AB710: Bill Text

AB710,292,18 (r) "Redevelopment" shall mean means the clearance, replanning, reconstruction or rehabilitation of an area or part thereof of an area, and the provision of such industrial, commercial, residential or public structures or spaces as may be appropriate, including recreational and other facilities incidental or appurtenant thereto to the structures or spaces.

AB710,292,20 (s) "Redevelopment corporation" shall mean means a corporation carrying out a redevelopment plan under ss. 66.405 66.1301 to 66.425 66.1329.

AB710, s. 402 Section 402. 66.406 (title) of the statutes is renumbered 66.1303 (title).

AB710, s. 403 Section 403. 66.406 (1), (2) and (3) (intro.) and (a) to (g) of the statutes are renumbered 66.1303 (1), (2) and (3) (intro.) and (a) to (g) and amended to read:

AB710,293,3 66.1303 (1) A development plan shall contain such the information as that the planning commission shall, by rule or regulation require requires, including all of the following:

AB710,293,4 (a) A metes and bounds description of the development area;.

AB710,293,7 (b) A statement of the real property in the development area fee title to which the city proposes to acquire and a statement of the interests to be acquired in any other real property by the city;.

AB710,293,11 (c) A statement of the various stages, if more than one is intended, by which the development is proposed to be constructed or undertaken, and the time limit for the completion of each stage, together with a metes and bounds description of the real property to be included in each stage;.

AB710,293,13 (d) A statement of the existing buildings or improvements in the development area, to be demolished immediately, if any;.

AB710,293,17 (e) A statement of the existing buildings or improvements, in the development area not to be demolished immediately, if any, and the approximate period of time during which the demolition, if any, of each such building or improvement is to take place;.

AB710,293,21 (f) A statement of the proposed improvements, if any, to each building not to be demolished immediately, any proposed repairs or alterations to such the building, and the approximate period of time during which such improvements, repairs or alterations are to be made;.

AB710,293,25 (g) A statement of the type, number and character of each new industrial, commercial, residential or other building or improvement to be erected or made; and a statement of the maximum limitations upon the bulk of such buildings or improvements to be permitted at various stages of the development plan;.

AB710,294,5 (h) A statement of those portions, if any, of the development area which may be permitted or will be required to be left as open space, the use to which each such open space is to be put, the period of time each such open space will be required to remain an open space and the manner in which it will be improved and maintained, if at all;.

AB710,294,8 (i) A statement of the proposed changes, if any, in zoning ordinances or maps, necessary or desirable for the development and its protection against blighting influences;.

AB710,294,10 (j) A statement of the proposed changes, if any, in streets or street levels and any of proposed street closings;.

AB710,294,15 (k) A statement of the character of the existing dwelling accommodations, if any, in the development area, the approximate number of families residing therein in the development area, together with a schedule of the rentals being paid by them, and a schedule of the vacancies in such the accommodations, together with the rental demanded therefor; for the vacant accommodations.

AB710,294,19 (L) A statement of the character, approximate number of units, approximate rentals and approximate date of availability of the proposed dwelling accommodations, if any, to be furnished during construction and upon completion of the development;.

AB710,294,22 (m) A statement of the proposed method of financing the development, in sufficient detail to evidence the probability that the redevelopment corporation will be able to finance or arrange to finance the development; .

AB710,294,25 (n) A statement of persons who it is proposed will be active in or associated with the management of the redevelopment corporation during a period of at least one year from the date of the approval of the development plan.

AB710,295,7 (o) The development plan, and any application to the planning commission or local governing body for approval thereof, may contain in addition such other Other statements or material as may be deemed that are considered relevant by the proposer thereof applicant, including suggestions for the clearance, replanning, reconstruction or rehabilitation of one or more areas which may be larger than the development area but which include it, and any other provisions for the redevelopment of such area or areas.

AB710,295,10 (2) No development shall may be actually initiated until the adoption of a resolution of approval of the development plan therefor by both the planning commission and the local governing body.

