perform all acts, except the development of the master plan of the city, which are otherwise performed by the planning commission under this section and s. 66.435 66.1337.
(4) (a) Holding of a public hearing by the planning commission at which interested parties are afforded a reasonable opportunity to express their views on the proposed creation of a tax incremental district and the proposed boundaries thereof of the district. Notice of such the hearing shall be published as a class 2 notice, under ch. 985. Prior to such Before publication, a copy of the notice shall be sent by first class mail to the chief executive officer or administrator of all local governmental entities having the power to levy taxes on property located within the proposed district and to the school board of any school district which includes property located within the proposed district. For any a county with no chief executive officer or administrator, this notice shall be sent to the county board chairperson.
(b) Designation by the planning commission of the boundaries of a tax incremental district recommended by it to be created and submission of such the recommendation to the local legislative body.
(c) Identification of the specific property to be included under par. (gm) 4. as blighted or in need of rehabilitation or conservation work. Owners of the property identified shall be notified of the proposed finding and the date of the hearing to be held under par. (e) at least 15 days prior to the date of the hearing. In cities with a redevelopment authority under s. 66.431 66.1333, the notification required under this paragraph may be provided with the notice required under s. 66.431 66.1333 (6) (b) 3., if the notice is transmitted at least 15 days prior to the date of the hearing to be held under par. (e).
(e) At least 30 days before adopting a resolution under par. (gm), holding of a public hearing by the planning commission at which interested parties are afforded a reasonable opportunity to express their views on the proposed project plan. The hearing may be held in conjunction with the hearing provided for in par. (a). Notice of the hearing shall be published as a class 2 notice, under ch. 985. The notice shall include a statement advising that a copy of the proposed project plan will be provided on request. Prior to such Before publication, a copy of the notice shall be sent by 1st class mail to the chief executive officer or administrator of all local governmental entities having the power to levy taxes on property within the district and to the school board of any school district which includes property located within the proposed district. For any a county with no chief executive officer or administrator, this notice shall be sent to the county board chairperson.
(f) Adoption by the planning commission of a project plan for each tax incremental district and submission of the plan to the local legislative body. The plan shall include a statement listing the kind, number and location of all proposed public works or improvements within the district or, to the extent provided in sub. (2) (f) 1. k., outside the district, an economic feasibility study, a detailed list of estimated project costs, and a description of the methods of financing all estimated project costs and the time when the related costs or monetary obligations related thereto are to be incurred. The plan shall also include a map showing existing uses and conditions of real property in the district; a map showing proposed improvements and uses in the district; proposed changes of zoning ordinances, master plan, if any, map, building codes and city ordinances; a list of estimated nonproject costs; and a statement of the proposed method for the relocation of any persons to be displaced. The plan shall indicate how creation of the tax incremental district promotes the orderly development of the city. The city shall include in the plan an opinion of the city attorney or of an attorney retained by the city advising whether the plan is complete and complies with this section.
(gm) 1. Describes the boundaries, which may, but need not, be the same as those recommended by the planning commission, of a tax incremental district with sufficient definiteness to identify with ordinary and reasonable certainty the territory included therein in the district. The boundaries shall include only those whole units of property as are assessed for general property tax purposes. Property standing vacant for an entire 7-year period immediately preceding adoption of the resolution creating a tax incremental district may not comprise more than 25% of the area in the tax incremental district, unless the tax incremental district is suitable for industrial sites under subd. 4. a. and the local legislative body implements an approved project plan to promote industrial development within the meaning of s. 66.52 66.1101. In this subdivision, "vacant property" includes property where the fair market value or replacement cost value of structural improvements on the parcel is less than the fair market value of the land. In this subdivision, "vacant property" does not include property acquired by the local legislative body under ch. 32 or property included within the abandoned Park East freeway corridor or the abandoned Park West freeway corridor in Milwaukee county County.
2. Creates such the district as of a date therein provided in the resolution. If the resolution is adopted during the period between January 2 and September 30, then such the date shall be the next preceding January 1. If such the resolution is adopted during the period between October 1 and December 31, then such the date shall be the next subsequent January 1. If the resolution is adopted on January 1, the district shall have been
is created as of the date of the resolution on that January 1.
