Assembly Bill 737 proposes amendments to the statutes regarding the creation and operation of neighborhood improvement districts (NIDs) in Wisconsin. The bill allows municipalities to establish NIDs that can impose special charges on properties within the district, provided that all property owners in the proposed NID petition for its creation. The proceeds from these special charges are designated for funding infrastructure related to residential development within the NID. Additionally, the bill stipulates that these special charges can be collected in installments and included on property tax bills.

Furthermore, the bill modifies the requirements for real estate condition reports by mandating that property owners disclose any awareness of NID special charges, in addition to existing requirements regarding pending special assessments. New legal language is introduced to clarify the conditions under which a municipality can create an NID with special charge authority and outlines the necessary components of the NID's operating plan. The bill also includes provisions for the termination of an NID without affecting the enforceability of any special charges imposed.