Text: SF00478 Text: SF00480 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 427.1, subsection 41, unnumbered 1 2 paragraph 1, Code 1995, is amended to read as follows: 1 3 New construction of shell buildings by community 1 4 development organizations, not-for-profit cooperative 1 5 associations under chapter 499, or for-profit entities for 1 6 speculative purposes or the portion of the value added to 1 7 buildings being reconstructed or renovated by community 1 8 development organizations, not-for-profit cooperative 1 9 associations under chapter 499, or for-profit entities in 1 10 order to become speculative shell buildings. The exemption or 1 11 partial exemption shall be allowed only pursuant to ordinance 1 12 of a city council or board of supervisors, which ordinance 1 13 shall specify if the exemption will be available for community 1 14 development organizations, not-for-profit cooperative 1 15 associations under chapter 499, or for-profit entities, or1 16both,and shall be effective for the assessment year in which 1 17 the building is first assessed for property taxation or the 1 18 assessment year in which the reconstruction or renovation 1 19 first adds value and all subsequent years until the property 1 20 is leased or sold or for a specific time period stated in the 1 21 ordinance or until the exemption is terminated by ordinance of 1 22 the city council or board of supervisors which approved the 1 23 exemption. Eligibility for an exemption as a speculative 1 24 shell building shall be determined as of January 1 of the 1 25 assessment year. However, an exemption shall not be granted a 1 26 speculative shell building of a not-for-profit cooperative 1 27 association under chapter 499 or a for-profit entity if the 1 28 building is used by the cooperative association or for-profit 1 29 entity, or a subsidiaryof the for-profit entity,or majority 1 30 ownersof the for-profit entitythereof for other than as a 1 31 speculative shell building. If the shell building or any 1 32 portion of the shell building is leased or sold, the portion 1 33 of the shell building which is leased or sold shall not be 1 34 entitled to an exemption under this subsection for subsequent 1 35 years. An application shall be filed pursuant to section 2 1 427B.4 for each project for which an exemption is claimed. 2 2 Upon the sale of the shell building, the shell building shall 2 3 be considered new construction for purposes of section 427B.1 2 4 if used for purposes set forth in section 427B.1. 2 5 Sec. 2. Section 427.1, subsection 41, paragraph b, Code 2 6 1995, is amended to read as follows: 2 7 b. "New construction" means new buildings or structures 2 8 and includes new buildings or structures which are constructed 2 9 as additions to existing buildings or structures. "New 2 10 construction" also includes reconstruction or renovation of an 2 11 existing building or structure which constitutes complete 2 12 replacement of an existing building or structure or refitting 2 13 of an existing building or structure, if the reconstruction or 2 14 renovation of the existing building or structure is required 2 15 due to economic obsolescence, if the reconstruction or 2 16 renovation is necessary to implement recognized industry 2 17 standards for the manufacturing or processing of products, and 2 18 the reconstruction or renovation is required in order to 2 19 competitively manufacture or process products or for community 2 20 development organizations, not-for-profit cooperative 2 21 associations under chapter 499, or for-profit entities to 2 22 market a building or structure as a speculative shell 2 23 building, which determination must receive prior approval from 2 24 the city council of the city or county board of supervisors of 2 25 the county. 2 26 Sec. 3. Section 427.1, subsection 41, paragraph c, Code 2 27 1995, is amended to read as follows: 2 28 c. "Speculative shell building" means a building or 2 29 structure owned and constructed or reconstructed by a 2 30 community development organization, a not-for-profit 2 31 cooperative association under chapter 499, or a for-profit 2 32 entity without a tenant or buyer for the purpose of attracting 2 33 an employer or user which will complete the building to the 2 34 employer's or user's specification for manufacturing, 2 35 processing, or warehousing the employer's or user's product 3 1 line. 3 2 EXPLANATION 3 3 This bill provides that a not-for-profit cooperative 3 4 association may build a speculative shell building in a city 3 5 or county and receive the same property tax exemption that is 3 6 currently received by community development organizations or 3 7 for-profit entities which build speculative shell buildings. 3 8 LSB 2178SV 76 3 9 mk/jj/8
Text: SF00478 Text: SF00480 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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