AB478: Bill Text

AB478, s. 8 Section 8. 66.1105 (4) (e) of the statutes is amended to read:

AB478,8,20 66.1105 (4) (e) At least 30 14 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). If the proposed project plan's project costs include cash grants made by the city to owners, lessees, or developers of land that is located within the tax incremental district, the hearing agenda shall include a separate item for the cash grants and for any development agreement described under sub. (2) (f) 2. d., and the hearing notice shall state that the cash grants are a proposed project cost that will be on the agenda of the hearing. 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. 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 a county with no chief executive officer or administrator, notice shall be sent to the county board chairperson.

AB478, s. 9 Section 9. 66.1105 (4) (gm) 1. of the statutes is amended to read:

AB478,9,24 66.1105 (4) (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 in the district. The boundaries of the tax incremental district may not include any territory that was not within the boundaries of the city on January 1, 2004, unless at least 3 years have elapsed since the territory was annexed by the city, unless the city enters into a cooperative plan boundary agreement, under s. 66.0307, with the town from which the territory was annexed, or unless the city and town enter into another kind of agreement relating to the annexation except that, notwithstanding these conditions, the city may include territory that was not within the boundaries of the city on January 1, 2004, if the city pledges to pay the town an amount equal to the property taxes levied on the territory by the town at the time of the annexation for each of the next 5 years. If, as the result of a pledge by the city to pay the town an amount equal to the property taxes levied on the territory by the town at the time of the annexation for each of the next 5 years, the city includes territory in a tax incremental district that was not within the boundaries of the city on January 1, 2004, the city's pledge is enforceable by the town from which the territory was annexed. 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. 66.1101. 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.

AB478, s. 10 Section 10. 66.1105 (4) (gm) 4. a. of the statutes is amended to read:

AB478,10,8 66.1105 (4) (gm) 4. a. Not less than 50%, by area, of the real property within the district is at least one of the following: a blighted area; in need of rehabilitation or conservation work, as defined in s. 66.1337 (2m) (b); or suitable for industrial sites within the meaning of s. 66.1101 and has been zoned for industrial use; or suitable for a mixed-use development; and

AB478, s. 11 Section 11. 66.1105 (4) (gm) 4. c. of the statutes is amended to read:

AB478,10,17 66.1105 (4) (gm) 4. c. Either the equalized value of taxable property of the district plus all existing districts does not exceed 7% of the total equalized value of taxable property within the city or the equalized value of taxable property of the district plus the value increment of all existing districts within the city does not exceed 5% of the total equalized value of taxable property within the city. The calculations required under this subd. 4. c. shall be based on the most recent equalized value of taxable property of the district that is reported under s. 70.57 (1m) before the date on which a resolution is adopted under this paragraph.

AB478, s. 12 Section 12. 66.1105 (4) (gm) 6. of the statutes is created to read:

AB478,10,25 66.1105 (4) (gm) 6. Declares that the district is a blighted area district, a rehabilitation or conservation district, an industrial district, or a mixed-use district based on the identification and classification of the property included within the district under par. (c) and subd. 4. a. If the district is not exclusively blighted, rehabilitation or conservation, industrial, or mixed use, the declaration under this subdivision shall be based on which classification is predominant with regard to the area described in subd. 4. a.

AB478, s. 13 Section 13. 66.1105 (4) (h) 1. of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 188), is amended to read:

AB478,11,18 66.1105 (4) (h) 1. Subject to subds. 2., 3. 4., and 5., the planning commission may, by resolution, adopt an amendment to a project plan. The amendment is subject to approval by the local legislative body and approval requires the same findings as provided in par. pars. (g) and (gm) 4. c. 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. 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 a county with no chief executive officer or administrator, this notice shall be sent to the county board chairperson.

