2005 WISCONSIN ACT 13
An Act to create 60.23 (32) and 66.1105 (16) of the statutes; relating to: authorizing a town that has entered into a cooperative boundary agreement to use tax incremental financing.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
60.23 (32) of the statutes is created to read:
60.23 (32) Town tax increment powers. Subject to s. 66.1105 (16), exercise all powers of cities under s. 66.1105. If the town board exercises the powers of a city under s. 66.1105, it is subject to the same duties as a common council under s. 66.1105 and the town is subject to the same duties and liabilities as a city under s. 66.1105.
66.1105 (16) of the statutes is created to read:
66.1105 (16) Tax incremental districts in towns. (a) A town may create a tax incremental district under this section if all of the following apply:
1. The town enters into a cooperative plan with a city or village, under s. 66.0307, under which part or all of the town will be annexed by the city or village in the future.
2. The city or village into which the town territory will be annexed adopts a resolution approving the creation of the tax incremental district.
3. The tax incremental district is located solely within territory that is to be annexed by a city or village as described under subd. 1.
(b) Along with the application that is filed under sub. (5) (b), a town shall include a copy of the cooperative plan to which it is a party.