Text: HSB00023 Text: HSB00025 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 403.5, Code 2003, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 8. a. An urban renewal area established
1 4 on or after July 1, 2003, shall not include any part of an
1 5 area designated by ordinance as an urban revitalization area
1 6 pursuant to chapter 404 until three years after expiration of
1 7 the property tax exemption granted to qualified real estate in
1 8 the urban revitalization area.
1 9 b. As of July 1, 2003, an exemption from taxation pursuant
1 10 to chapter 404 shall not be granted if the qualified property
1 11 is located in an urban renewal area. Exemptions granted
1 12 before 2003 shall continue until their expiration.
1 13 c. This subsection applies to an urban renewal area
1 14 designated in the municipality's resolution of necessity as an
1 15 economic development area and does not apply to an urban
1 16 renewal area designated as a slum or blighted area.
1 17 Sec. 2. Section 404.2, Code 2003, is amended by adding the
1 18 following new subsection:
1 19 NEW SUBSECTION. 7. a. An urban revitalization area
1 20 designated on or after July 1, 2003, shall not include any
1 21 part of an area designated by ordinance as an urban renewal
1 22 area pursuant to chapter 403.
1 23 b. As of July 1, 2003, an urban revitalization tax
1 24 exemption shall not be granted if the qualified property is
1 25 located in an urban renewal area. Exemptions granted before
1 26 July 1, 2003, shall continue until their expiration.
1 27 c. This subsection applies to an urban renewal area
1 28 designated in the municipality's resolution of necessity as an
1 29 economic development area and does not apply to an urban
1 30 renewal area designated as a slum or blighted area.
1 31 EXPLANATION
1 32 This bill prohibits the location of any part of an urban
1 33 revitalization area in an economic development urban renewal
1 34 area established on or after July 1, 2003, until three years
1 35 after the expiration of the urban revitalization property tax
2 1 exemptions. The bill also provides that an urban
2 2 revitalization area designated on or after July 1, 2003, shall
2 3 not include any area designated as an economic development
2 4 urban renewal area.
2 5 The bill further provides that as of July 1, 2003, an urban
2 6 revitalization tax exemption shall not be granted if the
2 7 qualified property is located in an economic development urban
2 8 renewal area. Those granted before July 1, 2003, shall
2 9 continue until their expiration.
2 10 LSB 1279YC 80
2 11 sc/sh/8
Text: HSB00023 Text: HSB00025 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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