AB478, s. 14 Section 14. 66.1105 (4) (h) 2. of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 188), is amended to read:

AB478,12,8 66.1105 (4) (h) 2. Except as provided in subds. 3., 4., and 5., not more than once during the 7 years after the tax incremental district is created, the planning commission may adopt an amendment to a project plan under subd. 1. to modify the district's boundaries by subtracting territory from the district in a way that does not remove contiguity from the district or, not more than once during the 7 years after the tax incremental district is created by adding territory to the district that is contiguous to the district and that is served by public works or improvements that were created as part of the district's project plan. Expenditures for project costs that are incurred because of an amendment to a project plan to which this subdivision applies may be made for not more than 3 years after the date on which the local legislative body adopts a resolution amending the project plan or not more than the number of years in which expenditures may be made without an amendment to a project plan as specified in sub. (6) (am), whichever period is longer.

AB478, s. 15 Section 15. 66.1105 (4) (h) 3. of the statutes is repealed.

AB478, s. 16 Section 16. 66.1105 (4m) (a) of the statutes is amended to read:

AB478,13,8 66.1105 (4m) (a) Any city that seeks to create a tax incremental district or amend a project plan shall convene a temporary joint review board under this paragraph, or a standing joint review board under sub. (3) (g), to review the proposal. The Except as provided in par. (am), the board shall consist of one representative chosen by the school district that has power to levy taxes on the property within the tax incremental district, one representative chosen by the technical college district that has power to levy taxes on the property within the tax incremental district, one representative chosen by the county that has power to levy taxes on the property within the tax incremental district, one representative chosen by the city and one public member. If more than one school district, more than one union high school district, more than one elementary school district, more than one technical college district or more than one county has the power to levy taxes on the property within the tax incremental district, the unit in which is located property of the tax incremental district that has the greatest value shall choose that representative to the board. The public member and the board's chairperson shall be selected by a majority of the other board members before the public hearing under sub. (4) (a) or (h) 1. is held. All board members shall be appointed and the first board meeting held within 14 days after the notice is published under sub. (4) (a) or (h) 1. Additional meetings of the board shall be held upon the call of any member. The city that seeks to create the tax incremental district or to amend its project plan shall provide administrative support for the board. By majority vote, the board may disband following approval or rejection of the proposal, unless the board is a standing board that is created by the city under sub. (3) (g).

AB478, s. 17 Section 17. 66.1105 (4m) (am) of the statutes is created to read:

AB478,13,17 66.1105 (4m) (am) If a city seeks to create a tax incremental district that is located in a union high school district, the seat that is described under par. (a) for the school district representative to the board shall be held by 2 representatives, each of whom has one-half of a vote. One representative shall be chosen by the union high school district that has the power to levy taxes on the property within the tax incremental district and one representative shall be chosen by the elementary school district that has the power to levy taxes on the property within the tax incremental district.

AB478, s. 18 Section 18. 66.1105 (4m) (b) 2. of the statutes is amended to read:

AB478,14,2 66.1105 (4m) (b) 2. Except as provided in subd. 2m. and subject to subd. 4., no tax incremental district may be created and no project plan may be amended unless the board approves the resolution adopted under sub. (4) (gm) or (h) 1. by a majority vote not less than 10 14 days nor more than 30 21 days after receiving the resolution. The board may not approve the resolution under this subdivision unless the board's approval contains a positive assertion that, in its judgment, the development described in the documents the board has reviewed under subd. 1. would not occur without the creation of a tax incremental district.

AB478, s. 19 Section 19. 66.1105 (4m) (b) 2m. of the statutes is amended to read:

AB478,14,10 66.1105 (4m) (b) 2m. The requirement under subd. 2. that a vote by the board take place not less than 10 days nor more than 30 14 days after receiving a resolution does not apply to a resolution amending a project plan under sub. (4) (h) 1. if the resolution relates to a tax incremental district, the application for the redetermination of the tax incremental base of which was made in 1998, that is located in a village that was incorporated in 1912, has a population of at least 3,800 and is located in a county with a population of at least 108,000.

