The Iowa Land Redevelopment Trust Act establishes a framework for municipalities to create land redevelopment trusts aimed at rehabilitating dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms related to property conditions and outlines the governance structure of these trusts, including the formation of a board of directors and the ability to employ staff. It grants trusts the authority to acquire and manage real property, enter into contracts, and receive funding, while explicitly prohibiting the exercise of eminent domain. Additionally, the Act allows trusts to retain a portion of property tax revenues from rehabilitated properties for a limited time and provides a mechanism for discharging delinquent property tax liens upon acquisition.

The bill introduces new provisions that exempt the income and operations of land redevelopment trusts from state and local taxation, mandates compliance with public meeting and records requirements, and requires annual reports and periodic audits. It also establishes an exclusive right for trusts to purchase tax sale certificates for eligible properties, necessitating a verified statement to qualify and exempting them from registration fees. Furthermore, the bill includes measures to prevent conflicts of interest among board members and employees, ensuring transparency and accountability. Overall, the legislation aims to enhance the governance and functionality of land redevelopment trusts while promoting the effective rehabilitation of distressed properties.

Statutes affected:
Introduced: 28H.1, 446.9, 446.18, 21.2, 22.1, 468.3, 364.7, 362.3, 573.1, 657A.2