3. Assigns a name to such the district for identification purposes. The first such district created shall be known as "Tax Incremental District Number One, City of ....". Each subsequently created district shall be assigned the next consecutive number.
4. a. Not less than 50%, by area, of the real property within such the district is at least one of the following: a blighted area; in need of rehabilitation or conservation work, as defined in s. 66.435 66.1337 (2m) (b); or suitable for industrial sites within the meaning of s. 66.52 66.1101 and has been zoned for industrial use; and
b. The improvement of such the area is likely to enhance significantly the value of substantially all of the other real property in such the district. It shall is not be necessary to identify the specific parcels meeting such the criteria; and
150,460
Section
460. 66.46 (4) (h) 1. of the statutes, as affected by
1999 Wisconsin Act 9, is renumbered 66.1105 (4) (h) 1. and amended to read:
66.1105 (4) (h) 1. Subject to subds. 2., 3. and 4., the planning commission may at any time, by resolution, adopt an amendment to a project plan, which. The amendment shall be is subject to approval by the local legislative body and approval of the amendment shall require requires the same findings as provided in par. (g). Any amendment to a project plan is also subject to review by a joint review board, acting under sub. (4m). Adoption of an amendment to a project plan shall be preceded by a public hearing held by the plan commission at which interested parties shall be afforded a reasonable opportunity to express their views on the amendment. Notice of the hearing shall be published as a class 2 notice, under ch. 985. The notice shall include a statement of the purpose and cost of the amendment and shall advise that a copy of the amendment will be provided on request. Prior to such Before publication, a copy of the notice shall be sent by 1st class mail to the chief executive officer or administrator of all local governmental entities having the power to levy taxes on property within the district and to the school board of any school district which includes property located within the proposed district. For any a county with no chief executive officer or administrator, this notice shall be sent to the county board chairperson.
150,461
Section
461. 66.46 (4) (h) 2. to 4., (i) and (k), (4m) and (5) (title) and (a) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1105 (4) (h) 2. to 4., (i) and (k), (4m) and (5) (title) and (a).
150,462
Section
462. 66.46 (5) (b) of the statutes is renumbered 66.1105 (5) (b) and amended to read:
66.1105 (5) (b) Upon application in writing by the city clerk, in such a form as prescribed by the department of revenue may prescribe, the department shall determine according to its best judgment from all sources available to it the full aggregate value of the taxable property and, except as provided in par. (bm), of the city-owned property in the tax incremental district. The department shall certify this aggregate valuation to the city clerk, and the aggregate valuation shall constitute constitutes the tax incremental base of the tax incremental district. The city clerk shall complete these forms and submit the application on or before December 31 of the year the tax incremental district is created, as defined in sub. (4) (gm) 2.
150,463
Section
463. 66.46 (5) (be) to (cm) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1105 (5) (be) to (cm).
150,464
Section
464. 66.46 (5) (d) to (g) and (6) (title), (a) and (am) 1. and 2. a. and b. of the statutes are renumbered 66.1105 (5) (d) to (g) and (6) (title), (a) and (am) 1. and 2. a. and b., and 66.1105 (5) (d) to (g) and (6) (a), as renumbered, are amended to read:
66.1105 (5) (d) The department of revenue shall may not certify the tax incremental base as provided in par. (b) until it determines that each of the procedures and documents required by sub. (4) (a), (b), (gm) or (h) and par. (b) has been timely completed and all notices required under sub. (4) (a), (b), (gm) or (h) timely given. The facts supporting any document adopted or action taken to comply with sub. (4) (a), (b), (gm) or (h) shall are not be subject to review by the department of revenue under this paragraph.
(e) It is a rebuttable presumption that any property within a tax incremental district acquired or leased as lessee by the city, or any agency or instrumentality thereof of the city, within the one year immediately preceding the date of the creation of such the district was so acquired or leased in contemplation of the creation of such the district. Such The presumption may be rebutted by the city with proof that such the property was so leased or acquired primarily for a purpose other than to reduce the tax incremental base. If such the presumption is not rebutted, in determining the tax incremental base of such the district, but for no other purpose, the taxable status of such the property shall be determined as though such if the lease or acquisition had not occurred.
(f) The city assessor shall identify upon the assessment roll returned and examined under s. 70.45 those parcels of property which are within each existing tax incremental district, specifying thereon the name of each district. A similar notation shall also appear on the tax roll made by the city clerk under s. 70.65.
