Amendment AA2-SB252

LRBa1494/1

MES:kjf:jm

2013 - 2014 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO SENATE BILL 252

January 22, 2014 - Offered by Representative Stroebel.

SB252-AA2,1,1 At the locations indicated, amend the bill as follows:

SB252-AA2,1,2 1. Page 5, line 6: delete lines 6 to 16 and substitute:

SB252-AA2,1,6 "66.1105 (5) (h) 1. Subject to subds. 2. and 3. and par. (i), a local legislative body may adopt a resolution requiring the department of revenue to redetermine the tax incremental base of a district that is in a decrement situation that has continued for at least 2 consecutive years.

SB252-AA2,1,9 2. A resolution adopted under subd. 1. may not take effect unless it is approved by a joint review board under sub. (4m), acting as it would if the district's project plan was to be amended.

SB252-AA2,1,11 3. A local legislative body may not adopt a resolution under subd. 1. more than once during the life of a tax incremental district.

SB252-AA2,1,13 4. Upon approval by a joint review board under subd. 2., the department of revenue shall redetermine the tax incremental base of the district under par. (a).".

SB252-AA2,2,1 2. Page 5, line 17: before that line insert:

SB252-AA2,2,2 " Section 7m. 66.1105 (5) (i) of the statutes is created to read:

SB252-AA2,2,8 66.1105 (5) (i) 1. Before a local legislative body may adopt a resolution described in par. (h) 1., the local legislative body must complete a financial analysis, as described in subd. 2, and must amend the project plan so that at least one of the items specified in subd. 3., 4., or 5. occurs. The starting point for determining a tax incremental district's remaining life, under subds. 4. and 5., is the date on which the joint review board acts under par. (h) 2. and approves the resolution.

SB252-AA2,2,14 2. The local legislative body shall conduct a financial analysis of the tax incremental district that includes, in addition to the items specified in sub. (4) (f) and (i) 1., the annual and total amount of tax increments to be generated over the life of the district, and the annual debt service costs on bonds issued by the city. If the city does not have the expertise to complete the requirements of this subdivision, it shall hire an entity which has the needed expertise to complete the financial analysis.

SB252-AA2,2,22 3. The project plan specifies that, with regard to the total value of public infrastructure improvements in the district that occur after approval by the joint review board under par. (h) 2., at least 51 percent of the value of such improvements must be financed by a private developer, or other private entity, in return for the city's agreement to repay the developer or other entity for those costs solely through the payment of cash grants as described in sub. (2) (f) 2. d. To receive the cash grants, the developer or other private entity must enter into a development agreement with the city as described in sub. (2) (f) 2. d.

SB252-AA2,3,3 4. The project plan specifies that the city expects all project costs to be paid within 90 percent of the tax incremental district's remaining life, based on the district's termination date as calculated under sub. (7) (ak) to (au).

SB252-AA2,3,9 5. The project plan specifies that expenditures may be made only within the first half of the tax incremental district's remaining life, based on the district's termination date as calculated under sub. (7) (ak) to (au), except that expenditures may be made after this period if the expenditures are approved by a unanimous vote of the joint review board. No expenditure under this subdivision may be made later than the time during which an expenditure may be made under sub. (6) (am).".

SB252-AA2,3,10 (End)