AB710,295,12 (3) (intro.) The planning commission may approve a development plan after a public hearing, and shall determine all of the following:

AB710,295,18 (a) That the area within which the development area is included is substandard or insanitary and that the redevelopment of the development area in accordance with the development plan is necessary or advisable to effectuate the public purposes declared in s. 66.405 66.1301 (2); if the area is comprised of vacant land it shall be established that such the vacant land impairs the economic value of surrounding areas in accordance with the general purposes expressed in s. 66.405 66.1301 (2);.

AB710,295,20 (b) That the development plan is in accord with the master plan, if any, of the city;.

AB710,296,5 (c) That the development area is not less than 100,000 square feet in area, except that it may be smaller in area when undertaken in connection with a public improvement, but in any event if it is of sufficient size to allow its redevelopment in an efficient and economically satisfactory manner and to contribute substantially to the improvement of the area in which the development is located; but whenever. If the local governing body makes a finding to the effect that an area is in urgent need of development, and that such development will contribute to the progress and expansion of an area whose economic growth is vital to the community, then in such instance the development area shall may not be less than 25,000 square feet subject to the requirements of par. (d);.

AB710,296,12 (d) That the various stages, if any, by which the development is proposed to be constructed or undertaken, as stated in the development plan, are practicable and in the public interest and where the area to be developed consists either of vacant land or of substandard or insanitary buildings or structures as provided in s. 66.405 66.1301 (3) (a), and such the area is less than 100,000 square feet but more than 25,000 square feet as provided in par. (c) then the new structures to be constructed on such the vacant land shall may not be less than 1,000,000 cubic feet in area;.

AB710,296,15 (e) That the public facilities, based on whether the development be a is residential, industrial or commercial one, are presently adequate or will be adequate at the time that the development is ready for use to serve the development area;.

AB710,296,19 (f) That the proposed changes, if any, in the city map, in zoning ordinances or maps and in streets and street levels, or any proposed street closings, are necessary or desirable for the development and its protection against blighting influences and for the city as a whole;.

AB710,297,6 (g) Upon data submitted by or on behalf of the redevelopment corporation, or upon data otherwise available to the planning commission, that there will be available for occupation by families, if any, then occupying dwelling accommodations in the development area legal accommodations at substantially similar rentals in the development area or elsewhere in a suitable location in the city, and that the carrying into effect of implementing the development plan will not cause undue hardship to such those families. The notice of the public hearing to be held by the planning commission prior to its approval by it of the development plan shall contain separate statements to the effect that before the development plan is approved, the planning commission must make the determination required in this paragraph, and that if the development plan is approved, real property in the development area is subject to condemnation.

AB710, s. 404 Section 404. 66.406 (3) (h) of the statutes is renumbered 66.1303 (3m) and amended to read:

AB710,297,17 66.1303 (3m) Any such A determination upon approval by the local governing body, shall be made under sub. (3) is conclusive evidence of the facts so determined except upon proof of fraud or wilful misfeasance. In arriving at such the determination, the planning commission shall consider only those elements of the development plan relevant to such the determination under pars. (a) to (g) sub. (3) and to the type of development which is physically desirable for the development area concerned from a city planning viewpoint, and from a neighborhood unit viewpoint, if the development plan provides that the development area is to be primarily residential.

AB710, s. 405 Section 405. 66.406 (4) (intro.), (a) and (b) of the statutes are renumbered 66.1303 (4) (intro.), (a) and (b), and 66.1303 (4) (intro.), as renumbered, is amended to read:

AB710,298,3 66.1303 (4) (intro.) The local governing body, by a two-thirds vote of the members elect thereof members-elect, may approve a development plan, but no resolution of approval shall may be adopted by it unless and until the planning commission shall has first have approved thereof the development plan and there has the plan and planning commission determination have been filed with the local governing body the development plan, the determination by the planning commission, and unless and until the local governing body shall determine determines all of the following:

AB710, s. 406 Section 406. 66.406 (4) (c) of the statutes is renumbered 66.1303 (4m) and amended to read:

AB710,298,10 66.1303 (4m) Any such A determination shall be under sub. (4) is conclusive evidence of the facts so determined except upon proof of fraud or wilful misfeasance. In considering whether or not a resolution of approval of the development plan shall will be adopted, the local governing body shall consider those elements of the development plan relevant to such the determination under pars. (a) and (b) sub. (4).