(g) The department of revenue shall annually give notice to the designated finance officer of all governmental entities having the power to levy taxes on property within each district as to the equalized value of such
the property and the equalized value of the tax increment base. Such The notice shall also explain that the tax increment allocated to a city shall be paid to the city as provided under sub. (6) (b) from the taxes collected.
(6) (a) If the joint review board approves the creation of the tax incremental district under sub. (4m), positive tax increments with respect to a tax incremental district are allocated to the city which created the district for each year commencing after the date when a project plan is adopted under sub. (4) (g). The department of revenue shall may not authorize allocation of tax increments until it determines from timely evidence submitted by the city that each of the procedures and documents required under sub. (4) (d) to (f) have has been completed and all related notices given in a timely manner. The department of revenue may authorize allocation of tax increments for any tax incremental district only if the city clerk and assessor annually submit to the department all required information on or before the 2nd Monday in June. The facts supporting any document adopted or action taken to comply with sub. (4) (d) to (f) shall are not be subject to review by the department of revenue under this paragraph. Thereafter After the allocation of tax increments is authorized, the department of revenue shall annually authorize allocation of the tax increment to the city that created such a the district until the department of revenue receives a notice under sub. (8) and the notice has taken effect under sub. (8) (b), 27 years after the tax incremental district is created if the district is created before October 1, 1995, 38 years after the tax incremental district is created if the district is created before October 1, 1995, and the project plan is amended under sub. (4) (h) 3. or 23 years after the tax incremental district is created if the district is created after September 30, 1995, whichever is sooner.
150,465
Section
465. 66.46 (6) (am) 2. c., 3. and 4. and (b) to (dm) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1105 (6) (am) 2. c., 3. and 4. and (b) to (dm).
150,466
Section
466. 66.46 (6) (e) 1. (intro.) and a. of the statutes are renumbered 66.1105 (6) (e) 1. (intro.) and a., and 66.1105 (6) (e) 1. (intro.), as renumbered, is amended to read:
66.1105 (6) (e) 1. (intro.) Before the date on which a tax incremental district terminates under sub. (7) (a), but not later than the date on which a tax incremental district terminates under sub. (7) (am), a planning commission may amend under sub. (4) (h) the project plan of such a the tax incremental district to allocate positive tax increments generated by that tax incremental district to another tax incremental district created by that planning commission if all of the following conditions are met:
150,467
Section
467. 66.46 (6) (e) 1. b. and c. and 2. of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1105 (6) (e) 1. b. and c. and 2.
150,468
Section
468. 66.46 (6) (e) 3. of the statutes is renumbered 66.1105 (6) (e) 3. and amended to read:
66.1105 (6) (e) 3. A project plan that is amended under sub. (4) (h) to authorize the allocation of positive tax increments under subd. 1. may authorize such an
the allocation for a period not to exceed 5 years, except that if the planning commission determines that the allocation may be needed for a period longer than 5 years, the planning commission may authorize such an the allocation for up to an additional 5 years if the project plan is amended under sub. (4) (h) during the 4th year of the allocation. In no case may positive tax increments under subd. 1. be allocated from one donor tax incremental district for a period longer than 10 years.
150,470
Section
470. 66.46 (7) (intro.) and (a) of the statutes are renumbered 66.1105 (7) (intro.) and (a) and amended to read:
66.1105 (7) Termination of tax incremental districts. (intro.) The existence of a A tax incremental district shall terminate terminates when the earlier of the following occurs:
(a) That time when the city has received aggregate tax increments with respect to such the district in an amount equal to the aggregate of all project costs under the project plan and any amendments to the project plan for such the district, except that this paragraph does not apply to a district whose positive tax increments have been allocated under sub. (6) (d), (dm) or (e) until the district to which the allocation is made has paid off the aggregate of all of its project costs under its project plan.
150,471
Section
471. 66.46 (7) (am) and (ar) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1105 (7) (am) and (ar).
