The Iowa Land Redevelopment Trust Act establishes a framework for municipalities to create land redevelopment trusts aimed at rehabilitating dilapidated, abandoned, blighted, and tax-delinquent properties. The Act defines key terms related to property conditions and grants these trusts the authority to operate as corporate entities, enabling them to acquire, manage, and dispose of real property. Notably, the trusts are prohibited from exercising eminent domain, ensuring that their operations focus on voluntary transactions. The Act also allows for the allocation of property tax revenues to support the trusts, enhancing their financial viability.

In addition to establishing the operational framework, the bill introduces provisions regarding the governance and accountability of land redevelopment trusts. It designates these trusts as governmental bodies, requiring compliance with public meeting and records laws, and mandates annual reporting and periodic audits. The bill also outlines a new tax sale procedure that allows trusts to acquire properties through an exclusive process, streamlining their ability to rehabilitate blighted properties. Overall, the legislation aims to empower local communities by providing them with the necessary tools and structure to effectively manage and revitalize underutilized properties.

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