AB710, s. 407 Section 407. 66.406 (5) to (8) of the statutes are renumbered 66.1303 (5) to (8) and amended to read:

AB710,298,22 66.1303 (5) The planning commission and the local governing body, by a two-thirds vote of the members elect thereof members-elect, may approve an amendment or amendments to a development plan, but no such amendment to a development plan which has theretofore been approved by the planning commission and the local governing body shall be approved unless and until if an application therefor for the amendment has been filed with the planning commission by the redevelopment corporation containing that part of the material required by sub. (1) which shall be is relevant to the proposed amendment, and unless and until if the planning commission and the local governing body shall make the determinations required by sub. (3) or (4) which shall be are relevant to the proposed amendment.

AB710,299,4 (6) The planning commission and the local governing body may, for the guidance of prospective proponents of development plans, fix general standards to which a development plan shall conform. Variations from such the standards may be allowed for the accomplishment of the purposes of ss. 66.405 66.1301 to 66.425. Such 66.1329. The standards may contain provisions more restrictive than those imposed by applicable planning, zoning, sanitary and building laws, ordinances and regulations.

AB710,299,11 (7) Local housing authorities organized under ss. 66.40 66.1201 to 66.404 66.1211, redevelopment authorities organized under s. 66.431 66.1333, and community development authorities organized under s. 66.4325 66.1335 may render such advisory services in connection with the preliminary surveys, studies and preparation of a development plan as may be requested by the city planning commission or the local governing body and charge fees for such advisory services based on the their actual cost thereof.

AB710,299,17 (8) Notwithstanding any other provision of law, the local legislative body may designate, by ordinance or resolution, the local housing authority, the local redevelopment authority, or both jointly, or the local community development authority, to perform all acts, except the development of the general plan of the city, which are otherwise performed by the planning commission under ss. 66.405 66.1301 to 66.425 66.1329.

AB710, s. 408 Section 408. 66.407 of the statutes is renumbered 66.1305, and 66.1305 (1) (intro.) and (a) to (h), as renumbered, are amended to read:

AB710,299,21 66.1305 (1) (intro.) No redevelopment corporation shall may do any of the following:

AB710,299,24 (a) Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the approvals required by s. 66.406 66.1303 have been made;.

AB710,300,5 (b) Change, alter, amend, add to or depart from Amend the development plan until the planning commission and the local governing body have approved that portion of such change, alteration, amendment, addition or departure the amendment relevant to the determination required to be made by it as set forth in s. 66.406; 66.1303.

AB710,300,10 (c) After a development has been commenced, sell, transfer or assign any real property in the development area without first obtaining the consent of the local governing body, which consent. Consent may be withheld only if the sale, transfer or assignment is made for the purpose of evading the provisions of ss. 66.405 66.1301 to 66.425; 66.1329.

AB710,300,15 (d) Pay as compensation for services to, or enter into contracts for the payment of compensation for services to, its officers or employes in an amount greater than the limit thereon contained in the development plan, or in if a default thereof of the development plan occurs, then in an amount greater than the reasonable value of the services performed or to be performed by such the officers or employes;.

AB710,300,19 (e) Lease an entire building or improvement in the development area to any person or corporation without obtaining the approval of the local governing body which may be withheld only if the lease is being made for the purpose of evading the provisions of ss. 66.405 66.1301 to 66.425; 66.1329.

AB710,300,21 (f) Mortgage any of its real property without obtaining the approval of the local governing body;.