150,472
Section
472. 66.46 (7) (b) and (8) to (14) of the statutes are renumbered 66.1105 (7) (b) and (8) to (14), and 66.1105 (7) (b), (9) (a) (intro.), 4. to 7. and 9. and (b) 2. to 4. and 5. a. and b. and (10) (b), as renumbered, are amended to read:
66.1105 (7) (b) The local legislative body, by resolution, dissolves the district at which time the city shall become becomes liable for all unpaid project costs actually incurred which are not paid from the special fund under sub. (6) (c), except this paragraph does not make the city liable for any tax incremental bonds or notes issued.
(9) (a) (intro.) Payment of project costs may be made by any one or more of the following methods or any combination thereof:
4. Payment out of the proceeds of the sale of public improvement bonds issued by it under s. 66.059 66.0619;
5. Payment as provided under s. 66.54 66.0713 (2) (c), (d) (e) and (4) or 67.16;
6. Payment out of the proceeds of revenue bonds or notes issued by it under s. 66.066 66.0621;
7. Payment out of the proceeds of revenue bonds issued by it under s. 66.51 66.0913;
9. Payment out of the proceeds of revenue bonds issued by the city as provided by s. 66.521 66.1103, for a purpose specified in that section.
(b) 2. Tax incremental bonds or notes shall be authorized by resolution of the local legislative body without the necessity of a referendum or any elector approval, but such a referendum or election may be held, through the procedures provided in s. 66.521 66.1103 (10) (d). Such The resolution shall state the name of the tax incremental district, the amount of bonds or notes authorized, and the interest rate or rates to be borne by such the bond or notes. Such The resolution may prescribe the terms, form and content of such the bonds or notes and such any other matters as that the local legislative body deems useful.
3. Tax incremental bonds or notes may not be issued in an amount exceeding the aggregate project costs. Such The bonds or notes shall mature over a period not exceeding 23 years from the date thereof of issuance or a period terminating with the date of termination of the tax incremental district, whichever period terminates earlier. Such The bonds or notes may contain a provision authorizing the redemption thereof of the bonds or notes, in whole or in part, at stipulated prices, at the option of the city, on any interest payment date and shall provide the method of selecting the bonds or notes to be redeemed. The principal and interest on such the bonds and notes may be payable at any time and at any place. Such
The bonds or notes may be payable to bearer or may be registered as to the principal or principal and interest. Such The bonds or notes may be in any denominations.
Such The bonds or notes may be sold at public or private sale. Insofar as they are To the extent consistent with this subsection, the provisions of ch. 67 relating to procedures for issuance, form, contents, execution, negotiation, and registration of municipal bonds and notes are incorporated herein by reference apply to bonds or notes issued under this subsection.
4. Tax incremental bonds or notes are payable only out of the special fund created under sub. (6) (c). Each such bond or note shall contain such
the recitals as are necessary to show that it is only so payable and that it does not constitute an indebtedness of such the city or a charge against its general taxing power. The local legislative body shall irrevocably pledge all or a part of such the special fund to the payment of such the bonds or notes. Such The special fund or the designated part thereof of the fund may thereafter then be used only for the payment of such the bonds or notes and interest thereon on the bonds or notes until the same bonds or notes have been fully paid; and a holder of such
the bonds or notes or of any coupons appertaining thereto shall have to the bonds or notes has a lien against such the special fund for payment of such the bonds or notes and interest thereon on the bonds or notes and may either at law or in equity protect and enforce such the lien.
5. a. Create a lien for the benefit of the bondholders upon any public improvements or public works financed thereby by the bonds or notes or the revenues therefrom from the bonds or notes; or
b. Make such covenants and do any and all such acts, not inconsistent with the Wisconsin constitution, as may be necessary or convenient or desirable in order to additionally secure such the bonds or notes or tend to make the bonds or notes more marketable according to the best judgment of the local legislative body.
(10) (b) If the boundaries of 2 or more tax incremental districts overlap, in determining how positive tax increments generated by that area which is within 2 or more districts are allocated among such the overlapping districts, but for no other purpose, the aggregate value of the taxable property in such the area as equalized by the department of revenue in any year as to each earlier created district is deemed to be that portion of the tax incremental base of the district next created which is attributable to such the overlapped area.
150,473
Section
473. 66.462 (title) and (1) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1106 (title) and (1).
150,474
Section
474. 66.462 (2) (title) of the statutes is renumbered 66.1106 (2) (title).
