The Iowa Land Redevelopment Trust Act establishes a framework for municipalities to create land redevelopment trusts aimed at revitalizing dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms 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 power to acquire and manage properties while prohibiting the use of eminent domain. The Act also allows trusts to receive funding from various sources and specifies the allocation of property tax revenues generated from managed properties, ultimately aiming to enhance community development and economic growth.

Additionally, the bill amends existing law regarding petitions for the abatement of abandoned properties by allowing land redevelopment trusts and duly organized nonprofit corporations focused on improving housing conditions to file such petitions. It clarifies that petitions will focus on property interests rather than personal judgments and outlines the requirements for filing, including the necessity of a legal description of the property. The bill also details the methods for notifying interested parties about the petitions, ensuring transparency and accountability in the process. Overall, the legislation seeks to strengthen the operational framework of land redevelopment trusts while promoting their role in community revitalization efforts.

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