AB478, s. 20 Section 20. 66.1105 (4m) (b) 4. of the statutes is created to read:

AB478,15,2 66.1105 (4m) (b) 4. Not later than 5 working days after submitting its decision under subd. 3., a majority of the members of the board may request that the department of revenue review the objective facts contained in any of the documents listed in subd. 1. to determine whether the information submitted to the board complies with this section or whether any of the information contains a factual inaccuracy. The request must be in writing and must specify which particular objective fact or item the members believe is incomplete or inaccurate. Not later than 10 working days after receiving a request that complies with the requirements of this subdivision, the department of revenue shall investigate the issues raised in the request and shall send its written response to the board. If the department of revenue determines that the information in the proposal does not comply with this section or contains a factual inaccuracy, the department shall return the proposal to the city. The board shall request, but may not require, that the city resolve the problems in its proposal and resubmit the proposal to the board. If the city resubmits its proposal, the board shall review the resubmitted proposal and vote to approve or deny the proposal as specified in this paragraph.

AB478, s. 21 Section 21. 66.1105 (4m) (b) 5. of the statutes is created to read:

AB478,15,7 66.1105 (4m) (b) 5. The board shall notify prospectively the governing body of every local governmental unit that is not represented on the board, and that has power to levy taxes on the property within the tax incremental district, of meetings of the board and of the agendas of each meeting for which notification is given.

AB478, s. 22 Section 22. 66.1105 (5) (a) of the statutes is amended to read:

AB478,15,14 66.1105 (5) (a) Upon Subject to sub. (8) (d), upon the creation of a tax incremental district or upon adoption of any amendment subject to par. (c), its tax incremental base shall be determined as soon as reasonably possible. The department of revenue may impose a fee of $1,000 on a city to determine or redetermine the tax incremental base of a tax incremental district under this subsection.

AB478, s. 23 Section 23. 66.1105 (5) (b) of the statutes is amended to read:

AB478,16,5 66.1105 (5) (b) Upon application in writing by the city clerk, in a form prescribed by the department of revenue, 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 application shall state the percentage of territory within the tax incremental district which the local legislative body estimates will be devoted to retail business at the end of the maximum expenditure period specified in sub. (6) (am) 1. c. if that estimate is at least 35%. Subject to sub. (8) (d), the department shall certify this aggregate valuation to the city clerk, and the aggregate valuation constitutes the tax incremental base of the tax incremental district. The city clerk shall complete these forms, including forms for the amendment of a project plan, and submit the application or amendment forms on or before December 31 of the year the tax incremental district is created, as defined in sub. (4) (gm) 2. or, in the case of an amendment, on or before December 31 of the year in which the changes to the project plan take effect.

AB478, s. 24 Section 24. 66.1105 (5) (c) of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 188), is amended to read:

AB478,16,25 66.1105 (5) (c) If the city adopts an amendment to the original project plan for any district which reduces project costs by subtracting territory from the district or which includes additional project costs at least part of which will be incurred after the period specified in sub. (6) (am) 1., the tax incremental base for the district shall be redetermined, if sub. (4) (h) 2., 3., 4., or 5. applies to the amended project plan, either by subtracting from the tax incremental base the value of the taxable property that is subtracted from the existing district or by adding to the tax incremental base the value of the taxable property and the value of real property owned by the city, other than property described in par. (bm), that is added to the existing district under sub. (4) (h) 2., 3., 4., or 5. or, if sub. (4) (h) 2., 3., 4., or 5. does not apply to the amended project plan, under par. (b), as of the January 1 next preceding the effective date of the amendment if the amendment becomes effective between January 2 and September 30, as of the next subsequent January 1 if the amendment becomes effective between October 1 and December 31 and if the effective date of the amendment is January 1 of any year, the redetermination shall be made on that date. The With regard to a district to which territory has been added, the tax incremental base as redetermined under this paragraph is effective for the purposes of this section only if it exceeds the original tax incremental base determined under par. (b).

AB478, s. 25 Section 25. 66.1105 (5) (ce) of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 188), is amended to read:

AB478,17,16 66.1105 (5) (ce) If the city adopts an amendment, to which sub. (4) (h) 2., 3., 4., or 5. applies, the tax incremental base for the district shall be redetermined, either by subtracting from the tax incremental base the value of the taxable property that is subtracted from the existing district or by adding to the tax incremental base the value of the taxable property and the value of real property owned by the city, other than property described in par. (bm), that is added to the existing district under sub. (4) (h) 2., 3., 4., or 5., as of the January 1 next preceding the effective date of the amendment if the amendment becomes effective between January 2 and September 30, as of the next subsequent January 1 if the amendment becomes effective between October 1 and December 31 and if the effective date of the amendment is January 1 of any year, the redetermination shall be made on that date. The With regard to a district to which territory has been added, the tax incremental base as redetermined under this paragraph is effective for the purposes of this section only if it exceeds the original tax incremental base determined under par. (b).

