The Iowa Land Redevelopment Trust Act establishes a framework for municipalities to create land redevelopment trusts aimed at addressing the challenges posed by dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms related to property conditions and grants municipalities the authority to form these trusts, which will operate as corporate entities with the ability to acquire, manage, and dispose of real property. The legislation emphasizes the importance of revitalizing neglected properties to enhance community cohesion and stimulate economic growth, while also outlining the governance structure, including a board of directors and the prohibition of eminent domain.
Additionally, the bill introduces provisions regarding the taxation and operational requirements of land redevelopment trusts, designating them as governmental bodies exempt from state and local taxation. It mandates compliance with public meeting and records laws, annual reporting to governing municipalities, and periodic audits by the state auditor. The bill also details the process for the dissolution of trusts, asset distribution, and conflict of interest prevention among board members. Furthermore, it streamlines the acquisition of dilapidated properties by granting trusts exclusive rights to purchase tax sale certificates and outlines financing procedures that allow trusts to retain a portion of real property taxes for five years after properties are returned to the tax rolls.
Statutes affected:
Introduced: 28H.1, 446.9, 446.18, 21.2, 22.1, 468.3, 364.7, 362.3, 573.1, 657A.2