AB710,300,23 (g) Make any guarantee without obtaining the approval of the local governing body;.

AB710,301,5 (h) Dissolve without obtaining the approval of the local governing body, which may be given upon such conditions as said body may deem deemed necessary or appropriate to the protection of the interest of the city in the proceeds of the sale of the real property as to any property or work turned into the development by the city. Such The approval is to shall be indorsed on the certificate of dissolution and such the certificate is may not to be filed in the office of the secretary of state in the absence of such the indorsement; .

AB710, s. 409 Section 409. 66.408 (title) of the statutes is renumbered 66.1307 (title).

AB710, s. 410 Section 410. 66.408 (1), (2), (3) and (4) of the statutes are renumbered 66.1307 (1), (2) (a), (3) and (4) and amended to read:

AB710,301,13 66.1307 (1) Application of other corporation laws to redevelopment corporations. The provisions of the general corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment corporations, except where such unless the provisions are in conflict with the provisions of ss. 66.405 66.1301 to 66.425 66.1329.

AB710,301,16 (2) (a) No redevelopment corporation shall may issue stocks, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation.

AB710,301,24 (3) Determination of development cost. (a) Upon the completion of a development a redevelopment corporation shall, or upon the completion of a principal part of a development a redevelopment corporation may, file with the planning commission an audited statement of the development cost thereof. Within a reasonable time after the filing of such the statement, the planning commission shall determine the development cost applicable to the development or such portion thereof of the development and shall issue to the redevelopment corporation a certificate stating the amount thereof as of the development cost so determined.

AB710,302,9 (b) A redevelopment corporation may, at any time, whether prior or subsequent to the undertaking of any contract or expense, apply to the planning commission for a ruling as to whether any particular item and amount of cost therein may be included in development cost when finally determined by the planning commission, and the amount thereof. The planning commission shall, within a reasonable time after such the application, render a ruling thereon, and in the event that it shall be if it is ruled that any item of cost may be included in development cost, the amount thereof as so determined of the cost shall be so included in development cost when finally determined.

AB710,302,11 (4) Regulation of redevelopment corporations. A redevelopment corporation shall do all of the following:

AB710,302,18 (a) Furnish to the planning commission from time to time, as required by it, but with respect to regular reports not more often than once every 6 months, such financial information, statements, audited reports or other material as such that the commission shall require requires, each of which shall conform to such standards of accounting and financial procedure as that the planning commission may by general regulation prescribe prescribes, except that the planning commission may not require a regular report more often than once every 6 months.

AB710,302,20 (b) Establish and maintain such depreciation and other reserves, surplus and other accounts as that the planning commission reasonably requires.

AB710, s. 411 Section 411. 66.41 (title) of the statutes is repealed.

AB710, s. 412 Section 412. 66.41 of the statutes is renumbered 66.1307 (2) (b) and amended to read:

AB710,303,2 66.1307 (2) (b) No A redevelopment corporation shall may pay any interest on its income debentures or dividends on its stock during any dividend year, unless there shall exist, at the time of any such an intended payment, no a default exists under any amortization requirements with respect to its indebtedness.

AB710, s. 413 Section 413. 66.411 of the statutes is renumbered 66.1329 and amended to read:

