The Iowa Land Redevelopment Trust Act establishes a framework for creating and operating land redevelopment trusts in Iowa, aimed at revitalizing communities by addressing issues related to dilapidated, abandoned, blighted, and tax-delinquent properties. The Act empowers municipalities to create these trusts, which are designated as public agencies with the authority to acquire, manage, and dispose of real property. It outlines the governance structure, including a board of directors, and specifies the trusts' powers, such as acquiring properties and receiving funding, while prohibiting the use of eminent domain. The Act also allows for the allocation of property tax revenues to the trusts for a limited time and provides mechanisms for enforcing delinquent property taxes.

The bill introduces new provisions regarding the taxation and governance of land redevelopment trusts, exempting their income and operations from state and local taxes and requiring compliance with public meeting and records laws. It mandates annual reports and periodic audits for the trusts and outlines the process for their dissolution, ensuring that all assets and liabilities revert to the creating municipality. Additionally, the bill expands the ability to file petitions for the abatement of abandoned properties to include land redevelopment trusts and nonprofit corporations focused on improving housing conditions. It specifies requirements for these petitions, including the need for a legal description of the property and methods for serving notice to interested parties.

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