The Iowa Land Redevelopment Trust Act establishes a legal framework for municipalities to create land redevelopment trusts aimed at revitalizing dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms related to property conditions and outlines the governance structure for these trusts, which includes a board of directors and compliance with public meeting and records laws. Notably, the Act exempts the income and operations of land redevelopment trusts from state and local taxation, and mandates annual reporting to the municipalities that establish them.

Additionally, the bill introduces a new tax sale procedure that allows land redevelopment trusts exclusive rights to purchase tax sale certificates for distressed properties within their boundaries, provided they file a verified statement with the county treasurer. The trusts are prohibited from exercising eminent domain and must adhere to specific operational requirements to ensure transparency and accountability. Overall, the Act aims to enhance community development by returning non-revenue-generating properties to productive use while providing municipalities with the necessary tools to manage and rehabilitate these properties effectively.

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