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 various powers, including the ability to acquire and manage real property, borrow funds, and receive financial support. Importantly, the trusts are designated as governmental bodies, which requires compliance with public meeting and records laws, and they are exempt from state and local taxation. The Act also mandates annual reporting to governing municipalities and periodic audits by the state auditor, ensuring transparency and accountability in their operations.

Additionally, the bill outlines a specific tax sale procedure for land redevelopment trusts, allowing them exclusive rights to purchase tax sale certificates for distressed properties. The process requires trusts to file a verified statement identifying the parcels they wish to acquire and pay any delinquent amounts due. The county treasurer will then facilitate the removal of these parcels from the regular tax sale to a dedicated land redevelopment trust tax sale. The Act also includes provisions for governance, financing, property disposal, and the dissolution of trusts, reinforcing their role in local governance and property management while preventing them from exercising eminent domain.

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