(1) It is declared to be the policy of the state to encourage and promote the development
of industry to provide greater employment opportunities and to broaden the state's
tax base to relieve the tax burden of residents and home owners. It is recognized that the availability of suitable sites is a prime factor in influencing
the location of industry but that existing available sites may be encroached upon
by the development of other uses unless protected from encroachment by purchase and
reservation. It is further recognized that cities, villages and towns have broad power to act
for the commercial benefit and the health, safety and public welfare of the public. However, to implement that power, legislation authorizing borrowing is necessary. It is, therefore, the policy of the state to authorize cities, villages and towns
to borrow for the reservation and development of industrial sites, and the expenditure
of funds for that purpose is determined to be a public purpose.
(2) For financing purposes, the purchase, reservation and development of industrial
sites undertaken by a city, village or town is a public utility within the meaning
of s. 66.0621. In financing under that section, rentals and fees are considered to be revenue. Any indebtedness created under this section shall not be included in arriving at
the constitutional debt limitation.
(3) Sites purchased for industrial development under this section or under any other
authority may be developed by the city, village or town by the installation of utilities
and roadways but not by the construction of buildings or structures. The sites may be sold or leased for industrial purposes but only for a fair consideration
to be determined by the governing body.
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