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(2) (f) 3. Notwithstanding subd. 1.
and except as provided in s. 60.23
5(32) (b), project costs may not include any expenditures made or estimated to be made
6or monetary obligations incurred or estimated to be incurred by the city for newly
7platted residential development for any tax incremental district for which a project
8plan is approved after September 30, 1995.
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(5) (cg) If a city annexes town territory that contains part of a district
11that is created under s. 60.23 (32), the tax incremental base of the district shall be
12redetermined, by subtracting from the tax incremental base the value of the taxable
13property that is annexed from the existing district, as of the January 1 next
1preceding the effective date of the annexation if the annexation becomes effective
2between January 2 and September 30, as of the next subsequent January 1 if the
3annexation becomes effective between October 1 and December 31 and if the effective
4date of the annexation is January 1 of any year, the redetermination shall be made
5on that date. The tax incremental base as redetermined under this paragraph is
6effective for the purposes of this section only if it less than the original tax
7incremental base determined under par. (b).
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(12) Treatment of town districts, annexation. (a) If a city annexes
10town territory that contains part of a tax incremental district that is created under
11s. 60.23 (32), the city and the town shall negotiate an agreement under which the city
12agrees to reimburse the town for the district-related costs for which the town is liable
13and which would have been paid for by tax increments allocated under sub. (6).
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(b) If a city annexes town territory that contains an entire tax incremental
15district that is created under s. 60.23 (32), the town shall dissolve the district and the
16city and town shall negotiate an agreement under which the city agrees to assume
17liability for all or part of the district's outstanding project costs or other liabilities
18that are related to the district.".
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21(1) This act takes effect on October 1, 2003.".