Assembly Bill 137 proposes amendments to the statutes governing Tax Incremental Financing (TIF) specifically for Tax Incremental District (TID) Number 9 in the village of DeForest. The bill extends the maximum life of TID Number 9 from the current 20 years to 30 years after its creation, allowing for an extended period during which tax increments can be collected to finance improvements. Additionally, the bill creates an exception to the existing 12 percent limit on the total value of taxable property that can be included in TIF districts, allowing for one amendment to the project plan of TID Number 9 without being subject to this limitation.

Furthermore, the bill stipulates that the provisions for extending the life of a TID for housing stock improvement, which typically allows for a one-year extension under certain conditions, will not apply to TID Number 9. This means that once the TID reaches its extended termination date, it cannot be further extended for housing improvements. The bill aims to provide the village of DeForest with greater flexibility in managing TID Number 9 to encourage development and enhance the local tax base.