AB478-AA1,1,95 60.23 (32) (c) If any part of a tax incremental district that is created as provided
6under par. (b) 2. or (e) 2. is annexed by a city or village, any assets or liabilities
7associated with that annexed territory, including a proportional share of any bonds
8or other debt associated with the district, shall become the responsibility of the
9annexing city or village.

AB478-AA1,2,812 60.23 (32) (d) If after January 1 a city or village annexes any part of a tax
13incremental district that is created as provided under par. (b) 2. or (e) 2., the

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1department of revenue shall redetermine the tax incremental base of the district by
2subtracting from the tax incremental base the value of the taxable property that is
3annexed from the existing district as of the following January 1, and if the
4annexation becomes effective on January 1 of any year, the redetermination shall be
5made as of that date. The tax incremental base as redetermined under this
6paragraph is effective for the purposes of this paragraph and par. pars. (b) and (e)
7only if it is less than the original tax incremental base determined under s. 66.1105
8(5) (a).".

AB478-AA1,2,1111 60.23 (32) (e) 1. In this paragraph:

AB478-AA1,2,1212 a. "Department" means the department of natural resources.

AB478-AA1,2,1513 b. "Sewer service area" means territory specified in the sewer service area
14provisions of an areawide water quality management plan under s. 283.83 approved
15by the department.

AB478-AA1,2,1816 c. "Town" means a town in which the equalized value of all taxable property in
17the town, in the year before the year in which the town adopts a resolution under s.
1866.1105 (4) (gm), is at least $500 million.".

AB478-AA1,3,105 60.23 (32) (f) 1. Before a town board may approve a project plan under s.
666.1105 (4) (g), the town board must complete a financial analysis, as described in
7subd. 2, and must ensure that the project plan specifies at least one of the items listed
8in subd. 3. The starting point for determining a tax incremental district's remaining
9life, under subd. 3. b. and c., is the date on which the district is created, as described
10in s. 66.1105 (4) (gm) 2.

AB478-AA1,3,1711 2. The town board shall conduct a financial analysis of the proposed tax
12incremental district that includes, in addition to the items specified in s. 66.1105 (4)
13(f) and (i) 1., the annual and total amount of tax increments to be generated over the
14life of the district, and the annual debt service costs on bonds issued by the town. If
15the town does not have the expertise to complete the requirements of this
16subdivision, it shall hire an entity which has the needed expertise to complete the
17financial analysis.

AB478-AA1,3,1818 3. The project plan under s. 66.1105 (4) (g) must specify one of the following:

AB478-AA1,4,219 a. With regard to the total value of public infrastructure improvements in the
20district, at least 51 percent of the value of such improvements must be financed by
21a private developer, or other private entity, in return for the town's agreement to
22repay the developer or other entity for those costs solely through the payment of cash
23grants as described in s. 66.1105 (2) (f) 2. d. To receive the cash grants, the developer

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1or other private entity must enter into a development agreement with the town as
2described in s. 66.1105 (2) (f) 2. d.

AB478-AA1,4,53 b. The town expects all project costs to be paid within 90 percent of the proposed
4tax incremental district's remaining life, based on the district's termination date as
5calculated under s. 66.1105 (7) (ak) to (au).

AB478-AA1,4,116 c. Expenditures may be made only within the first half of the proposed tax
7incremental district's remaining life, based on the district's termination date as
8calculated under s. 66.1105 (7) (ak) to (au), except that expenditures may be made
9after this period if the expenditures are approved by a unanimous vote of the joint
10review board. No expenditure under this subd. 3. c. may be made later than the time
11during which an expenditure may be made under s. 66.1105 (6) (am).".