Text: SF02063 Text: SF02065 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 331.472 REVENUE BONDS ISSUED – 1 2 REVITALIZATION AREAS. 1 3 Counties may also issue revenue bonds for projects located 1 4 within an area designated a revitalization area pursuant to 1 5 sections 404.1 through 404.7. The revenue bonds shall be 1 6 issued pursuant to the provisions of this part and all 1 7 provisions of this part shall apply, except that: 1 8 1. The term "project", as defined in section 331.461, 1 9 includes land, buildings, or improvements which are suitable 1 10 for use as residential property or for the use of a commercial 1 11 enterprise or nonprofit organization which the governing body 1 12 finds is consistent with the revitalization plan. 1 13 2. A revitalization project shall not be managed by a 1 14 county enterprise commission under section 331.471. 1 15 The power to issue revenue bonds pursuant to this section 1 16 is in addition to other powers granted to aid revitalization 1 17 areas. 1 18 Sec. 2. Section 404.2, subsection 2, paragraph f, 1 19 unnumbered paragraph 1, Code 1995, is amended to read as 1 20 follows: 1 21 A statement specifying whether the revitalization is 1 22 applicable to none, some, or all of the property assessed as 1 23 residential, agricultural, commercial or industrial property 1 24 within the designated area or a combination thereof and 1 25 whether the revitalization is for rehabilitation and additions 1 26 to existing buildings or new construction or both. If 1 27 revitalization is made applicable only to some property within 1 28 an assessment classification, the definition of that subset of 1 29 eligible property must be by uniform criteria which further 1 30 some planning objective identified in the plan. The city or 1 31 county shall state how long it is estimated that the area 1 32 shall remain a designated revitalization area which time shall 1 33 be longer than one year from the date of designation and shall 1 34 state any plan by the city or county to issue revenue bonds 1 35 for revitalization projects within the area. For a county, a 2 1 revitalization area shall include only property which will be 2 2 used as industrial propertyonlyor residential property or 2 3 commercial property, if the commercial property consists of 2 4 three or more separate living quarters with at least seventy- 2 5 five percent of the space used for residential purposes. 2 6 EXPLANATION 2 7 This bill allows a county to include in a revitalization 2 8 area property which will be used for industrial, commercial, 2 9 or residential purposes. However, the commercial property is 2 10 limited to property which consists of three or more separate 2 11 living quarters with at least 75 percent of the space used for 2 12 residential purposes. Currently, a county revitalization area 2 13 may only include property which will be used as industrial 2 14 property. 2 15 The bill also permits a county to issue revenue bonds to 2 16 fund an urban revitalization project. Currently, cities may 2 17 do so. 2 18 LSB 3813SS 76 2 19 sc/jj/8
Text: SF02063 Text: SF02065 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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