AB478, s. 26 Section 26. 66.1105 (5) (d) of the statutes is amended to read:

AB478,18,2 66.1105 (5) (d) The department of revenue 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) are not subject to review by the department of revenue under this paragraph, except that the department may not certify the tax incremental base as provided in par. (b) until it reviews and approves of the findings that are described in sub. (4) (gm) 4. c.

AB478, s. 27 Section 27. 66.1105 (6) (a) of the statutes is renumbered 66.1105 (6) (a) (intro.) and amended to read:

AB478,18,19 66.1105 (6) (a) (intro.) 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 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) 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) are not subject to review by the department of revenue under this paragraph. 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 the district until the soonest of the following events:

AB478,18,21 1. The department of revenue receives a notice under sub. (8) and the notice has taken effect under sub. (8) (b), 27.

AB478,18,25 2. Twenty-seven 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.

AB478,19,2 3. Twenty-three years after the tax incremental district is created if the district is created after September 30, 1995, whichever is sooner.

AB478, s. 28 Section 28. 66.1105 (6) (a) 4. of the statutes is created to read:

AB478,19,7 66.1105 (6) (a) 4. Twenty years after the tax incremental district is created if the district is created on or after the effective date of this subdivision .... [revisor inserts date], and if the district is at least predominantly suitable for industrial sites under sub. (4) (gm) 6.

AB478, s. 29 Section 29. 66.1105 (6) (am) 1. of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 188), is renumbered 66.1105 (6) (am) 1. a. and amended to read:

AB478,19,13 66.1105 (6) (am) 1. a. For a tax incremental district that is created after September 30, 1995, and before the effective date of this subd. 1. a. .... [revisor inserts date], no expenditure may be made later than 7 years after the tax incremental district is created, and for.

AB478,19,18 b. For a tax incremental district that is created before October 1, 1995, no expenditure may be made later than 10 years after the tax incremental district is created, except that, for a tax incremental district that is created before October 1, 1995, and which is located in a city to which par. (d) applies, no expenditure may be made later than 17 years after the tax incremental district is created.

AB478, s. 30 Section 30. 66.1105 (6) (am) 1. c. of the statutes is created to read:

AB478,19,22 66.1105 (6) (am) 1. c. For a tax incremental district that is created on or after the effective date of this subd. 1. c. .... [revisor inserts date], all expenditures shall be completed no later than 10 years after the tax incremental district is created.

AB478, s. 31 Section 31. 66.1105 (6) (e) 1. d. of the statutes is created to read:

AB478,20,4 66.1105 (6) (e) 1. d. The donor tax incremental district is able to demonstrate, based on the positive tax increments that are currently generated and that are expected to be generated, that it has sufficient revenues to pay for all project costs that have been incurred, or are expected to be incurred, under the project plan for that district and sufficient surplus revenues to pay for some of the eligible costs of the recipient tax incremental district.

AB478, s. 32 Section 32. 66.1105 (6) (e) 2. of the statutes is repealed.

AB478, s. 33 Section 33. 66.1105 (7) (ae) of the statutes is created to read:

AB478,20,10 66.1105 (7) (ae) Notwithstanding par. (am), 10 years after the last expenditure identified in the project plan is made if the district to which the plan relates is created on or after the effective date of this paragraph .... [revisor inserts date], and if the district is suitable for industrial sites under sub. (4) (gm) 4. a.