66.1106 (2) (a) A political subdivision that develops, and whose governing body approves, a written proposal to remediate environmental pollution may use an environmental remediation tax increment to pay the eligible costs of remediating environmental pollution on contiguous parcels of property that are located within the political subdivision and that are not part of a tax incremental district created under s. 66.46 66.1105, as provided in this section, except that a political subdivision may use an environmental remediation tax increment to pay the cost of remediating environmental pollution of groundwater without regard to whether the property above the groundwater is owned by the political subdivision. No political subdivision may submit an application to the department under sub. (4) until the joint review board approves the political subdivision's written proposal under sub. (3).
150,476
Section
476. 66.462 (2) (b) and (3) (title) and (a) to (c) of the statutes, as affected by
1999 Wisconsin Act 9, are renumbered 66.1106 (2) (b) and (3) (title) and (a) to (c).
150,477
Section
477. 66.462 (3) (d) of the statutes is renumbered 66.1106 (3) (d) and amended to read:
66.1106 (3) (d) If a joint review board convened by a city or village under s. 66.46 66.1105 (4m) is in existence when a city or village seeks to act under this section, the city or village may require the joint review board convened under s. 66.46 66.1105 (4m) to exercise the functions of a joint review board that could be convened under this subsection.
150,479
Section
479. 66.465 of the statutes is renumbered 66.1107, and 66.1107 (1) (a), (c) and (e) 5. and (2) (intro.), (a), (b) and (c) 1. and 2., as renumbered, are amended to read:
66.1107 (1) (a) An "area in need of rehabilitation" is a neighborhood or area in which buildings, by reason of age, obsolescence, inadequate or outmoded design, or physical deterioration have become economic or social liabilities, or both; in which such these conditions impair the economic value of such the neighborhood or area, infecting it with economic blight, and which is characterized by depreciated values, impaired investments, and reduced capacity to pay taxes; in which the existence of such these conditions and the failure to rehabilitate such the buildings results in a loss of population from the neighborhood or area and further deterioration, accompanied by added costs for creation of new public facilities and services elsewhere; in which it is difficult and uneconomic for individual owners independently to undertake to remedy such the conditions; in which it is necessary to create, with proper safeguards, inducements and opportunities for the employment of private investment and equity capital in the rehabilitation of such the buildings; and in which the presence of such these buildings and conditions has resulted, among other consequences, in a severe shortage of financial resources available to finance the purchase and rehabilitation of housing and an inability or unwillingness on the part of private lenders to make loans for and an inability or unwillingness on the part of present and prospective owners of such housing to invest in the purchase and rehabilitation of housing in such the neighborhood or area.
(c) "Municipality" means any a city, village or town in this state.
(e) 5. It is an area within which the effect of such existing detrimental conditions as may exist is to discourage private lenders from making loans for and present or prospective property owners from investing in the purchase and rehabilitation of housing.
(2) Designation of reinvestment neighborhoods or areas. (intro.) Any A municipality may designate reinvestment neighborhoods or areas after complying with the following steps:
(a) Holding of a public hearing by the planning commission or by the local governing body at which interested parties are afforded a reasonable opportunity to express their views on the proposed designation and boundaries of a reinvestment neighborhood or area and the proposed boundaries thereof. Notice of such
the hearing shall be published as a class 2 notice, under ch. 985. Prior to such Before publication, a copy of the notice shall be sent by 1st class mail to the Wisconsin housing and economic development authority, and a copy shall be posted in each school building and in at least 3 other places of public assembly within the reinvestment neighborhood or area proposed to be designated.
(b) Designation by the planning commission of the boundaries of a reinvestment neighborhood or area recommended by it to be designated and submission of such the recommendation to the local legislative body.
(c) 1. Describes the boundaries of a reinvestment neighborhood or area with sufficient definiteness to identify with ordinary and reasonable certainty the territory included therein. Such in the neighborhood or area. The boundaries may, but need not, be the same as those recommended by the planning commission.
2. Designates such the reinvestment neighborhood or area as of a date provided in the resolution.
150,480
Section
480. 66.47 (title) of the statutes is renumbered 66.0927 (title).
150,481
Section
481. 66.47 (1) to (5) of the statutes are renumbered 66.0927 (1) to (5), and 66.0927 (2), (3) and (4), as renumbered, are amended to read:
