The Iowa Land Redevelopment Trust Act establishes a framework for municipalities to create land redevelopment trusts aimed at addressing issues related to dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms and outlines the powers and responsibilities of these trusts, which include acquiring and managing properties, entering contracts, and receiving funding. It prohibits the trusts from exercising eminent domain and allows them to receive a portion of property tax revenues from properties they manage, thereby providing financial support for their activities. The governance structure includes a board of directors, bylaws, and compliance with public records and meeting requirements, ensuring transparency and accountability.

Additionally, the bill introduces provisions that grant land redevelopment trusts exclusive rights to purchase tax sale certificates for eligible properties, with specific requirements for qualification. It amends existing laws to integrate land redevelopment trusts into the municipal legal framework, including property disposal procedures and definitions of public corporations. The bill also outlines the process for the trusts' dissolution, including the transfer of assets and liabilities back to the creating municipality. Overall, the Iowa Land Redevelopment Trust Act aims to empower local governments to effectively manage and rehabilitate neglected properties, fostering community development and economic revitalization.

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