AB710,304,7 66.1329 Urban redevelopment; enforcement of duties. Whenever If a redevelopment corporation shall not have fails to substantially complied comply with the development plan within the time limits for the completion of each stage thereof as therein stated, reasonable delays caused by unforeseen difficulties excepted, or shall do, permit to be done or fail or omit to do anything contrary to or required of it, as the case may be, by ss. 66.405 to 66.425, or shall be about so to do, permit to be done or fail or omit to have done, as the case may be then any such fact, violates or is about to violate ss. 66.1301 to 66.1329, the failure to comply or actual or possible violation may be certified by the planning commission to the city attorney of the city, who. The city attorney may thereupon commence a proceeding in the circuit court of the county in which the city is in whole or in part situated in the name of the city for the purpose of having such action, failure or omission, or threatened action, failure or omission, established by order of the court or stopped, prevented or otherwise rectified by mandamus, injunction or otherwise. Such proceeding shall be commenced by a petition to the circuit court alleging the violation complained of and praying for appropriate relief. It shall thereupon be the duty of the court to specify the time, not exceeding 45 days after service of a copy of the petition, within which the redevelopment corporation complained of must answer the petition seeking appropriate relief. The court, shall, immediately after a default in answering or after answer, as the case may be, inquire into the facts and circumstances in such the manner as that the court shall direct directs without other or formal proceedings, and without respect to any technical requirements. Such other persons or corporations as it shall seem to the The court may join as parties any other persons it deems necessary or proper to join as parties in order to make its order or judgment effective may be joined as parties. The final judgment or order in any such the action or proceeding shall dismiss the action or proceeding or establish the failure complained of or direct that a mandamus order, or an injunction, or both, issue, or grant such other relief as the court may deem appropriate relief.

AB710, s. 414 Section 414. 66.412 of the statutes is renumbered 66.1309 (intro.) and amended to read:

AB710,304,22 66.1309 Urban redevelopment; transfer of land. (intro.) Notwithstanding any requirement of other law to the contrary or the absence of direct provision therefor for transfer of land in the instrument under which a fiduciary is acting, every executor, administrator, trustee, guardian or other person, holding trust funds or acting in a fiduciary capacity, unless the instrument under which such the fiduciary is acting expressly forbids, the state, its subdivisions, cities, all other public bodies, all public officers, corporations organized under or subject to the provisions of the banking law, the division of banking as conservator, liquidator or rehabilitator of any such person, partnership or corporation, persons, partnerships and corporations organized under or subject to the provisions of the banking law, the commissioner of insurance as conservator, liquidator or rehabilitator of any such person, partnership or corporation, any of which owns or holds any real property within a development area, may grant do all of the following:

AB710,304,24 (1) Grant, sell, lease or otherwise transfer any such real property to a redevelopment corporation, and receive.

AB710,305,3 (2) Receive and hold any cash, stocks, income debentures, mortgages, or other securities or obligations, secured or unsecured, exchanged therefor for the transfer by such the redevelopment corporation , and may execute such.

AB710,305,6 (3) Execute instruments and do such acts as may be deemed that are considered necessary or desirable by them or it and by the redevelopment corporation in connection with the development and the development plan.

AB710, s. 415 Section 415. 66.413 of the statutes is renumbered 66.1311 and amended to read:

AB710,305,12 66.1311 Urban redevelopment; acquisition of land. (1) A redevelopment corporation may whether before or after the development plan has been approved, acquire real property or secure options in its own name or in the name of nominees to acquire real property, by gift, grant, lease, purchase or otherwise.

AB710,305,24 (2) A city may, upon request by the a redevelopment corporation, acquire, or obligate itself to acquire, for such the redevelopment corporation any real property included in such a certificate of approval of condemnation, by gift, grant, lease, purchase, condemnation, or otherwise, according to the provisions of any appropriate general, special or local law applicable to the acquisition of real property by the city. Real property acquired by a city for a redevelopment corporation shall be conveyed by such the city to the redevelopment corporation upon payment to the city of all sums expended or required to be expended by the city in the acquisition of such the real property, or leased by such the city to such the redevelopment corporation, all upon such terms as may be agreed upon between the city and the redevelopment corporation to carry out the purposes of ss. 66.405 66.1301 to 66.425 66.1329.

AB710,306,3 (3) The provisions of ss. 66.405 66.1301 to 66.425 66.1329 with respect to the condemnation of real property by a city for a redevelopment corporation shall prevail over the provisions of any other general, special or local law.

AB710, s. 416 Section 416. 66.414 of the statutes is renumbered 66.1313 and amended to read:

AB710,307,8 66.1313 Urban redevelopment; condemnation for. (1) Condemnation proceedings for a redevelopment corporation shall be initiated by a petition to the city to institute proceedings to acquire for the redevelopment corporation any real property in the development area. Such The petition shall be granted or rejected by the local governing body, and the resolution or resolutions granting such the petition shall contain a requirement require that the redevelopment corporation shall pay to the city all sums expended or required to be expended by the city in the acquisition of such the real property, or for any real property to be conveyed to the corporation by the city in connection with the plan, and the time of payment and manner of securing payment thereof, and may require that the city shall receive, before proceeding with the acquisition of such the real property, such assurances as to payment or reimbursement by the redevelopment corporation, or otherwise, as the city may deem deems advisable. Upon the passage of a resolution or resolutions by the local governing body granting the petition, the redevelopment corporation shall cause to be made make 3 copies of surveys or maps of the real property described in the petition, one of which shall be filed in the office of the redevelopment corporation, one in the office of the city attorney of the city, and one in the office in which instruments affecting real property in the county are recorded. The filing of such copies of surveys or maps shall constitute the constitutes acceptance by the redevelopment corporation of the terms and conditions contained in such the resolution or resolutions. The city may conduct any condemnation proceedings either under ch. 32 or at its option, under other laws applicable to such the city. When title to the real property shall have vested vests in the city, it shall convey or lease the same real property, with any other real property to be conveyed or leased to the redevelopment corporation by the city in connection with said the redevelopment plan, to the redevelopment corporation upon payment by the redevelopment corporation of the sums and the giving of the security required by the resolution granting the petition.

AB710,307,11 (2) The following provisions shall apply to any proceedings for the assessment of compensation and damages for real property in a development area taken or to be taken by condemnation for a redevelopment corporation:

AB710,307,18 (a) For the purpose of ss. 66.405 66.1301 to 66.425 66.1329, the award of compensation shall may not be increased by reason of any increase in the value of the real property caused by the assembly, clearance or reconstruction, or proposed assembly, clearance or reconstruction for the purposes of ss. 66.405 66.1301 to 66.425 66.1329, of the real property in the development area. No allowance shall may be made for improvements begun on real property after notice to the owner of such the property of the institution of the proceedings to condemn such the property.

AB710,308,2 (b) Evidence shall be is admissible bearing upon that is relevant to the insanitary, unsafe or substandard condition of the premises, or the of their illegal use thereof, or the enhancement of rentals from such illegal use, and such the evidence may be considered in fixing the compensation to be paid, notwithstanding that no steps to remedy or abate such the conditions have been taken by the department or officers having jurisdiction. If a violation order is on file against the premises in any such the department, it shall constitute constitutes prima facie evidence of the existence of the condition specified in such the order.

AB710,308,10 (c) If any of the real property in the development area which is to be acquired by condemnation has, prior to such before acquisition, been devoted to another public use, it may nevertheless be acquired provided that no real property belonging to the city or to any other governmental body, or agency or instrumentality thereof of the city or other governmental body, corporate or otherwise, may be acquired without its consent. No real property belonging to a public utility corporation may be acquired without the approval of the public service commission or other officer or tribunal having regulatory power over such the corporation.

AB710,308,17 (d) Upon the trial a statement, affidavit, deposition, report, transcript of testimony in an action or proceeding, or appraisal made or given by any owner or prior owner of the premises taken, or by any person on the owner's or prior owner's behalf, to any court, governmental bureau, department or agency respecting the value of the real property for tax purposes, shall be is relevant, material and competent upon the issue of value of damage and shall be is admissible on direct examination.

AB710,308,20 (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.

AB710, s. 417 Section 417. 66.415 of the statutes is renumbered 66.1315 and amended to read:

AB710,309,19 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.

AB710,310,2 (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.

AB710, s. 418 Section 418. 66.416 (title) of the statutes is renumbered 66.1317 (title).

AB710, s. 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:

AB710,310,10 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.

AB710,310,16 (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:

AB710,310,19 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.