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Senate Study Bill 313

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 403.5, Code 1995, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  8.  A municipality shall not amend or
  1  4 modify an urban renewal plan to remove territory from the
  1  5 designated urban renewal area if that territory is part of an
  1  6 urban renewal project for which there is a division of tax
  1  7 revenue pursuant to section 403.19.  
  1  8                           EXPLANATION
  1  9    This bill prohibits a municipality from removing territory
  1 10 from an urban renewal area if the territory is part of an
  1 11 urban renewal project being funded with a division of property
  1 12 tax revenues (tax increment financing).  
  1 13 LSB 2360SC 76
  1 14 sc/cf/24
     
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