(1) SHORT TITLE. This section shall be known and may be cited as the “Tax Increment Law”.
(2) DEFINITIONS. In this section, unless a different intent clearly appears from the context:
(ab) “Affordable housing” means housing that costs a household no more than 30 percent of the household’s gross monthly income.
(ae) 1. “Blighted area” means any of the following: a. An area, including a slum area, in which the structures, buildings or improvements, which by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, or the existence of conditions which endanger life or property by fire and other causes, or any combination of these factors is conducive to ill health, transmission of disMUNICIPAL LAW 66.1105163 ease, infant mortality, juvenile delinquency, or crime, and is detrimental to the public health, safety, morals or welfare. b. An area which is predominantly open and which consists primarily of an abandoned highway corridor, as defined in s. 66.1333 (2m) (a), or that consists of land upon which buildings or structures have been demolished and which because of obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community. 2. “Blighted area” does not include predominantly open land area that has been developed only for agricultural purposes.
(aj) “Decrement situation” means a situation in which the aggregate value, as equalized by the department of revenue, of all taxable property located within a tax incremental district on or about the date on which a resolution is adopted under sub.
(5)
(h) 1. is at least 10 percent less than the current tax incremental base of that district.
(am) “Environmental pollution” has the meaning given in s. 299.01 (4).
(bm) “Highway” has the meaning provided in s. 340.01 (22).
(bq) “Household” means an individual and his or her spouse and all minor dependents.
(c) “Local legislative body” means the common council.
(cm) “Mixed-use development” means development that contains a combination of industrial, commercial, or residential uses, except that lands proposed for newly platted residential use, as shown in the project plan, may not exceed 35 percent, by area, of the real property within the district.
(cs) “Newly platted residential development” means residential development on a parcel that has not previously been the site of permanent structures other than structures used solely for agricultural purposes.