Senate Bill 735 proposes amendments to the existing laws regarding neighborhood improvement districts (NIDs) in Wisconsin. The bill allows municipalities to create NIDs that can impose a special charge on properties within the district, contingent upon a petition from all property owners subject to general real estate taxes in the proposed area. The proceeds from this special charge are designated specifically 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, even if they are not delinquent.

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, as well as the necessary components of the NID's operating plan. The bill also includes provisions for the termination of an NID and the enforceability of special charges after termination.