(a) Real property owned by the village will not be sold or otherwise conveyed to any person or entity that will cause the property to be removed from the village properly tax rolls or who/which will convey it to another person or entity that will cause the property to be so removed.
(b) The village may grant an exception to the said policy upon execution of an agreement enforceable in the Circuit Court of Barron or Polk County which provides for a payment in lieu of taxes and which is a covenant running with the land. Any such agreement shall be enforceable by reverter or forfeiture of title to the village in the event of default.
(c) The terms of this policy may be carried out by a reservation or restriction in the document transferring the title, or by long-term easement, lease or other agreement affecting the transfer of the property to any grantee. Any such reservation, restriction, easement, lease, or other agreement shall be a covenant running with the land enforceable in the Circuit Court of Barron or Polk County. Any such reservation, restriction, easement, lease, or other agreement shall be enforceable by reverter or forfeiture or the title to the village.
(d) The Village Board may use village owned property as business incentives using a basis of giving credit towards the purchase of the property of 10% of the projected increase in evaluation of the property due to new construction, provided the construction commences within one year.
(Res. 2004-12, passed 9-20-2004)