AB478, s. 34 Section 34. 66.1105 (7) (am) of the statutes, as affected by 2003 Wisconsin Act .... (Senate Bill 167), is amended to read:

AB478,20,21 66.1105 (7) (am) Sixteen years after the last expenditure identified in the project plan is made if the district to which the plan relates is created after September 30, 1995, and before October 1, 2003, 13 years after the last expenditure identified in the project plan is made if the district to which the plan relates is created on or after October 1, 2003, or 20 years after the last expenditure identified in the project plan is made if the district to which the plan relates is created before October 1, 1995, except that in no case may the total number of years during which expenditures are made under sub. (6) (am) 1. plus the total number of years during which tax increments are allocated under this sub. (6) (a) exceed 27 years.

AB478, s. 35 Section 35. 66.1105 (7) (ar) of the statutes is amended to read:

AB478,20,25 66.1105 (7) (ar) Notwithstanding par. (am), 22 years after the last expenditure identified in the project plan is made if the district to which the plan relates is created before October 1, 1995, and the project plan is amended under sub. (4) (h) 3. or 4.

AB478, s. 36 Section 36. 66.1105 (8) (title) of the statutes is amended to read:

AB478,21,2 66.1105 (8) (title) Notice of district termination, reporting requirements.

AB478, s. 37 Section 37. 66.1105 (8) (c) of the statutes is created to read:

AB478,21,7 66.1105 (8) (c) Not later than February 15 of the year after the year in which a city transmits to the department of revenue the notice required under par. (a) the city shall send to the department, on a form prescribed by the department, all of the following information that relates to the terminated tax incremental district:

AB478,21,8 1. A final accounting of all expenditures made by the city.

AB478,21,9 2. The total amount of project costs incurred by the city.

AB478,21,10 3. The total amount of positive tax increments received by a city.

AB478, s. 38 Section 38. 66.1105 (8) (d) of the statutes is created to read:

AB478,21,15 66.1105 (8) (d) If a city does not send to the department of revenue the form specified in par. (c) within the time limit specified in par. (c), the department may not certify the tax incremental base of a tax incremental district under sub. (5) (a) and (b) until the form is sent to the department.

AB478, s. 39 Section 39. 66.1105 (15) of the statutes is created to read:

AB478,22,4 66.1105 (15) Substantial compliance. Substantial compliance with subs. (3), (4) (a), (b), (c), (d), (e), (f), and (h), (4m), and (5) (b) by a city that creates, or attempts to create, a tax incremental district is sufficient to give effect to any proceedings conducted under this section if, in the opinion of the department of revenue, any error, irregularity, or informality that exists in the city's attempts to comply with subs. (3), (4) (a), (b), (c), (d), (e), (f), and (h), (4m), and (5) (b) does not affect substantial justice. If the department of revenue determines that a city has substantially complied with subs. (3), (4) (a), (b), (c), (d), (e), (f), and (h), (4m), and (5) (b), the department of revenue shall determine the tax incremental base of the district, allocate tax increments, and treat the district in all other respects as if the requirements under subs. (3), (4) (a), (b), (c), (d), (e), (f), and (h), (4m), and (5) (b) had been strictly complied with based on the date that the resolution described under sub. (4) (gm) 2. is adopted.

AB478, s. 40 Section 40. 66.1106 (1) (c) of the statutes is amended to read:

AB478,23,2 66.1106 (1) (c) "Eligible costs" means capital costs, financing costs and administrative and professional service costs, incurred or estimated to be incurred by a political subdivision, for the investigation, removal, containment or monitoring of, or the restoration of soil, air, surface water, sediments or groundwater affected by, environmental pollution, including monitoring costs incurred within 2 years after the date on which the department of natural resources certifies that environmental pollution on the property has been remediated, cancellation of delinquent taxes if the political subdivision demonstrates that it has not already recovered such costs by any other means, property acquisition costs, demolition costs including asbestos removal, and removing and disposing of underground storage tanks or abandoned containers, as defined in s. 292.41 (1), except that for any parcel of land "eligible costs" shall be reduced by any amounts received from persons responsible for the discharge, as defined in s. 292.01 (3), of a hazardous substance on the property to pay for the costs of remediating environmental pollution on the property, by any amounts received, or reasonably expected by the political subdivision to be received, from a local, state or federal program for the remediation of contamination in the district that do not require reimbursement or repayment and by the amount of net gain from the sale of the property by the political subdivision. "Eligible costs" associated with groundwater affected by environmental pollution include investigation and remediation costs for groundwater that is located in, and extends beyond, the property that is being remediated.

AB478, s. 41 Section 41. 66.1106 (1) (e) of the statutes is amended to read:

AB478,23,12 66.1106 (1) (e) "Environmental remediation tax increment" means that amount obtained by multiplying the total city, county, school and other local general property taxes levied on a parcel of real property that is certified under this section taxable property in a year by a fraction having as a numerator the environmental remediation value increment for that year for that parcel in such district and as a denominator that year's equalized value of that parcel taxable property. In any year, an environmental remediation tax increment is "positive" if the environmental remediation value increment is positive; it is "negative" if the environmental remediation value increment is negative.

AB478, s. 42 Section 42. 66.1106 (1) (f) of the statutes is amended to read:

AB478,23,20 66.1106 (1) (f) "Environmental remediation tax incremental base" means the aggregate value, as equalized by the department, of a parcel of real taxable property that is certified under this section as of the January 1 preceding the date on which the department of natural resources issues a certificate certifying that environmental pollution on the property has been remediated in accordance with rules promulgated by the department of natural resources environmental remediation tax incremental district is created, as determined under sub. (1m) (b).

AB478, s. 43 Section 43. 66.1106 (1) (fm) of the statutes is created to read:

AB478,24,7 66.1106 (1) (fm) "Environmental remediation tax incremental district" means a contiguous geographic area within a political subdivision defined and created by resolution of the governing body of the political subdivision consisting solely of whole units of property as are assessed for general property tax purposes, other than railroad rights-of-way, rivers, or highways. Railroad rights-of-way, rivers, or highways may be included in an environmental remediation tax incremental district only if they are continuously bounded on either side, or on both sides, by whole units of property as are assessed for general property tax purposes which are in the environmental remediation tax incremental district. "Environmental remediation tax incremental district" does not include any area identified as a wetland on a map under s. 23.32.

AB478, s. 44 Section 44. 66.1106 (1) (g) of the statutes is amended to read:

AB478,24,15 66.1106 (1) (g) "Environmental remediation value increment" means the equalized value of a parcel of real taxable property that is certified under this section minus the environmental remediation tax incremental base. In any year, the environmental remediation value increment is "positive" if the environmental remediation tax incremental base of the parcel of taxable property is less than the aggregate value of the parcel of taxable property as equalized by the department; it is "negative" if that base exceeds that aggregate value.

AB478, s. 45 Section 45. 66.1106 (1) (i) of the statutes is amended to read:

AB478,24,20 66.1106 (1) (i) "Period of certification" means a period of not more than 16 23 years beginning after the department certifies the environmental remediation tax incremental base of a parcel of property under sub. (4) or a period before all eligible costs have been paid, whichever occurs first.

AB478, s. 46 Section 46. 66.1106 (1) (jm) of the statutes is created to read:

AB478,24,24 66.1106 (1) (jm) "Project expenditures" means the sum of eligible costs and all other costs incurred by a political subdivision in the creation and operation of an environmental remediation tax incremental district.

AB478, s. 47 Section 47. 66.1106 (1) (k) of the statutes is amended to read:

AB478,25,2 66.1106 (1) (k) "Taxable property" means all real and personal taxable property located in an environmental remediation tax incremental district.

AB478, s. 48 Section 48. 66.1106 (1m) of the statutes is created to read:

AB478,25,6 66.1106 (1m) Creation of environmental remediation tax incremental districts. In order to implement the provisions of this section, the governing body of the political subdivision shall adopt a resolution which does all of the following:

AB478,25,9 (a) Describes the boundaries of an environmental remediation tax incremental district with sufficient definiteness to identify with ordinary and reasonable certainty the territory included within the district.

AB478,25,15 (b) Creates such district as of a date therein provided. If the resolution is adopted during the period between January 2 and September 30, then such date shall be the next preceding January 1. If such resolution is adopted during the period between October 1 and December 31, then such date shall be the next subsequent January 1. If the resolution is adopted on January 1, the environmental remediation tax incremental district shall be created as of the date of the resolution.